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Foreign Money Transfers

New twists on the Nigerian Letter scam continue to dupe unsuspecting victims. Beware emotionally charged letters, emails and social media posts from people in foreign countries asking for financial assistance, discovering inheritance money, offering investment opportunities or suggesting the need to transfer money for any reasons. In most instance when an unknown party requests a wire or money transfer to a stranger in foreign country, the story is a lie and your money will be stolen.

CONSUMER TIP: Never wire or transfer money or share private credit card and banking information with strangers unless you are comfortable losing your money or having your information stolen. Money transfers are virtually untraceable once sent and received. Beware complex cheque cashing and money transfer schemes, in which a cheque is given to you or money is deposited into your account, and you are then to write a cheque or send money to someone else. Overpayment schemes and identity theft are common outcomes from foreign money transfer scams.