Avoiding Money Transfer Scams

Avoiding Money Transfer Scams

Avoiding Money Transfer Scams

A reputable bank or a money transfer company will never involve you intentionally in a fraudulent scheme but many such schemes circulate online and avoiding them depends on you. Usually, you are receiving an e-mail with proposal to arrange a money transfer to someone else's bank or online account using your own bank or online account. The swindle would be hiding in the form of a work from home opportunity or a message that you have won a large sum from the lottery, for instance.

Here are some simple guidelines to stop you from becoming a victim. In the first instance, be careful when receiving and answering offers to send or receive money electronically; never provide your bank or online account details to someone whom you do not know and never open a bank account on behalf of someone else.

An established bank or money transfer company will always ask you to read their money fraud warning and to follow well-established policies when conducting a money transfer. Entrusting someone else to use your bank or online account presupposes a very high level of mutual trust; even your bank clerk has restriction to your personal account. Also, bear in mind that in most cases once the money is out of your account it is very difficult if not impossible to retract the money back.

If you read carefully the instructions and warnings provided by your money transfer service, you will realise that in fact they want to protect you from sending money to strangers. The same rule applies to requests to send money in order to get a prize from a lottery you never heard of, or sending funds to a relative abroad without hearing him by phone or other means allowing you to verify his/her identity.

The online world offers unlimited possibilities, both good and bad, this includes money transfer issues. A simple Google search will reveal enough information to help you decide whether to trust a particular company or individual. Using the above-mentioned rules and utilising the antifraud tips provided by your money transfer company will keep your funds safe and secure.

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