How to Avoid Money Transfer Scams: What Risks Should You be Aware Of?

How to Avoid Money Transfer Scams: What Risks Should You be Aware Of?
  • Opening Intro -

    When you want to make a money transfer when settled abroad, there are various options you can consider.

    However, each of these options have their unique features; they also have different requirements.


Additionally, there are also risks when it comes to using these channels to transfer funds. One of these risks is transfer scams.

Through certain money transfer channels, you cannot get your funds back. Scammers encourage unsuspecting applicants to use these channels, and encourage these users to send funds to their destination back home.

What are the risks involved with money transfer?

If you intend to make a money transfer, it can be very useful. However, it is extremely risky if you need to send funds to an unknown source. As mentioned previously, once the funds have been dispatched and received, it’s hard to get the funds back. Additionally, if the recipient of the fund delivery gets the funds quickly, it is nearly impossible to reverse the transaction, especially if you’ve made a mistake in sending to the wrong source. However, with certain steps you can take, you can avoid money transfer scams.

Steps to take to avoid money transfer scams

The first step to take when avoiding a possible money transfer scam is to identify the recipient you are sending the funds to. If you get a request to transfer funds from these sources, you must either avoid or report them immediately:

  • Individuals who insist on wire transfer for payments only
  • Online love interest who are seeking emergency funds
  • Rental or purchase flats available immediately for those who make an immediate money transfer.
  • Potential employer or individual who is hiring you to make purchases
  • A person who is pretending to be a relative or friend of your friend, who is requesting emergency funds for hospital or legal reasons.
  • Sources that claim you have won a prize and asking you to transfer a few funds so that your winning amount can be transferred to your bank account.

At times, scammers will also ask you to deposit a check on behalf of them. In return, they will wire the funds back. In this case, the check provided is fake which will bounce. In the end, you will owe your bank the funds you withdrew. In such an incident, it would take ages for the funds to be deposited from the check. By this time, the money would already be transferred, while it takes the time for the check to be discovered. In in the end, if you haven’t met the recipient in person, look for alternate sources of money transfer that works in your favor.

Money Management reference:

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