Scam online services are present across all genres of trade, so the presence of scam online money transfer services should not come as a surprise. These fraudulent money transfer services can be divided into two broad categories, based on their chosen modus operandi — the first of which are phishing sites or copies.
Phishing copies are almost exact visual replicas of the legitimate online money transfer service that they imitate. Unless you have thoroughly checked and verified the link's address on your browser, do not ever sign into any website with personal information (username, password, PIN, etc.) and especially those that deal in financial services. A phishing site's address may:
- Have a spelling mistake: https://website.com may spell out as http://websit.com instead.
- Not have that all-important s from https://website.com, and instead will show http://website.com, or just www.website.com without the https//.
- Have a different domain name: https://website.co.
- Have a long string of gibberish alphabets, signs, and numbers: https//website.com/hjhashahg-23762386fg.
The Fee Structure Might be Unnecessarily Steep for the User's Needs
There are quite a few well-established and trusted international money transfer services in the market, but they are not universally suited for everyone. If a fee structure is too expensive for the user's needs, it's quite possible that they are paying significantly higher fees for years, without even realizing how much more they could potentially save.
If you have not yet compared your present online money transfer service's conversion charges and fees with that of the competition, doing so is highly recommended. For example, Ria international money transfer is a fully verified and registered money transfer service that has a very affordable fee structure to facilitate quick and effortless personal transactions in and out of over 165 nations.
Unregistered, Illegitimate Services
This one's also a scam, but more intricately designed than a phishing attempt. They will facilitate actual transfers for a while to build a “customer” base. However, the company in its entirety will inevitably vanish without a trace, along with any money that their customers might have sent through them, prior to the vanishing act. Victims will find out later that the service is not registered anywhere, especially not within their nation's jurisdiction.
They will also find that the service was never legitimate, which is to say that the company was never registered and licensed as a money transfer service to begin with. Calling them out is simple these days, as a little bit of research online should reveal whether they have a history and presence in this market or not. Also, never fail to verify the claimed registration and license number, before signing up.
Be it for avoiding scams or high/hidden fees, caution can go a long way here. It's true that users must be careful in ensuring that the money sent is done through a legitimate service first, but how much extra they are paying per year to ensure that is also quite important.