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money transfer scam
December 7, 2021 Transfer Money Abroad
5 minutes, 35 seconds Read

Types Of Money Transfer Frauds and How To Avoid Them

money transfer scam


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Given the exponential increase in international travel, Indians have been increasingly remitting funds abroad to their family members, relatives and loved ones. Other purposes for which money is transferred abroad includes overseas investments, academic fees and hospitalization expenses. In 2020, Indians transferred a whopping $344 million overseas for family maintenance alone. No matter the reason for remittance, everyone wants their hard-earned money to reach the intended recipient safely.

However, the recent increase in online fraudulent activities is quite alarming. In a bid to make a fast buck, scammers are targeting the increasing adoption of money transfer services around the world. They are misusing technology to swindle people and profit wrongfully.

There have been many instances in the past where innocent individuals have fallen prey to shady money transfer scams. This blog aims to equip you with the knowledge indispensable to stay protected against common remittance frauds.

Various types of money transfer frauds leveraged by scammers nowadays:

1. Charity scam

Asking for donations is one of the most cunning ploys used by scammers to cheat unsuspecting people. It is a known fact that humans are inherently compassionate and benevolent. They have an innate tendency to help others who are suffering. Shrewd scammers take advantage of such emotions to fleece people.

Fraudsters dupe people into believing that the monetary contributions would go towards the betterment of elder people, orphans etc. They use highly evocative language to galvanize unwitting victims into wiring money to the charity’s bank account. You should discontinue communication right away if you ever get approached by a charity scammer on your email or a social media profile.

2. Immigration scam

In the immigration scam, the victim is contacted by a fake immigration official. Fraudsters often impersonate notable organizations and share sensitive details regarding the immigration status to make the story look genuine to the victim. Even their contact information might appear authentic at first glance but a closer look will instantly bring the reality to light.

Scammers demand immediate payment via money transfer for fixing the immigration status issues which are, in fact, non-existent. In some cases, victims are even coerced to transfer funds with threats of arrest and deportation.

3. Emergency scam

In the emergency scam, the scammer may present himself as a distant relative in urgent need of financial help. Since fraudsters excel at emotional manipulation, they fabricate persuasive stories to make the emergency seem real. A distinguishing feature of the emergency scam is urgency as people are usually rushed into sending money via a transfer service.

Scammers try to goad you into making quick and impulsive decisions so that they can obtain funds at the earliest. However, you should act calmly and never let your composure get ruffled in such situations.

4. Lottery scam

In the lottery scam, the fraudster informs victims that they have bagged a massive amount of money in a prize draw. You should keep your guard up if you ever receive a suspicious phone call or email regarding a lottery you have won. In case you are asked to share sensitive banking information to claim the monetary prize, consider it a red flag. There are high chances that a fraudster could be at play.

Victims are also asked to send a fee in advance for covering the taxes on the amount that has been supposedly won.

5. Relationship scam

The relationship scam is incredibly popular in the online dating world. The fraudster poses himself/herself as a lover online and attempts to win the trust of the victim through regular intimate conversations. Such scams usually take place on social media platforms and online dating forums.

The convos between the fraudster and victim lead to the establishment of a strong emotional connection. Pretending to be in dire need of money, fraudsters eventually sweet talk the victims into transferring funds to them for financial assistance.

Top Tips To Avoid Money Transfer Frauds

Here are 3 smart tips you should follow to keep all sorts of money transfer frauds at bay.

1. Never send money to a stranger

One of the biggest mistakes that people make is sending funds to strangers who do not have any valid identification proof. Regardless of the purpose of money transfer, you should never transfer funds to someone you do not know personally. In case the person on the other end claims to be an acquaintance, you must ask him/her for a govt-approved proof of identity.

2. Refrain from making large transfers

If you do not want to end up regretting later, you should never remit large sums of money in one go. This is especially applicable when you are making a donation to a lesser known charity which is devoted to religious or social upliftment. Always research about the organization or person whom you are sending money to.

Before remitting any sum of money, ask for identifiable details like address proof, valid contact details etc., to be on the safe side.

3. Rely on a reputed and secure money transfer service provider

When it comes to money remittance, you should only rely on a reputed provider that gives utmost priority to customers’ security and safeguards sensitive user information. Most leading service providers utilize the latest technology and follow rigid security measures to ensure that your funds reach the right destination without any delay.

A platform that has a strong fraud prevention mechanism in place will be better equipped to provide you the needed security. The best providers monitor transfer orders and banking transactions on a continuous basis, hence bringing down the chances of fraud substantially.

BookMyForex is one such trusted platform that guarantees top-end security and allows you to remit money safely without incurring any hefty transfer charges. The platform leverages its secure network of banks and exchanges for providing you with remarkable money transfer deals. BookMyForex implements rigid  security practices and processes all transfer transactions with high levels of encryption.


With money transfer scams rising at a fast pace, ensuring a safe and hassle-free remittance process is now extremely important. Having become smarter than ever, fraudsters are leveraging their analytical minds for coming up with innovative methods to swindle people. However, a little bit of carefulness and presence of mind can save you from the deceitful traps of tech-savvy scammers.

Strict adherence to the aforementioned tips will go a long way in keeping your money from falling into the wrong hands. Also, your choice of remittance service provider will play a crucial role in keeping your valuable funds safe. See to it you opt for a reliable money transfer platform to enjoy high-level security when sending money to someone in a foreign country. The safest forex platforms offer money remittance at zero service charges and ensure completion of transfer in 24 hours.

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