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Protecting Against Fraud in International Money Transfers

International money transfers have become very common among individuals and companies in an increasingly global economy. This has, however, increased fraud and scams as well that occur in cross-border transfers. It is important to understand these risks for any person involved in international financial activities and safeguard oneself.

One of the major risks in International money transfer is fraudulence. With the swift transfer process, there are several procedures due to which fraud activities can easily be performed even with different types of prevention or evasion. However, in recent times, several banks have worked significantly to make the security more vigilant and strong!

The different types of frauds have been described and discussed in this article. This is helpful especially because overseas transfer of money is an integral part of many personal and professional transactions. Any individual who is trying to use this resource must double check the account number along with name and BIC/ Swift codes.

Types of Fraud and Scams in International Money Transfers

Scams in International Money Transfers
  1. Phishing Scams: These are fraudulent emails or text messages where criminals pretend to be valid financial institutions or remittance services with the aim of getting people into giving them bank account details or logins.
  1. Advance Fee Fraud: Victims are convinced to pay upfront fees for some services of international money transfer or goods that will never be provided. Often this includes promises to pay big sums of money if the victim makes a small initial payment.
  1. Identity Theft: They steal personal information to have access to victims’ bank accounts and create new ones using their name resulting in illegal transfers. It might be the case that your account details along with your ID number or social security number have been stolen by someone. They can easily use it against the person!
  1. Overpayment Scams: In this case, a scammer issues fake checks or money orders which carry more value than the worth of a product or service they want released; the scammer then requests the excess payment wired back only for the original means of transactions bounced off, thus causing loss to the receiver.
  1. Fake Website Scams: Counterfeit website creation by cybercriminals. There are scammers who create these fake websites which are used to persuade individuals to share sensitive information. Personal information that might be shared such as account password, payment details and personal information.

This information might be used to steal your personal identity and then is used to do international transfers. At times, individuals suffer significantly especially because of the increasing counterfeit products and services in the market.

Implications of Falling Victim to Scams

This can result in a number of serious problems, ranging from financial loss to lasting damage to one’s credit score. In addition, victims feel betrayed and must spend time restoring funds and protecting personal data. What is more, such occurrences may harm the reputations of companies or organizations involved hence losing trust among their customers/partners.

When an individual suffers through the risks of international money transfer, it is important to stay vigilant and strong. The process of internal transfer has been created in such a way that it does prevent all kinds of fraud activities. So then, how can you keep up with any concerns that there might be?

It will be important that there are certain guidelines that banking organizations have set and they try to follow! It is also important to consider that there are several concerns such as fluctuating rates along with expenses will impact the overall process of international transfer of money.

Read below about the ways in which you can protect yourself from scams. You rely on your documents because it can be easily used against you to take advantage!

Protecting Yourself Against Scams

  1. Verify the Authenticity of Money Transfer Services: Always research the money transfer service you intend to use. Read reviews, confirm regulatory compliance, and look for accreditation by relevant financial authorities.
  1. Safeguard Personal Details: One needs to be cautious when revealing personal details about oneself. Check who the person you are dealing with is before discussing your finances through email or phone if unknown individuals contact you.
  1. Utilize Safe Networks: The internet should only be used on secure lines when making transactions online. Just ensure that there is an “https://” and a padlock sign on your browser.
  1. Be Aware: There are many tricks employed by fraudsters which you should become familiar with. Being conscious about this serves as a powerful tool in identification and prevention of scams that could occur.
  1. Note Suspicious Activities: If you believe that you are a victim of fraud, it should be reported instantly to the applicable financial institutions and regulatory agencies. This will stop further damages by being detected in its earliest stages. 

Delays In International Money Transfers!

Delays In International Money Transfers

One of the major reasons due to which International money transfers take so much time is because it is based on different time zones. Another integral part of the delay is that the banking sector only functions on work days therefore, one must avoid bank holidays along with weekends.

If a person has to do international money transfers, inception is an integral part of Financial institutions. There might be another reason for delay when foreign currency conversion takes time to reflect with money transfer overseas.

According to the guidelines for International money transfers, services are catered with regards to increasing fluctuation in plans and budgets. It is important to establish the significance of time span and time zone because accordingly the procedures are dealt with.

If someone is wondering how people so easily fall prey to the scams, it is because of the financial desperation, lack of awareness, trust and authority, emotional triggers and social engineering. These six aspects impair the thinking of the individual leading to falling prey to scam.

It is important to identify objectives which enforces documentations that will establish identity of individuals thus, effectively stopping any scam. 


Global transfers of money make it possible for more advanced swindlers and impostors to emerge. People and organizations can diminish their chances of falling prey by staying updated, being careful and utilizing safe methods. Note: Your safety lies in understanding your surroundings and actively participating in securing any financial dealings you undertake.

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Ankita Tripathy

Ankita Tripathy loves to write about food and the Hallyu Wave in particular. During her free time, she enjoys looking at the sky or reading books while sipping a cup of hot coffee. Her favourite niches are food, music, lifestyle, travel, and Korean Pop music and drama.

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