Any technological advancement does not come without perils. In fact, if compared with the past, the newer technologies have led humankind to more questions than answers. It’s a commonly known fact that an immense population of expatriates migrate to developed countries to find better job opportunities and handsome livelihoods. These overseas workers then, Bangladesh, India, the Philippines, Nigeria, and several other countries where they come from. When making international money transfers in today’s digitised world, these expatriates often experience serious cyber crimes and scams, which has become a global concern today.
Let’s delve deeper into the insight into the scams in the money transfer industry and how overseas workers can avoid them.
Common online money transfer scams
Urgent requests for money
In this scenario, you will receive an anonymous message or call requesting some money because one of the dear ones is stranded overseas and wants to come home.
Money transfers by ‘’chance.’’
Here, you will be called by a stranger and be told that an amount is accidentally transferred to your account, which you must return. You will not have received the said amount, but if you fall prey to the caller’s deceptive narrative and send back the money, it will be gone. And you will end up sending instead of receiving.
Requests to support charities
In this scenario, you will get requests from scammers to transfer money to support their mission of charity to serve humanity. And if you ask their location to visit in person, they will run away from you.
Prize money or job offers
In this scenario, you will either get an email or a call giving you the news about winning colossal prize money or a job offer. And you need to pay an upfront amount first to process the funds you ‘’won’’ or proceed with your hiring. You pause for a moment and search your memory to see if you took part in the prize money competition or applied for a job. And you shall realise that it’s a scam.
Virtual relationships
This scam typically takes place on dating apps and websites. Someone will attach with you and then begin to ask for money under different pretexts. In these scenarios, the scammer will not request money soon after building the relationship. Instead, they will first win your trust and then scam you.
How to avoid online money transfer scams?
Never send money to someone you do not know.
Check fake emails. They will have grammar mistakes.
Do not rush because you are told that there is an emergency.
Check twice every step you take in financial matters.
Wait longer and buy time as scammers push you to send money immediately.
And most importantly, never share your PINs and Passwords with anyone under any circumstances.
Always keep changing your passwords and use odd and awkward combinations for your passwords.
Difference between old money transfer methods and new methods
International money transfers have been in vogue for the past few centuries. In the past, transferring money was a complicated process involving risks to life and money. But then, life was more at stake than the money as there were such secure ways to transfer funds, which would lead both money and life open to robberies. It continued until the mid-19th century when Western Union introduced the first wire transfer.
Now, people could move funds from one place to another without carrying the cash. It used a medium that was safer than before.
Now let’s see a few fundamental differences between old methods and digital ways.
Old methods take time to transfer funds.
A typical wire transfer takes three to five business days to move funds from one place to another. And this you are learning about wire transfers in the 21st century. Imagine the amount of time it would take in the past!
Old methods involved fatigue.
In the old methods, you would have to physically go to a bank and bring your cash with you. It was a process that involved fatigue until the advent in the late 20th century of the best international money transfer services such as ACE Money Transfer.
Old methods involved huge service charges.
A bank charging you a high fee is not confined to the past. The bank service charges in the current times are still high. But, here, they are referred to as old methods because of the historical background detailed above.
Let’s now see the difference in the digital ways of transferring money.
Digital methods are fast.
The new digital methods of transferring money have made it easy for you to send money in a matter of a few seconds!
Digital methods are convenient.
You can send money online from the middle of your comfort zone using digital methods. In these methods, you are not required to go to the concerned institutions in person like the banks usually need.
Digital methods of money transfers charge a low fee
Unlike the banks, digital forms of money transfers involve a low cost. But, it does not mean that all digital money transfer platforms have low service charges. You will have to look out for the cheapest way to transfer money internationally.
Here are the top benefits of online money transfers. Since you have learnt about the differences between old and digital methods, it is now essential for you to take a quick look at a few advantages of online money transfers.
Online money transfers are efficient.
Online money transfers are quick and efficient. These transfers do not require commuting which is necessary for a transaction through a bank.
Online money transfers are secure.
Taking cash to a bank can be risky, so is sending a cheque. But, there is no need to carry cash in online money transfers. It is a transfer of physical cash digitally or virtually.
Online money transfers are available round the clock
In online money transfers, you do not have to initiate a transaction in the time frame in which banks operate. Here, you can send money at any point in the day.
Online money transfers are cheap.
You will pay a low fee in online money transfers, unlike the traditional money transfer methods.
Online money transfers are user-friendly.
All you have to do in an online money transfer is simply log in to user-friendly mobile apps or the official website of credible companies such as ACE Money Transfer. You can initiate a transaction following a small set of simple steps.
ACE Money Transfer: your trusted partner in secure money transfers online
The feather in ACE’s cap is its security around its operations. There is no complaint concerning the safety of transactions and funds in ACE’s operational history.
And it is not only the security, but a fine blend of speed, accessibility, low fee and best exchange rates ACE Money Transfer offers you under one roof.
It is imperative that you thoroughly look for a credible company by drawing comparisons as many unscrupulous companies are operating in this industry.
