5 details you absolutely must check before transferring money to someone

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Key points

• Fraudsters know that when you transfer money, it’s impossible to trace who received it or get your money back.
• Always verify the recipient’s information, such as name, bank account information, and how much you’re sending.
• Don’t transfer money to people you don’t know or someone who pressures you to pay immediately.

With the advent of technology and online banking, transferring money has become easier and more accessible than ever. However, as much as we rely on this convenient service, we also need to know how to protect ourselves from fraud and scams. If you are going to transfer money to someone, it is essential that you check the following steps from the list to protect yourself from being scammed.

1. Know the recipient’s information

Before sending money, it’s important to verify the recipient’s information to make sure you’re sending it to the right person and the Bank account. Here are the details you should double check before transferring money:

• The name and address of the recipient
• The name and address of the recipient’s bank
• The recipient’s bank account number
• The recipient’s bank routing number
• Amount of money sent

If you send money internationally, you may also need to add additional bank information such as your bank’s SWIFT/BIC code and international payments system routing code.

If possible, try to get confirmation in writing. Scammers often use fake identities or fake bank accounts to receive money, so it is crucial to verify the information before transferring money. Also, check for any wire transfer fees you have to pay. With the rise of fraud and scams on the internet, it’s important to be vigilant when transferring money.

2. Know who not to transfer money to

According to the FTC, scammers want you to wire money because they know you can’t get your money back, and it’s nearly impossible to identify or trace who collected the money. They recommend not to transfer money to the following people:

• Anyone you haven’t met in person
• Anyone who says they work for a government agency such as the IRS, SSA, or a well-known company
• Anyone pushing you to pay immediately
• Anyone who says a wire transfer is the only way to pay
• Anyone trying to sell you something over the phone.

When you transfer money, you don’t get the same protections that come with it credit cards. It is illegal for a telemarketer to ask you to pay by wire transfer, such as MoneyGram and Western Union. If you are asked to do so, report it immediately.

3. Be wary of urgent or unexpected requests

Fraudsters often use urgent or unexpected scenarios to get people to transfer money quickly. Watch out for callers claiming to be a friend or relative in need, or emails from someone claiming to be a supplier or business partner who needs urgent payment. These requests are often scams. If you receive an urgent money transfer request, please take the time to verify the information before sending money.

4. Protect your information

Another way scammers get money is through identity theft. Protect your personal and financial information by keeping it private and secure. Don’t share your financial information with anyone you don’t know or trust. Use strong passwords and two-factor authentication to protect your online accounts. If you suspect that someone has stolen your identity, report it immediately to the appropriate authorities.

5. Know the latest scams

Finally, stay informed about the latest scams and fraud schemes. The internet is full of helpful resources that can help you recognize and avoid scams. Visit websites like the Federal Trade Commission or the Better Business Bureau to learn about the latest scams and tips on how to avoid them. Staying informed is key to protecting yourself from scammers.

Wire transfer is a convenient and reliable way to transfer money from one account to another, but it’s important to be aware of the risks of scams and fraud. By following these practical tips, you can protect yourself from scams and transfer money safely without worry. Always double-check the recipient’s information, do your own research on the recipient, and avoid responding to urgent or unexpected requests without verifying the situation. Protect your personal and financial information, stay informed about scams, and remember: if something sounds too good to be true, it probably is. Stay safe!

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