Money Transfer Common Frauds

H

Hani_Farah

New Member
As the number of legal and financial activities that can be done via the internet expands, so do the risks of falling prey to fraudulent money transfer requests. You have surely received several emails or even phone calls asking you for a small money transfer via Western Union, OMT or any other online money transfer provider. However, these are but simple example; beware of the common tactics scammers use to get you to send them money illegally.

Offering some sort of advantage or benefit: This category may just be the fastest-developing in terms of innovative ways to extort money from people. For example, you may receive an email asking you to test out a new money transfer service for a small reward. In such a scenario, the scammer would transfer a check to the victim, which bounces when the latter tries to cash it, leaving him/her responsible to pay for the full amount. In another scenario, the victim may see an ad claiming to help you make a hefty sum of money quickly and easily by taking advantage of gaps in the monetary system. Such impossible claims often lead with catchy headlines, such as “Make Money Online Fast!” or “It is now easier than ever to make money online! No degree or experience needed!” After the affected party completes the money transfer, the promised amount of money is never received and the scammer often blocks the victim from contacting them via calls or social media.

Technical: This category may be the easiest to fall prey to, since the action required to become a victim is perceived as mundane and necessary to receive the product or service sought, in addition to the fraud tactic being well camouflaged. This may be as simple as online shopping on a well-established online retailer’s website, such as eBay. The scammer could be either the buyer or the seller. The element of fraud here lies in overpayment. So if the scammer is the buyer, they would claim to have sent more money than they had meant to by mistake and demand repayment from the seller via a money transfer. The check bounces, leaving the victim responsible for the full amount.

Fake emergency situations:
As opposed to the technical category, this group of tactics is the oldest and the most familiar to people due to numerous national and global awareness campaigns on the behalf of governmental and internet agencies seeking to warn internet users of this type of scam. The scammer might pretend to be a relative in need of financial assistance due to a made-up emergency, such as needing money for a medical operation or for travel/immigration troubles.


It is important to be extra vigilant online and to take a better-safe-than-sorry approach to international online transactions. Remember that official agencies or corporations will never ask you to share any personal information or online account credentials. Do not transfer money abroad unless you are able to make sure that the emergency situation you have been contacted about is in fact a real one and that it is sent by a trusted source.
 
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  • Jo

    Jo

    Administrator
    Master Penguin
    As the number of legal and financial activities that can be done via the internet expands, so do the risks of falling prey to fraudulent money transfer requests. You have surely received several emails or even phone calls asking you for a small money transfer via Western Union, OMT or any other online money transfer provider. However, these are but simple example; beware of the common tactics scammers use to get you to send them money illegally.

    Offering some sort of advantage or benefit: This category may just be the fastest-developing in terms of innovative ways to extort money from people. For example, you may receive an email asking you to test out a new money transfer service for a small reward. In such a scenario, the scammer would transfer a check to the victim, which bounces when the latter tries to cash it, leaving him/her responsible to pay for the full amount. In another scenario, the victim may see an ad claiming to help you make a hefty sum of money quickly and easily by taking advantage of gaps in the monetary system. Such impossible claims often lead with catchy headlines, such as “Make Money Online Fast!” or “It is now easier than ever to make money online! No degree or experience needed!” After the affected party completes the money transfer, the promised amount of money is never received and the scammer often blocks the victim from contacting them via calls or social media.

    Technical: This category may be the easiest to fall prey to, since the action required to become a victim is perceived as mundane and necessary to receive the product or service sought, in addition to the fraud tactic being well camouflaged. This may be as simple as online shopping on a well-established online retailer’s website, such as eBay. The scammer could be either the buyer or the seller. The element of fraud here lies in overpayment. So if the scammer is the buyer, they would claim to have sent more money than they had meant to by mistake and demand repayment from the seller via a money transfer. The check bounces, leaving the victim responsible for the full amount.

    Fake emergency situations:
    As opposed to the technical category, this group of tactics is the oldest and the most familiar to people due to numerous national and global awareness campaigns on the behalf of governmental and internet agencies seeking to warn internet users of this type of scam. The scammer might pretend to be a relative in need of financial assistance due to a made-up emergency, such as needing money for a medical operation or for travel/immigration troubles.


    It is important to be extra vigilant online and to take a better-safe-than-sorry approach to international online transactions. Remember that official agencies or corporations will never ask you to share any personal information or online account credentials. Do not transfer money abroad unless you are able to make sure that the emergency situation you have been contacted about is in fact a real one and that it is sent by a trusted source.
    What agency do you work at Hani?
     
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