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Money · September 22, 2022

How To Avoid Money Scams

How To Avoid Money Scams – Want to Avoid Money Transfer Scams? Watch Out For These Red Flags. Written by aidemoney on April 3, 2022

Before founding AiDEMONEY, I spent years as a lawyer specializing in money laundering and tax law. Through this experience, I gained important insights into the real dynamics of money transfer fraud. For more on my work defending African diaspora clients, read my full article on money fraud. But for the purpose of this article, know this: We are all involved in eliminating money fraud. This includes money transfer companies like AiDEMONEY, RegTech innovators using technology to detect fraud, and ultimately Africans sending money home.

How To Avoid Money Scams

How To Avoid Money Scams

We’ve all heard stories about romance scams: You meet someone online and it moves quickly from there. Within a month, you are in love. In two minutes they ask you to send money to them. These scams are perpetrated by a few bad actors – often highly educated and lacking in livelihood opportunities – but result in many African diasporas being the target of IRS and Justice Department investigations. This is despite the fact that they do legitimate money transfers and are often victims of money scams themselves.

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By educating yourself about these money scam warning signs, you can avoid falling victim to scams and dispel the money scam myth that prevents many Africans from participating in the US financial system.

Want to send money digitally but have a bad feeling about the transfer? Use these 14 red flags to avoid falling for money scams.

If you think you are a victim of money transfer scam, follow the steps below as soon as possible. I’ve listed them in order of importance because every minute counts.

There is money scam. It’s fraudulent. Establishing a secure money transfer line at AiDEMONEY is our top priority and rightly so. But solving this challenge takes more than regtech alone; it also requires education, support for poor communities, and a unified African diaspora that tells its story. Send money securely with Africans Funding Africa’s money transfer app AiDEMONEY.

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How To Avoid Money Scams

Afrovibes Radio Worldwide is a progressive online radio station that aims to engage, inspire, educate and entertain listeners through its eclectic mix of African music, culture, news, entertainment and community issues. Discover moreFederal government websites are usually .gov or . shaft. Make sure you are on a federal government site before sharing sensitive information.

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Https:// allows you to connect to the official website and all the information you provide is encrypted and transmitted securely.

In fake check scams, someone you don’t know asks you to deposit a check, sometimes several thousand dollars and often more than you owe, and send some of the money to someone else. Scammers always have a good story to explain why you can’t keep all the money. They might say you have to cover taxes or fees, buy supplies or something else.

Counterfeit checks come in many forms. They can look like business or personal checks, cashier’s checks, money orders, or an electronically delivered check. Here’s what you need to know about fake check scams.

These scams work because fake checks often look like real checks, even to bank employees. They are usually printed with the names and addresses of legitimate financial institutions. They can even be

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Real checks written to bank accounts of identity theft victims. It can take weeks for a bank to realize that the check is fake.

By law, banks are required to make deposited funds available quickly, usually within two days. Once the money is available in your account, the bank may say the check has been “issued”, but that doesn’t mean it’s a good check. Fake checks can take weeks to be discovered and resolved. By then, the scammer will have received all the money you sent and you will have to pay the money back to the bank.

Your best bet: Don’t trust money from a check unless you know and trust the person you’re meeting.

How To Avoid Money Scams

Gift cards are for gifts, not payments. Anyone who requests payment by gift card is always a scammer. If you paid a scammer with a gift card, report it to the card issuer immediately. When you contact the company, say that the gift card was used in a scam. Ask them if they can refund your money. If you act fast enough, the company can get your money back. Also, tell the store where you bought the gift card as soon as possible.

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Here is a list of gift cards commonly used by scammers and information to help report a scam. If the card you’re using isn’t on this list, you may find the gift card company’s contact information on the card itself, or you may need to do some research online.

If you have made a transfer to a scammer, call the money transfer company immediately to report the scam and file a complaint. You can reach the MoneyGram complaints department at 1-800-MONEYGRAM (1-800-666-3947) or Western Union 1-800-325-6000. Request a refund of the money transfer. It’s unlikely to happen, but it’s important to ask.

If you paid a scammer by wire transfer, contact the transfer company immediately to see if you can stop the payment. Also, try stopping the money order from being delivered: if you sent it by US post, contact the US Postal Inspection Service at 877-876-2455. Otherwise, contact the delivery service you use as soon as possible. Federal government websites usually end with .gov or .mil. Make sure you are on a federal government site before sharing sensitive information.

Https:// allows you to connect to the official website and all the information you provide is encrypted and transmitted securely.

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Scammers are looking for people to help them move the stolen money. They visit online dating, job search, and social media sites, create fake stories, and make up reasons to send you money, often with checks or Bitcoin. Then they tell you to send that money to someone else using gift cards or wire transfer. But they never say the money was stolen, the stories are lies, or – if you sent the money – you may be acting like law enforcement calls money mules.

If you help a scammer transport stolen money – even if you don’t know it was stolen – you could be in legal trouble. You will also be at financial risk. If you deposit a scammer’s check, it can be cleared at first. When it turns out to be a fake check, the bank will ask you to refund the full amount. You may be charged and your account may be overcharged or closed. And using a scammer’s money to buy gift cards and dialing PIN codes or sending a wire transfer is almost like sending cash. Either way, the scammer gets the money quickly and it’s almost impossible to get it back.

If you think you may be involved in this scam, stop the payment process and stop communicating with the person. Notify your bank, wire transfer service or any gift card company immediately. If a scammer has your bank account information, close your account immediately. Then report it to the FTC at ReportFraud.ftc.gov.

How To Avoid Money Scams

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The purpose of this blog and comment section is to inform readers about Federal Trade Commission activities and to share information that will help them avoid, report, and recover from fraud, scams, and bad business practices. Your thoughts, ideas and concerns are welcome and we encourage your comments. But remember, this is a managed blog. We review all comments before they are posted and we do not publish comments that do not comply with our comment policy. Commenters to each other and

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