When money
is wired, cash is transmitted without any tracking information. This is
generally used for sending cash to people far away. But the money wire (also
known as money transfer) can also become a tool in the hands of the scammer.
Wiring money such as sending cash means that it is difficult get your cash back
once the transaction is complete. This is the reason why scammers target this
type of money transaction. Report money scams of this nature if you want to
safeguard your interests.
- Money Wiring Scams = Cash On the Move
Scammers
may use several tricks to convince people to wire money to them. The excuses
and inducements can range from promises of a romantic relationship to an
advanced fee scam and a “friend in need.” Purchase scams or excess amount of
money orders (which are actually fake) ensures that you cannot get the money
back once you have wired it to the scammer. There is a good need to not wire
money. Money should never be wired to those who are not known.
- How a Money Wiring Scam Works?
In the case
of a money wiring scam, dishonest people lie and create tricks so that money is
wired to them. The scammer asks for all kinds of concessions and wiring money
is akin to sending cash. Once the money has been wired, you cannot recover it.
Wiring
money is a quick way to ensure that cash reaches the person concerned. But when
someone you do not know asks you to wire money, it is generally a scam. Do notfall prey to these tactics and make sure you report money scams at once.
Scammers are clever enough to make things look reasonable. Sometimes, scammers
may even try to pretend to be family or friends in trouble and send email
requests for money to be wired to them. The Federal Trade Commission is the
right place to complain and report money scams. If you get a money order in
excess of the amount you are asking for, in exchange for a product or service
and the scammer then asks you to wire the remaining amount, this is another red
signal. This is a purchase scam where the scammer has sent a fake money order.
But by the time this is detected, the scammer has skipped town with your wired
cash and left you with a liability in the form of the fake money order. Report
money scams and save yourself from such a fate.
- Tactics Used by Money Wire Fraudsters
Scammers
are skilled at fooling persons and want to rush you. They look for money before
one had the time to think and have ready explanations for why you should wire
them the money. Before wiring money, stop and ask yourself if such a situation
is possible. Check for too much money? Call the bank and check before you
deposit it. If someone is trying to get money out of you in return for an
inheritance or prize, check on It and talk to someone who can be trusted.
Contact the authorities or the company the lottery is claiming to be from and
make checks.
