Don't Get Scammed when Transferring Money to India

1. Don't Get Scammed when Transferring Money to India There are many people who still fall prey to money transfer scams. Most people who lose money to scams are victims of advance fee or money transfer frauds. Often, old people or vulnerable people are targeted by conmen. So how do these scams work? The victim might get an unsolicited phone call or receive an email or text in their inbox from some random person. This person will be notifying them that they have won a lot of money. Here, the scammer tries to gain the trust of the victim, asking him/her to send a small sum of money in order to collect their winning amount. This small sum is asked for paying the taxes or processing fees. This is where the conmen try to scam the victim. If the victim ends up sending money, they never hear from the conmen again. At times, the victim receives an unsolicited cheque or money order. It comes with directions to deposit the money or make a wire transfer to India (a portion of it) in order to cover the taxes and processing fees. When the victim deposits the cheque, he/she gets to learn weeks later that the cheque was counterfeit. But since they have already wired the money to the conmen for covering the taxes, they won’t be getting it back. There are a few tips that you can follow if you wish to save yourself from getting scammed. Remember, if something sounds too good to be true, then it probably isn’t. Don’t be in a rush to send the requested funds in order to get the winnings. Always take your time in finding out the details. This will save you from wasting money. For instance, ask yourself- is there a chance that you may have been especially chosen for this kind of offer? If the answer in your head is no, then you are probably on the right track. When transferring money to India or any other country, it is always best to go with a bank or a reputed money transfer agency.