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.

 
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