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Protect Yourself from Fraud - International Money Transfers

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Once upon a time, if you wanted to buy something you needed to physically go to the store which sold said item and exchange cash before you could bring it home. Today you can purchase virtually anything from virtually anywhere in the world, virtually! Drawers from Denmark, linen from Lithuania, and baskets from Bali. But along with worldwide add-to-cart-opportunities there is also a whole new world of fall-victim-to-fraud-possibilities.

Most online stores wherever they are in the world (provided they are legitimate) have secure payment portals and safe ways to pay for your goods.  PayPal for example is a globally trusted payment gateway and has buyer protection in place if products turn out to be not as described or faulty. Transferring funds into overseas accounts however often doesn’t come with the same consumer protection. And while it is now relatively easy to make international payments via internet banking, allowing you to reliably and conveniently send money overseas (to more than 200 countries and territories, in over 130 different currencies) from the comfort of your home computer, you still need to be careful who is receiving your money.  To be on the safe side never send money to someone you don’t know or who you don’t have a business relationship with.

Scammers sometimes encourage people to transfer money for seemingly legitimate means. A legitimate business, charity or company will almost always have a secure online payment portal for you to safely transact without the need to transfer money into their account (no matter what the excuse it, such as “the website is down at the moment” or “you can access a special deal if you transfer rather than pay via the website”). As a general rule just avoid transferring money to unknown or unverified persons who ask for funds.

Here are just a few examples of how people can been caught out:

  • For an emergency situation you haven’t confirmed.
  • For an online purchase.
  • For anti‐virus protection.
  • For a deposit or payment on a rental property.
  • To claim lottery or prize winnings.
  • To pay taxes.
  • For a donation to charity.
  • For a mystery shopping assignment.
  • For a job opportunity.
  • For a credit card or loan fee.
  • To resolve an immigration matter.

Transferring funds overseas often involves a network of correspondent and intermediary banks. Once funds are transferred, it is often difficult (if at all possible) to cancel or recall transactions, even if you are the victim of fraud. Be alert!  Even the most streetwise or business-savvy person can fall victim to fraud if they let their guard down.  To find out more about International Money Transfer services from Endeavour please get in touch or read more about how it works here

Alison Gallagher is a freelance writer, resourcefulness expert and entrepreneur. She has been featured in various publications including Stellar Magazine, Australian Health and Fitness Magazine, and Cleo Magazine. Alison is particularly passionate about sharing practical tips on how to live simply, sustainably and seasonally.