The rise of digital technology has opened all kinds of new avenues for financial transactions, but it has also given scammers more opportunities to target unsuspecting individuals. Whether you are new to a country or simply handling day to day finances, it’s crucial to be aware of common scams you might encounter. Here’s a guide to 7 common money transfer scams and how to protect yourself from them.

1. Prize scams

In these scams, you might be informed you’ve won a large prize such as a lottery or new iphone. However, to claim your winnings you’re asked to pay fees, taxes or provide your personal details.

How to avoid it:

• Remember if it sounds too good to be true, it probably is. Legitimate lotteries or competitions won’t require payment to claim your prize.
• Never provide personal or financial information to claim a prize.

2. Investment scam

These scams promise high returns with little to no risk, often urging you to “act fast” before the opportunity disappears. People are lured into investing money in what turns out to be a fake or highly risky scheme, such as cryptocurrency or unregistered funds.

How to avoid it:

• Be sceptical of investments that seem too good to be true.
• Research thoroughly before making any investment decisions and consult a licensed financial advisor.
• Verify if the company is registered with your local financial authority.

3. Urgent requests

Scammers often pretend to be from trusted organisations such as government agencies or banks, claiming that you owe money and must pay immediately. They may threaten legal action or claim your account has been compromised, urging you to act quickly.

How to avoid it:

• Always verify requests for payment directly with the company or government agency by contacting them through official channels.
• Be suspicious of unsolicited calls or emails asking for personal information or immediate payment.

4. Romance scams

Romance scammers build trust with victims through online dating platforms or social media, gradually asking for money to help with fake emergencies or travel expenses.

How to avoid it:

• Be cautious of online relationships where the person asks for money or avoids meeting in person.
• Never send money or personal information to someone you’ve only met online.

5. Tech support scams

Tech support scammers typically contact you via phone, email, or pop-up messages, claiming your computer has a virus or other technical issue. They then request remote access to your device and often ask for payment to “fix” the problem.

How to avoid it:

• Don’t respond to unsolicited calls or emails claiming there is something wrong with your computer.
• Never grant remote access to your device unless you are certain the request is legitimate.
• Use trusted antivirus software and keep it updated regularly.

6. Fake charity scams

Scammers may exploit your goodwill by pretending to be a charity or cause, especially during times of crisis or natural disasters. They will ask for donations, often in the form of wire transfers or gift cards.

How to avoid it:

• Only donate to charities that you have researched and verified through official websites or reputable organisations.
• Be wary of high-pressure requests for immediate donations.

7. Phishing scams

Phishing involves receiving emails or text messages that appear to be from a legitimate source, such as your bank or an online service. These messages often contain links or attachments designed to steal your personal information or infect your device with malware.

How to avoid it:

• Always check the sender’s email address and be cautious of unsolicited messages asking for sensitive information.
• Avoid clicking on suspicious links or downloading attachments from unknown senders.

As scammers become more sophisticated, staying informed and aware is your best defence. Always verify the legitimacy of any request for money or personal information, and when in doubt, trust your instincts. If you ever encounter a suspicious request or an attempted scam, report it immediately to help protect others from falling victim.

At OrbitRemit, we prioritise your safety, ensuring that your transactions are secure and protected every step of the way. Our platform is designed with advanced security measures so you can send money with confidence.