Imagine living overseas and having a family back home that you cannot support due to the unavailability of money transfer services or not being able to pay your school fee because your sponsor can’t get it across to you. These situations are better imagined. With the innovation of cross-border payments, sending money across borders is as easy as easy can get. With only a few clicks, money has travelled five thousand miles across the ocean. Unfortunately, some mischief makers exploit this ease and defraud unsuspecting victims. They constantly work tirelessly behind the scenes to con you out of your money or investments. We’ll be telling you 5 some of the common tricks they use to scam people.
1. Romance Scam
Scammers create fake profiles on dating sites or social media and present themselves as sweet, responsible and charming individuals seeking genuine relationships. They eventually build trust between themselves and their victims and later begin to ask for money, gifts or even personal information.
How to avoid it: Do not send money to someone you’ve only met online no matter the emotional story they tell you. No genuine relationship starts with asking for money after a few weeks or months of talking and getting to know each other. Verify the identity of the person you are talking to and ask to meet in person, especially, if they claim to be in the same region that you are in. Always trust your instincts. If they seem too good to be true, they probably are.
2. Impersonation
Scammers are like chameleons—they can pretend to be anyone, from your favourite remittance service’s customer support to a distant relative in need. They might call, email, or text you, asking for personal information or payment details to “fix” a problem with your remittance.
How to avoid it: Never give out personal information or payment details, especially via email, phone call or chat. If someone claims to be from a remittance service, hang up and contact the company directly using a known phone number or email address. Always verify.
3. Money Mule Scheme
This scam turns you into a pawn in a bigger game. Scammers might ask you to receive money in your account and then forward it elsewhere, promising a small fee for your “service.” It might sound like easy cash, but you could end up involved in illegal activities without even knowing it.
How to avoid it: Never agree to transfer money on behalf of someone else, especially if you don’t know them personally. If someone offers you money to do so, it’s a red flag. You’re not just risking your money—you could be risking legal trouble.
4. Advance Fee Scam
In this scheme, scammers ask you to send a small fee to “unlock” a larger sum of money. It could be a lottery win, an inheritance, or a business opportunity. Once you send the fee, they will sever all communication with you.
How to avoid it: Legitimate remittance services or companies won’t ask for advance fees to release funds. If someone asks for money upfront to access more money, it’s a scam. Keep your cash, and don’t fall for the bait-and-switch.
5. Fake Website Trap (Phishing)
Phishing scams involve fake websites that look like the real thing. Scammers use them to steal your login credentials or payment details. These sites can be remarkably convincing, with identical logos, colour schemes, and layouts.
How to avoid it: Always check the URL before entering any personal information. Look for “https://” in the address bar, indicating a secure site. Bookmark the official website of your remittance service to avoid falling into a phishing trap. And remember, if you get an email with a link to a remittance site, don’t click—go directly to the site yourself.
Scammers are smart but show them you’re smarter by being onto them from the moment they initiate a conversation. Avoid falling victim by using trusted remittance service providers. At UBA, there are so many legitimate remittance options you can choose from for ease and peace of mind.
Read Also: Scam Alert: How to Protect Your Bank Account from Fraud
