How to avoid money transfer scams? Are there any tips to avoid any fraud?

Money transfer can be risky at times when you send money to someone you don't know. Please use money transfer companies to send money overseas but often a times make a mistake of sending it to a stranger or wire transfering it to someone who they do not know. Here are some tips on how to spot scams and protect yourself from unexpected fraud by following these tips.

- Do not send money to someone based solely on promises.
- Do not give personal information and confidential details to anyone you do not know and trust.
- Do not release any personal information to an unknown caller insisting that:
  • You have won a prize but have to pay taxes.
  • Your friend is in trouble and needs financial help.
  • You can get a loan with bad credit.
- Do not involve yourself in any schemes.
- Seek out independent financial advice before making any deal or transaction.
- Always read the terms and conditions carefully and thoroughly; offers may have hidden costs.
- Do not throw away old bills, statements, or cards. Destroy them; scammers use these materials to attain get your confidential details.
- Do not leave your personal details lying around.
- Keep a record of your annual credit reports to make sure no one is using your name to borrow money or accumulate debt.
- Do not click on any links that open files attached in a spam email.
- Never reply to spam email or SMS (even to unsubscribe).
- Install software that protects your computer from viruses and unwanted programs.
- Scammers set up websites with addresses similar to reliable sites so be sure to identify it carefully.
- Never send personal and banking account details by email.
- Avoid using public computers for Internet banking.
- Never get involved in money laundering. It is a crime.

Most Viewed Answers

There is absolutely no limit of sending money to India, provided you pay the required taxes. No limit on daily and monthly transaction. only money sending have limit for sending amount for indivi…

The legal limit to carry cash currency in US Dollars from India to USA is USD 3000 per person per trip. However, you can carry up to US $10,000 in form of currency notes, Travelers check, etc. wi…

Import: Currency Regulations in India Local Currency (INR) - Any person resident in India, who had gone out of India on a temporary visit, may bring into India at the time of his return from…

Related Articles

House Property and NRI Account in India- Does FATCA Apply?

As a Non Resident Indian and under the Income tax law of India, the NRI is not taxable in India for any of his income which he earns outside…

FATCA MOU with India – A Boon or Burden?

Foreign Account Tax Compliance Act (FATCA) is a US legislation aimed at combating tax evasion. Under this legislation, you will have to decl…

Banking Services for NRI’s: Introduction

When one moves out of India, the first thing they do is to open a bank account in India for themselves as Non Residents. Rightly so, they ca…

Go Mobile

Get the Best Exchange Rates, Important Remittance Information and
Special Promotion Alerts on the go! Download Our Mobile App on your Smartphone or Smartwatch.

google play apple app store