Money Transfer Scams
Every year millions of dollars are lost to money transfer scams. Con artists try to take advantage of victims by convincing them to wire money to a stranger.
Money transfer scams take on many shapes and forms. What’s worse, fraudster’s are continuously learning new tricks and techniques to keep one step ahead of you. It can be very difficult to know when a specific situation is in fact a scam. That’s why it’s very important to stay one step ahead of tricky scammers.
In every case, the money transfer scam ends the same way
- You are asked to wire money
- And once you do, it’s usually gone for good.
Never wire money to someone you haven’t known for a long time.
Reality is that, Every day, people get ripped off online.
Red Flag, if a stranger asks for up front payment via
- Money Order
- Wire Transfer
- International Funds Transfer
- Pre Loaded Card (visa, master card, gift card)
- Crypto Currency like Bitcoin, Ethereum.
Never send money or give credit card details, online account details or copies of personal documents to anyone you don’t know or trust.
In today’s digitally connected world, it has become easier for con artists to perpetrate their fraudulent activity, From fake social media postings & fake profiles to password phishing emails, scammers have found countless ways to get their hands on other peoples money and identity.
Learn about recent scams and how to recognize the warning signs “red flags” .
Although Western Union, Money Gram, WorldRemit, RIA and others are legitimate business that provides money transfer services, it is also a favorite tool of online con artists.
Send or pick up cash overseas
When you transfer money using money transfer services, the recipient can walk into any of these agent offices, get cash, and leave.
Once the money is gone, there’s no way to reverse or cancel the payment.
In many cases, there’s no way to find out who received the money.
You might have specified a recipient, and the agent always checks identification, but it’s relatively easy for fraudsters to get around those rules.
Family Emergency Scams
Scammers may pose as relatives or friends, calling or sending messages to urge you to wire money immediately.
They’ll say they need cash to help with an emergency like getting out of jail, paying a hospital bill, or needing to leave a foreign country.
Their goal is to trick you into sending money before you realize it’s a scam.
Beware of texts that spark urgency, asking you to click on a link, taking you to a fake site.
Nigerian Fund Transfer Scam
Claiming to be Nigerian officials, wealthy business people or the survivors of former royalty, con artists offer to transfer millions of dollars into your bank account in exchange for a fee.
If you fall for the initial pitch, you may be asked to provide your bank account numbers. You’ll also be asked to send some money to cover transfer costs and attorney’s fees.
In the end, you get nothing. Meanwhile, the con use the personal information to steal your funds and identity.
The different scenarios they use to lure you in, changes constantly. But you can protect yourself and your friends and family by arming yourself with knowledge of the most common types of fraud.
How this scam works
The scammer will contact you out of the blue by email, letter, text message or through social media.
Different Versions of Nigerian Scams
Nigerian 419 : The ‘419’ part of the name comes from the section of Nigeria’s Criminal Code which outlaws the practice.
Nigerian Prince Scam
Nigerian dignitary scams
Phishing is a type of online scam, where criminals send an email that appears to be from a legitimate company or bank and ask you to provide personal information.
This is usually done by including a link that will appear to take you to the company’s or banks website to fill in your information, but the website is a fake clone and the information you provide goes straight to the con artists behind the scam.
A Phish is a fraudulent attempt, usually made through email, smartphone or text, to steal your personal information or propegate malicious code or software onto your computer or cellphone.
Here are some fraud prevention tips.
- If you receive a call, text or email asking for payment by gift card, know that it’s a scam. Report it to your local authorities and the FTC right away.
- Limit sharing your personal information. Be thoughtful when you get email or phone requests for this information.
- If you’re pressured to act quickly, odds are it’s a scam.
- Don’t open email attachments or click on links unless you’re certain they’re from legitimate sources.
Whom to Contact If you Think You are Being Scammed
If you think you are being scammed, the best thing to do is contact your local authorities.
Do not be afraid or embarrassed, Scammers are hoping to make you feel this way so you will not ask other people for help. Do not fall for it.
Have you been scammed by Anyone?
If you think you have provided your bank account details, passport, social security number (SSN), drivers licence information, medicare or other personal identification details to a scammer or a con artist, contact your bank, financial institution, ftc or other relevant agencies immediately.
To report fraud, identity theft to FTC FTC Complaint
Forward phishing emails to the Federal Trade Commission at firstname.lastname@example.org.