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It goes without saying that many people are worried about their money being stolen when they send it abroad.

Money transfer companies are typically subjected to rigorous screening, with criteria including, but not limited to, the following: valid authorisation from all relevant financial authorities; number of customers; annual volume transacted; years in business; number of employees; and more.

However, just like with anything else, there are still hazards involved with transferring money online, and many people are concerned about finding the safest way to send money worldwide.

This article delves into the reasons why wire transfers are the safest way to send money worldwide, the potential dangers of scams and fraud, and the best ways to protect yourself when using an international money transfer.

The safety of international money transfers

Domestic money transfers sent within a country and international money transfers are the safest ways for individuals and organisations to send and receive money. There is almost no risk involved in transferring money electronically; the only real risk is being tricked into wiring money to a scammer.

This presents an obvious danger when sending funds, but it also suggests a straightforward rule for preventing money transfer scams: only send funds to people or organisations you are familiar with and can verify.

Understanding the risks of scams and fraud

Believe it or not, wire transfer fraud is still widespread even in this day and age of sophisticated cybersecurity protections and heightened customer awareness of the basic techniques.

International money transfers are a reliable and secure method of sending money abroad. It should come as no surprise that the usual money transfer scam involves a fraudster pretending to be somebody they are not in order to steal money via money transfer.

The following are examples of the most typical money transfer fraud and money transfer scams:

Fake purchases

When looking for a bargain, whether it be online or in the newspaper classifieds, it’s always wise to ask yourself if the deal is “too good to be true” before sending any money.

Houses, apartments, automobiles, and other high-priced things are often targets for scammers who ask for a wired payment in advance. Sadly, these deals are usually fraudulent, and falling for one will leave you short the required deposit.

Lottery scams

Receiving an email congratulating you on winning a reward (typically the lottery or a similar contest) is another prevalent example of wire transfer scam.

The email will instruct you to pay any applicable taxes and fees via wire transfer to the provided account information. If you fall for the trick and send the money via money transfer, the con artist will simply steal your money and disappear.

Phishing scams

Phishing is an email-based scam used by cybercriminals to trick their targets into parting with personal financial information. Con artists commonly use money transfer scams by posing as genuine businesses or trusted partners of the victim. The sender, domain, name, and occupation details in such emails can all look extremely real at first glance.