How To Avoid Money Transfer Scams

In today’s world, scams have increased a bit too much. This includes all sorts of scams however money transfer scams are at the top of the hierarchy. Now, with the advancement in technology, the types of these scams have increased as well. People now have a lot of ways of scamming and getting away with their money. Scammers pressure people into transferring money to them and then they disappear. Money transfer scams include bank money transfer scams, online money transfer scams, and wire transfer scams. 

Scam artists are always making sure to make you trust them. They have experience for many years and are fully confident as well. These scammers may act to be legal professionals, official bodies, banks, an organization, and much more. Moreover, when it comes to wiring money, there is no way you’re getting your money back. They pick your money from any branch and it is next to impossible for one to figure out who picked the money and track the person. 

When it comes to money transfer scams, it is better to be safe than sorry. You should always transfer your money from a well-reputed company such as Paypal, Venmo, and others that have good reviews. If you’re actually careful, these scams can easily be avoided. It has been noted that 89% of people are able to keep themselves safe from scams by just being informed! Money transfer scams are one of the easiest ways people lose their money which is why they need to be careful.

Now, if you’re someone who’s wondering how money transfer scams work, then you’re at the right place. In this article, we will be discussing how dangerous money transfer scams are and how you can keep yourself safe. 

Results show that fraudsters are shifting focus from account takeovers to scams where customers are exploited as a week link

If you’re someone who wants to protect your financial transactions, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!

Table of Contents

The Dangers of Money Transfer Scams

Avoiding money transfer scams is a must for everyone. Nowadays, everything is online and there are lots of ways people can reach out to you. Be it messaging you and acting like a charity organization, or asking for advance payment when you order something. It has been noted that 59.49 million Americans lost money from phone scams in the period of 12 months, with a loss of around $30 billion, which leads to an average loss of $502 per person. 

This not only goes for America but other countries as well. For example, Australians lost $63.3 million to scams that involved phone calls as well as text messages in 2021.


Now, if you’re thinking you might save yourself by choosing from a wire transfer or a money transfer, then you are wrong. Wire transfers are the ones that run through banks and are a form of electronic funds transfer. Here, your bank verifies that you actually have the funds to transfer and also sends information to the receiver’s bank that the funds have been credited. On the other hand, money transfer involved transmitting financial information between the two associated parties. These do not go through banks and actually use their own communication network. 

Now, if you want to send money online, many people use cash apps, apple pay, or MoneyGram. However, many don’t, and they fall victim to an eCommerce or a push payment fraud through their online wallet. There are many different types of digital payment frauds as well. For instance, phishing, which includes email phishing, vishing, and smishing. Others include identity theft, wire transfer scams, and more. 

online shopping

People who are new to the digital world are mainly susceptible to payment fraud. Moreover, the ones who are mostly indulged in online payment face such issues commonly. Many of them are able to detect the scam before falling victim however many don’t. Moving on, the time of the year when payment fraud is at its peak would be around the holidays, when people are transferring money here and there, wanting to donate something to an organization that they don’t know is fake, purchasing online, and related interests. 

This is the time period where people need to be extra careful and choose payment methods wisely, whether they are transferring or receiving money. Payment transfer scams are increasingly growing day by day and there seems to be no stop to them. Also, it is happening all over the world which is why people should learn how to avoid money transfer scams. 

Do you suspect that someone had scammed you?

If you have any suspicion of a scam or phishing attack, then you can rely on EZChargeback to help you with protection, mitigation, and fund recovery

You will feel safe knowing that experts with years of experience will be guiding you!

10 Ways to Avoid Getting Scammed Online

Scams happen all the time. People never see it coming, even if they do, they take risks. On the other hand, many people are never able to detect a scam. Some individuals fall victim to scams on a regular basis. This is because the scammers are so well trained and make you believe that what they’re doing is right. 

They make sure to use the tactics to make you trust them. Now, if you are someone who wants to make sure you do not fall prey to these people, then you need to learn how to avoid money transfer scams. We have listed ten methods that will help you in avoiding money transfer scams. 

shopping online

1. Do Not Send Money to Anyone You Don't Know

The first and most important factor you must keep in mind is to never send money to someone you do not know. This includes the companies you have never heard of, including online merchants, and more. Many people even fall victim to Walmart money transfer scams and western union money transfer rent scams. 

If you are someone who wants to purchase something from an online auction, then you should go for a payment option that offers protection, instead of transferring, a credit card would be a good option in such cases. You shouldn’t consider sending cash or using a wire transfer service. Another thing you must keep in mind is to not pay any upfront fees.

calling a phone number

2. Do Not Provide Financial Information

Another important thing you must keep in mind is to never provide your financial information to anyone, mainly emails, phone calls, or text messages. Most people get a phone call where someone is pretending to be from their bank or someone from a well-known organization and ask for their financial information. This includes your PIN as well. 

Remember, someone from your bank is never going to ask you for your PIN. Make sure to never trust someone like this. Moreover, never click on any links or even phone numbers in messages or emails. There are certain tactics used that will eventually lead to your financial information being disclosed leading to an email money transfer scam. All in all, make sure to not provide your financial information. 

personal bank account information

3. Do Not Trust Foreign Lotteries

In many different countries, playing a foreign lottery is not legal. Apart from this, many people lose their money through this method. Make sure you are never tempted by messages that say you have won a lottery, or try your luck and win billions. What scammers do is that they tempt you at first, and then ask you for taxes, custom duties, or fees in order to collect your money. 

Remember, all of these are lies and when you send this money, you are never going to get it back no matter what. Many people out there fall victim to this tactic. 

bingo lottery

4. Wiring Money is Spending Money

Now, one thing you need to keep in mind is that wiring money is just like spending money, there is no such difference between the two. Once your money is gone, it is gone, and you are not getting it back at all. Scammers mostly ask you to wire your money to them, mostly overseas as tracking an overseas transaction and reversing it is next to impossible. This is one of the major reasons you should never wire your money to strangers, sellers, or basically anyone they do not know.

5. Keep Your Software Updated

Keeping your operating system up to date is a must! This also includes your virus protection software. We often get updates on our phones or laptops where we are asked to update the software however, we end up ignoring such messages. Never ignore these updates as these come with new features that keep you protected from the latest kinds of viruses, scams, malware, and ransomware.

desktop computer

6. Passwords Matter

Most of us end up forgetting our passwords, don’t we? Well, this is an important factor when it comes to scams on money transfers from Cambodia or any other place. Now, what people mainly do is that they use the same password for multiple accounts, including all their banking apps. This is a big no! If someone ends up hacking one of your accounts and tries the same password for other ones, then all your money is gone. This is why you need to change your passwords regularly and keep different ones for each platform. 

7. Do Your Research About the Company

If you are thinking of doing some transaction with a company, one thing you need to make sure of is to do your research. Look up the company you are going for and check out their reviews. Search thoroughly, not just from 1-2 websites. Check out their website, socials, tagged posts, and other details. This is the only way you will be able to figure out if someone is legit or not. 

performing online research

8. Do Not Transfer Money to a Holding Account

This is the most popular scam people fall victim to. Now, what people do is that they pretend that they are someone from your bank and ask you to transfer money to a safe account, in order to protect it. This actually means that you are sending all your money to the scammer account. If you get a call like this, be smart and say no. 

9. Use Safe Wifi

One of the most important factors is to use a safe and secure wifi connection. In order to do this, you need to avoid any public wifi. Instead of using public wifi, you should go for a 4G connection that is far safer than this. 

wifi access

10. Open Safe Websites

Lastly, you need to make sure to open a safe website. If the website is simply HTTP, it is not secure. However, if it’s HTTPS, it’s a safe one and you can use it. You can purchase something from here easily without any fear. 

If you have been scammed by a money transfer scam then contact us to help you get your money back!

Stay Safe & Make Smart Transactions Now!

Here comes an end to our article about money transfer scams. By now, you must be well aware of what these scams are, their types, and most importantly, their importance. You must make sure to follow all the tips mentioned above in order to keep yourself safe from a scam. 

These scams are now happening quite commonly, and one must be vigilant at all times. One wrong click, one wrong person, one wrong company, and all your money goes down the drain. Doesn’t matter where you’re from, we’ve heard of Nigerian money transfer scams as well as Russian money transfer scams as well. 

do you need help?

A lot of those who contact us have questions and concerns about their personal and business data being compromised. We are experts on these issues and we will be your support in getting your money back.

Please fill up the form. Rest assured that our support team will get in touch with you

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