One of the most important assumptions made on a money transfer is that the amount transacted will get to the recipient safely. Unfortunately, scams are becoming more prevalent (even if it’s less detectable) as technology improves and scammer knowledge increases.
Each time you book a remittance, it’s not enough to have financial peace of mind – you also need assured credibility that leaves you with a lower statistical chance of being scammed.
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Individuals who are planning to send international money transfers/remittances need to be extra cautious of suspicious activity.
A report issued by the FDIC (the US Federal Deposit Insurance Corporation) declared that modern day scam experts prefer to use money transfers as a medium to jack funding from individuals.
This is mostly due to the ease of use and simplicity of sending electronic wire transfers from one source to another – an issue that compounds negatively when considering how easy it is to send a digital wallet transfer.
Sending money from one individual has literally never been easier, and under the guise of internet anonymity scammers can try and redirect the transaction to their account. As soon as your money transfer has been placed it can be very difficult to recover – foreign government intervention is typically very limited in these scenarios.
The harsh reality is that once your funds have been obtained by a fraudulent recipient, they scammer has effectively secured their pay.
Fortunately there are a few countermeasures you could take to prevent the likelihood of suspicious activity taking control of your transaction. By following these simple rules you’ll have a better chance of placing a fraud-free money transfer.
Although it should almost go without saying, always check and double-check to make sure that you’re able to correctly identify your recipient. A good rule of thumb is to not send a money transfer to a stranger if you’re unsure of their credibility.
In many cases, scam artists will attempt to pressure you into booking a transfer by warning you of an imaginary “due” date for the funds. If you wait out this deadline, and the internet stranger promises to extend the transfer period, you’re likely facing a fraud on the other end.
If you feel that sending payments to a strange recipient account is necessary, make sure you don’t place a lump sum transaction that contains the full amount. It’s better to taper off a substantial payment into smaller amounts – if it turns out the funds were being misdirected, you have the chance to get notified before your entire payment is gone.
Never place a money order with a financial institution that isn’t professionally accredited or secured by a regulation board. Choose a foreign exchange company in Riviere-du-Loup that will treat your transaction with the utmost importance and safety, such as KnightsbridgeFX.
In today’s modern world where access to high speed internet is attainable almost everywhere, scammers have a plethora of techniques to choose from when targeting/selecting victims.
A “false relationship” scam involves the scam artist pretending to be an attractive individual that lives in a different country and needs money. These types of scams generally target compassionate individuals who are seeking attraction. In these scenarios you must do your due diligence to verify a person’s identity before falling for them and letting your emotions take over.
A “fast bait” money scam involves the scammer trying to get a victim to quickly place a transfer by introducing an element of urgency (pressed for time). Typically scams of this nature will involve “a business opportunity you don’t want to miss,” or “an absurdly good deal on a product only for a limited time.” A good rule of thumb in these situations is to know the deal provider personally – if it’s a stranger, treat it as a scam.
Often times individuals will receive phone calls/unsolicited emails from scammers pretending to be charity runners or donation centers. While in most cases this is illegal and completely unethical, usually these points of contact come from overseas (in other words hard to trace). The best thing you could do is to research the charity beforehand – if your intention is to donate and not discredit them off the bat – to make sure the source is legitimate.
To ensure that your money is fully-protected and safe, make sure you choose KnightsbridgeFX, as your primary foreign exchange service provider. KFX places an emphasis on high quality customer service and security of funds during transaction.
Here are just some of the other benefits to choosing KnightsbridgeFX over competitors
Call us at 1-877-355-5239 to get a totally free no-obligation quote on our foreign exchange services, or you could visit our website to learn more about what we offer.
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KnightsbridgeFx is registered with FINTRAC, under the MSB registration number M09819788. Like most financial institutions, we are required to validate the identity of all clients. We have strict measures in place to protect your privacy.
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