How to avoid getting scammed
when transferring money
Whether you’re trying to transfer money online just in time for your best friend’s birthday... or hoping you don't
miss out on buying your grandpa tickets to his favorite team’s next home game. Chances are, you know the
frustration of not knowing whether the transferred funds
have arrived or not.
When we make money transfers online, it seems like the only thing that could go wrong is the money taking too long to transfer
on time. But what if something else happens? For example, getting scammed. Can you get scammed when transferring
money online? People send billions of dollars in remittances every year. And unfortunately, because of this, scammers are more
likely to attempt to trick people through online money scams.
The U.S. Federal Trade Commission (FTC) receives countless reports of fraud, specifically money transfer scams. One, for
example, is in the form of fake Western Union pop-ups that appear on a computer screen when someone visits a website or
opens an email attachment. The pop-up may look like it’s from Western Union and even state that you have received a payment
from a friend or family member. In reality, this money transfer scam is designed to trick you into disclosing your personal
information so thieves can steal your identity and money.
Can you really be scammed while transferring money online?
The short answer is yes. You can definitely be scammed online—especially when you think you are transferring money to someone
you know. You've probably heard that you should never wire money to someone you don't know. But what if you're sending money to family or friends? Can you be a victim of a money transfer scam while transferring money to them as well?
Money transfer scams involving sending funds to family and friends are common. The reason is simple: People are more likely
to trust their loved ones than a stranger. They also want to help out, so they'll often send money without thinking twice about it.
So, the next time you want to send money to a relative back home, or to some friends who are traveling in another country, be
sure to keep this in mind.
Different types of money transfer scams
Here are some of the most common scams involving wire
● Scammer pretends to be a relative in need of money:
This is one of the most common money transfer scams. The scammer will pretend to be an immediate family member
who needs help with an emergency — often due to an accident or serious illness. They'll ask for money via email or
text message, and then tell you where you can send it through a bank or wire transfer service like Western Union or
MoneyGram. If you do send the money, chances are, it will never reach its intended recipient because the scammer isn't
who they say they are!
● Scammer posing as a potential romantic interest: You meet someone, typically through an online app or a social
media site, and begin a relationship. Your online interest starts professing their love for you and then begins to ask for
money to help with costs such as medical bills or travel expenses to visit you.
● Cryptocurrency scams: Be very wary of anyone offering to deal with payments in cryptocurrency. In many cases, there
are no safeguards in place when these products are used for payment.
● The lottery scam: You receive an email or text message telling you that you have won the lottery or some other
prize. You’re asked to pay fees upfront in order to collect your winnings.
● The inheritance scam: You receive an email or text message telling you that an inheritance has been left to you
by someone who has recently died (often a relative). You’re asked to pay fees upfront in order to collect your inheritance.
How to avoid money transfer scams
No one likes to get ripped off, especially when transferring money online. Fortunately, there are ways you can avoid getting
scammed when sending money abroad.
1. Know who you’re sending money to
The first step to avoid getting scammed online is verifying that the recipient is who they say they are. If you don’t know the
person or haven’t met them in person, don’t send any money until you’re sure of their identity and legitimacy.
This applies whether the person has contacted you via email, social media, or phone call. It’s also important to remember that
even if someone has shared some personal information with you —like their name or address—it doesn’t mean they aren’t trying
to scam you out of your hard-earned cash! In addition, if you’re sending money to someone you don’t know,
it’s best to use a service like Tempo, PayPal, or Venmo. These online payment platforms have built-in safeguards that help
protect consumers from fraud.
2. Use two-factor authentication (2FA):
Two-factor authentication (2FA) is a security method that requires you to enter a password and additional information in order to
verify your identity. This feature is available on most online banking platforms and should be used when sending money
How does it work?
When you log in to your account, the system will ask for both your password and an additional piece of information that only you
should know, such as a code from an app or an SMS message. The idea is that even if someone gets hold of your password, they
still won't be able to access your account without also having access to this extra piece of information that only you have
What does it protect against?
If someone steals or guesses your password, they could potentially access sensitive data such as bank statements or
other personal information. With 2FA enabled, however, even if an attacker gets hold of this information, they still won't be able
to access critical accounts like online banking because they would need more than just a password alone in order to log in
3. Beware of being asked for personal information over email, text, or phone call
A scammer may try to trick you by asking for your bank account details, credit card number, or social security number over email, text, or phone call. If you don’t recognize an email as legit, don’t click on any links provided in it or download any attachments. Instead, delete them immediately!
Never make an online payment without first verifying the identity of the person receiving it. If someone asks you to pay using their name but not their address, it’s probably a scammer trying to impersonate them so they can get your money.
In addition, pay attention to details when sending funds by wire transfer or through an online payment service provider such as
PayPal or Venmo. Look for misspelled names or other mistakes that could indicate fraud (such as incorrect account numbers).
4. Never wire money to someone who asks you to keep their identity secret
Such as a lawyer, for example, unless you have personally verified their identity through independent means, such as searching for them online or vetting them through word-of-mouth. If you get a call or email from someone claiming to be a lawyer, and they say that you've won a lot of money in a lottery or some other contest, don't fall for it. You're probably being targeted by scammers. Scammers often use fake names, credentials, and contact information to lure victims into sending them money or personal information. They can also use official-looking emails or websites that have been hacked.
5. Use a money transfer platform you can trust.
While there are several options out there, Tempo offers one of the safest ways to transfer money online. Tempo is the online
remittance service by Future Fintech Labs that allows you to make international transfers while allowing you to manage your
funds directly from your smartphone. To start, all you need is to fund your wallet and then make your
money transfer. As a multicurrency digital wallet-based app, it allows users to make immediate currency conversions with the
funds available, which makes the service fast and easy-to-use.
There are several possibilities of getting scammed online. And for most people, sending money abroad is already tedious enough.
The last thing they want to deal with is getting scammed. While it's impossible to prevent all scam attempts online, learning
how to avoid getting scammed can drastically minimize the chances of becoming a victim. It's important to utilize the safest
ways to transfer money and to be aware of which red flags indicate potential fraud. Once you've evaluated your situation
thoroughly, it should be easier to decide whether or not you'd like to move forward with the transaction.
In addition, finding an international money transfer service like Tempo that offers transparency and responsiveness, can also
offer a sense of peace of mind as you transfer funds abroad.Take advantage of our special offers today by downloading the