Know About Currency Transfers and Related Frauds

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Balancing the Accounts

Know About Currency Transfers and Related Frauds- A Brief Idea On It

Currency transfer refers to the cashless mode of payment or payment systems such as wire transfer, electronic fund transfer, email money transfer, Giro, postal cheque, money gram, al-Barakat, Hawala, Send money home and others. Banks and good money transfer service providers a list of warnings against frauds and safety measures regarding cashless services but many times people tend to ignore them.

Generally institutions will ask their customer to read all sources of information like their website, etc to check for the details. Still there are many cases where people have lost their hard earned money to unknown identities through online and offline frauds.

Certain factors must be kept in mind before transferring money to another party. Better avoid sending money to an unknown or not well known entity. If you are not sure about the entity and verification process is difficult one must use the services like Pay Pal or banks so that the money is being paid only after verification. This is because once the money is out of the account it becomes very difficult to track the loss and recover.

Most of the money claims like lottery and prizewinners asking for money and personal details are fraud and must be avoided to the best. Such mails are spam. Even if the winner doesn’t have purchased any lottery ticket or took part in any such event, such mail claims to deliver money. So don’t send money to such sources.

There are various scams related to cashier’s checks also. This mainly happens during the time of online purchase. Businessmen having their own websites selling products online must always be careful of such kinds of frauds. Generally an entity will prepare a check of value more than the product price and then ask the seller to accept the high check and send the rest of the money back to the purchaser. The online seller must never send any money till he receives the actual amount from the purchaser’s bank.

Avoid sending money to the identities who claim to be your relative’s friend or your relative and ask you for emergency help. Even there have been cases that the caller claims to be lawyer or police man and tells that your relative is in desperate need because of sickness, accident, or some mis-happening in some country relatives have traveled for vacations. Even of you want to help such calls, proper verification must be done before sending money.

Money transfer is a technology invention and also problematic at the same time, one must make the use of technology very intelligently.

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