Sponsor Robert Siciliano as he runs the Boston Marathon for Miles for Miracles, Children's Hospital Boston
ROBERT SICILIANO is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds.


Check here if you're human


Take Privacy Seriously When Transferring Money Overseas

Pin It

According to a study done by the World Bank, money sent home by expatriates last year totaled a staggering £335 billion (about $509 billion) – or three times the amount of global aid budgets. It’s common for workers all over the world to supplement the incomes of their families back home, but the current amount and frequency has also given rise to transfer fraud.

The most common methods are notifications of fake awards, a bogus money inheritance or requests for bank account information (there are countless – often imaginative – stories that fraudsters use to extract this data).

For example, an individual dressed as a policeman may approach you, saying that a relative or friend of yours has been in an accident and then request that you send money immediately for his or her hospital fees. Another example is an email request for proof of funds to make reservations for your holiday accommodation overseas. Thousands of people fall for these scams every year; use these tips to avoid falling foul of wire transfer fraud.

Secure your online banking
Obviously, the easiest way to avoid a scam is to verify the identity of the recipient. If you trade in different countries and pay suppliers all over the world, however, it can be difficult to verify every single party before transactions can be made. One way to secure payments is to work with a bank that’s linked with your home branch and which provides secure online banking. Remember that your bank will never ask you to verify your details via email.

A healthy dose of skepticism
Some of the best-known scams are those that claim you’ve won a prize in a foreign lottery and that you need to send over your bank details to receive it. Similar are the “Nigerian Prince” or “419” scams that offer non-existent rare pets, unclaimed properties – even romance – in exchange for your details and payments. Apply common sense when someone you don’t know contacts you – especially if you haven’t played the lottery in Nigeria recently.

It’s too good to be true
Another common type of financial scam is an offer to sell something at an incredibly attractive price through classified ads. The recipient will accept your money but you won’t receive the item in return. Remember that if an item seems too good to be true, it probably is.

Every day, scam artists are thinking up sneakier ways of scamming you out of your hard-earned cash, but they require a certain amount of trust from you to make a sale or obtain information. As long you remain skeptical and aware that these scams exist, you can avoid most of the common pitfalls. Keep up to date with the latest scams to ensure you don’t fall victim to wire fraud.

If you think you have been a victim of fraud or want to learn more about digital life, you can read more information here.

About the Author
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.

Similar Posts

  • Just One of Many Internet Scams
    A good friend of mine called me recently to ask what I knew about scams from online sales. He had placed an ad on CraigsList for something he was trying to sell and had asked for $150 for the item. He had received a call from a woman and she offered to send him a
  • How to Prevent Summertime Scams
    Summertime is here…and that means sunshine and vacations. Most people love summertime, including scammers! Hackers can use this time to take advantage while we are planning vacations or on vacation or just enjoying fun in the sun. Here are some key scams to watch out for this summer: Family or Friend Requests Money You receive an email
  • Beware Of 10 Tax-time Scams
    We are approaching tax time. Scammers are ramped up and looking for your money. Learn these tax season scam tips and watch your back. 1. Text messaging scams or smishing a.k.a Phexting. Like phishing but texting. Criminal hackers have access to technology that generates cell phone numbers and access to mass text messaging services. They send
  • How to Protect Yourself from Identity Theft During Tax Season
    Robert Siciliano Identity Theft Expert Approximately 155 million tax forms are filed annually.  People need to understand that thieves are inventing new ways to steal identities each and every day.  And since tax time is a key period when we see a spike in identity theft, it’s crucial that we get the word out now and
  • Money Mules Facilitate Identity Theft and Fraud
    Robert Siciliano Identity Theft Expert Mules are relatively unaware people who get hooked into a “small business” or employment that is a function of a criminal enterprise. The mules often respond to “help wanted” ads from online job placement sites. Shipping scams are a common tactic criminals use in which they employ mules to receive goods bought

Leave a Comment

You must be logged in to post a comment.

Xtreme School

Featured in

Anderson Cooper John Stossel Robert Siciliano Featured in
Browse by Month

Browse by Category