How to Avoid Money Transfer Scams (2017 Update)

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Avoid Money Transfer Scams

ingapore is no exception when it comes to scams. There have been various reports made highlighting scammer’s modus operandi and how they trick their victims. The police have been doing massive information dissemination on how to spot and avoid these scams. Here are several tips you can keep in mind for your safety.

 

Avoid Money Transfer Scams

Singapore is no exception when it comes to scams. There have been various reports made highlighting scammer’s modus operandi and how they trick their victims. The police have been doing massive information dissemination on how to spot and avoid these scams. Here are several tips you can keep in mind for your safety.

 

1. Multiple Payment for Online Purchases Scam

Scammers will sell you electronic gadgets such as tablets and smartphones. The scammers will ask you for the payment first. After such time, they will ask you to pay for more due to delivery issues or additional orders. The victim will quickly transfer payment since they want to receive their items in no time.

To avoid such money transfer scams, only do business with people and companies with physical addresses and are willing to meet face to face. Singapore is a small country, so excuses about distance and travel time should not be a problem. Study the offer thoroughly and refrain from giving your personal information, bank account numbers, and credit card numbers. You can also opt to check the background of the seller and their previous transactions with other customers.

 

2. Online Romance Scam

Usually, these scammers pretend to be searching for friendship or love through different social networking sites. They would try to establish a relationship with the victim and gain their trust. They then would create scenarios in the long run wherein money would be involved and would ask help from you to transfer money to their accounts.

To avoid such money transfer scams from happening, avoid transferring money to people you do not know or to companies with suspicious accounts. Avoid doing compromising acts especially when in front of a webcam. The scammers may use this later on against you to extort money from you.

 

3. Cyber Extortion

With this, scammers will persuade you to perform cyber-sex with them while on cam. The victim, unknowingly, is then recorded. After the performance of the cyber-sex session, the victims are then blackmailed.

Singaporean reports reveal that people who fall victim to this strip-and-pay scam are mostly males. Immediately inform the Police should this happen to you.

 

4. Kidnap Prank Phone Scam

It happens when scammers will claim that they are in possession of his or her loved one (spouse, child, sibling, etc.) and would demand a ransom. Victims would be made to believe that the cries in the background belong to their loved ones. To save them, they will be asked to transfer money to overseas accounts. Singaporeans are known to value strong family ties; hence, scams involving the safety of a family member is a tricky scam.

As a prevention to money transfer scams, you have to call “999” immediately upon receipt of such calls. Keep calm and try to contact your loved and confirm their safety.

 

5. Impersonation Scam

The scammers pretend to be officials from the government and would call victims. The victims are asked for fund transfers or credit card information to settle immigration concerns or even criminal issues involving them or their loved ones.

As a general rule of thumb, government agencies do not call people involve with a case and ask for money transfers. Drop such calls and immediately call the police.

 

Conclusion

Singapore may be one of the most secure countries in Southeast Asia, but due to the advent of technology, scammers can operate anywhere in the world and anyone, even Singaporeans, can fall victims. Hence, be vigilant and don’t trust easily. It is never wrong to be doubtful, especially if money is involved. Doubt is the first step to spotting a scamming scheme. Stay calm and get help from the police to help you get through your situation.


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