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Money Transfer Scams


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money transfer scam

Usually, monetary or money transfer scams occur via strangers who execute a phone call or send an email regarding the cash prize or any other type of prize the person has won. In money transfer fraud, the charlatan approaches a person via Email, Phone call, SMS, Whatsapp, etc and sends devastating links to induce their targets to make fraudulent payments. They will roll around with the fake bank account URLs which look familiar to the actual URLs or banks. Still, when a person clicks on the link, it redirects to the fraud webpage, asking them to enter their net banking or debit/credit card details to complete the transactions. And when they finish filling in all the details, the fraudster steals all their hard-earned money.

What is a Money transfer scam?

A money transfer scam occurs when a stranger(charlatan) calls or sends an email or WhatsApp message, including malicious links that redirect to the fraud sites where the fraudster immediately abstracts the money from the victim who visits the website by clicking on the link.

Various types of Money transfer Frauds

Although people have started gaining knowledge about scams and Money transfer frauds, fraudsters have also come up with the newest tricks and methods to scam people more smoothly.

Online shopping scams –

Scammers use the most prominent and the latest technology of recent times to build well-developed websites which showcase everything, including products, to seem original. They try to use some urban designs and fonts for the website to make it look attractive and engage their customers. They even use stolen logos and domain names that are easily accessible and cannot be doubted. The biggest warning sign of this fake money transfer website run by scammers flags during the payment method. They often ask for a payment by wire transfer or use a wallet card or money order because they do not entertain cash on delivery for specific reasons. And if a payment is made via these sources, there are minimal chances of getting your product or money back.

Lottery Scams –

One of the easiest and most trusted ways of scamming is through lotteries. Unsolicited messages have been the top trending way to take out money. The messages the scammers send convey to the person that they have won a lottery that carries a good figure amount but claim that they have to pay a fee that covers the taxes and customs applicable for the winnings. In the end, people get scammed after paying that convenience fee, out of the greed of getting a hefty winning price.

Dating scams online –

Money transfer scam is most common in online dating apps. People asking for money state some severe issues that cannot be neglected. On making the payment, the scammer takes away all the money and disappears. Therefore, if there’s someone seeking money through a dating app then it is a sign of a fake money transfer scam. Because without even meeting a person in reality, trusting them blindfoldedly is risky and can be considered as naive.

How does a money transfer scam work?

As with every other scam, in a money transfer scam, a person is contacted through phone or connected via email, or lured by an ad in the newspaper or directed to a website offering a commission for a minimal amount of work that carries a bit of risk. However, in this case, the fraudsters probably target people who are not earning at a point or have a low income, i.e., students or new graduates who have their details uploaded on unsafe websites. Or as an alternative, a company (which is made-up) may approach a person for a working opportunity, which could be a work from home with the designated role of ‘account manager’ or ‘transfer manager’. The task assigned could be receiving an amount in their bank account, further taking out the cash and sending it across borders via any money transfer services available or more. The reason given for transferring the money could be share trading abroad or for a charitable trust as it sounds very appealing and nobody could have second thoughts over these excuses. And once the cash is withdrawn out from the bank account, it is next to impossible for even the law enforcement to trace it. Due to illicit availability of personal details in the market, scammers can easily access anybody’s account and void the money they’ve procured from blood and sweat.

How Can You Avoid Money Transfer Scams?

  • First and foremost, never send money to someone you don’t know personally or any well.
  • Only send out a insignificant amount to someone if you feel it is necessary or can be done as a part payment method, regardless of whether the other person is known to you or you have purchased any resources from them.
  • Whenever you receive any random or unsolicited message from someone, do not invest any interest in that or give out any confidential information.
  • Always consider reputed banking services for security purposes, as they thoroughly take care of the activities and have great recovery strategies.
  • Avoid obtaining products and services from any retailers or sellers who do not have traceable payment methods. For example, credit cards or any barcode-scanning device.
  • If you are purchasing a product from an unknown seller, don’t make the payment immediately. Scammers often push you by offering a certain date for transferring the money in order for you to take advantage of what you’ve bought or what they have offered. And if you don’t meet the deadline and the scammer calls again saying that the deadline has been extended, then it is 100% a fraudster.
  • Hang up the call immediately when a stranger asks about your bank details, any OTP for transactions, or suggests that there’s a reward that you can win.

How to spot money transfer scams?

Money transfer scams are the most mysterious of them all. Although now, as technology and education have spread in the market, it lets everyone know about the strategies to tackle and spot unusual activity in the market.


Phishing or Spoofing is an operation undertaken by fraudsters or scammers who exhibit themself as bank, government, or corporate agents trained to grasp a person’s financial information and take advantage of stealing from them. However, to tackle this email money transfer fraud, simply forward the call information to the Federal Trade Commission at, or you can also reach out to Financial Fund Recovery.

Charity scams

Charity scams are targeted toward the goodwill of the person. Scammers call on the name of charity by saying some disheartening words, such that anyone will offer a certain amount for the organization’s welfare.

Nonetheless, to avoid this kind of scam, verify the email id or the call that has been received and match it with the charitable trust if that does exist or if it’s a made-up name. And never wire transfer your money; it is better to personally give it to the authority.

Abandoned love scam

In this case, scammers get in touch and claim that they are in an emergency or stranded situation and need some financial help for treatment or to travel back to a safe place. Usually, fraudsters request payment by wire transfer, gift vouchers, or any currency (for example, crypto). Since these forms of transactions are untraceable. To get through this fraud money transfer scam, always contact your relatives or loved ones, share your experience and know whether they are safe.

Fake email money transfer

Email is the biggest platform for every organization, in any field, to get connected with its people. In these Email money transfer scams, fraudsters contact people regarding various profitable income ideas, which are actually not as it sounds. Scammers offer an idea related to the above matter and then ask for a certain registration fee which is fake and swindle them. However, to tackle these attempts at fake email money transfers, a person shouldn’t trust these proposals and should directly report them to the authorities for strict actions.

How to protect yourself from money transfer scam?

Secure your confidential details

Install a lock system for your mailbox and tear down the bills and other documents which hold your personal information in the shredder rather than throwing it away scrambled in a dustbin.

Keep updating your passwords

Choose a password that is tricky, not easy to crack, and update it regularly. A strong password must consist of upper case, lower case, numericals and symbols. Do not choose the same password for every application or profile, share it with anyone, or ask all websites to remember or save them. Also, use password protection to update security software and create a backup for content.

Analyze your social media’s privacy settings

If you are using any social media sites, be careful with whom you connect and learn how to use the privacy setting to ensure your safety. If you find any suspicious behavior in the user connected to you, report them for spam or inappropriate behavior and secure your account.

Never disclose

Your personal information or credential to anyone without cross-checking with the authorities whether the person who contacted is their employee and if they actually want the information for some update or formality work. Also use two step verification to be safe while making any payments if the credentials of the person on receiving side matches with the information supplied.

Calls from unknown numbers

If someone is calling from an unknown number and asking for a hefty amount following the fact that they are your friend’s friend, only acknowledge it after contacting the friend or their family member about the case. Always install a spam call detector app on your phone to avoid mistakes that have been executed in the past.

Money sent by a stranger

If a stranger sends you money by mistake or purposely, ask the stranger to cancel the transaction immediately by contacting the app’s customer care and telling them to reverse the transaction. And if the sender refuses to cancel the transaction, you should inform customer care yourself that this has been a fortuitous transaction and that they should switch it back to the sender’s account. Refrain from sending back the payment yourself because there are chances that the sender could be a fraudster, and he could track your account details that could take away all your money at once.

What to do if a money transfer scam defrauded you?

Scammers apply various techniques to execute the fake online money transfer by using multiple sources of available platforms. However, if you identify that you have been scammed or defrauded, immediately report it to Financial Fund Recovery using the information to construct a case against the fraudster.

Investigators at Financial Fund Recovery will then help you to spot several trending ideas which were used by the scammers and educate the people and the community about the outline that took place, which can typically happen if there is no practice of safeguarding against these scams.

If there is a payment made by credit or debit card, contact your bank and convey to them about your case and tell them it was a fake money transfer online and request for a reversal of your transaction so you can acquire your money back. If that doesn’t work out, then recovery specialists at Financial Fund Recovery can certainly assist you in recovering your funds lost to Money Transfer scams.

Wound up transferring your money to a fraudulent address? Give us a call and recover your lost funds with a systematic procedure.

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