A reputable agency offering money transfer will have many security measures in place to avoid your money getting caught up in a fraudulent transaction. However, with this form of crime on the increase, keeping your money safe still relies heavily on you taking steps to safeguard your cash. Scams can take many guises and when you are busy focusing on your business it can be easy to miss the signs when a rogue email lands in your inbox. Criminals are very clever these days and when approaching their victims they are expert at looking genuine.
The swindle could be manifesting itself in a market report email or an email claiming to offer business services. It will be very unassuming so it is of paramount importance that you are vigilant. What they will all have in common is that they will request that you make a significant money transfer.
Here are some basic guidelines for protecting you and your business from this form of fraud:
Always be wary of emails that request or offer electronic money transfer.
Never provide your bank details when you do not know the person and do not set up a bank account for another person
A reputable foreign exchange company will have policies on fraud and will warn you about this practice. They will also have definitive procedures when actioning a money transfer. When you entrust another company to use your online account you must have a strong amount of trust in that company so take time to research who you use.
Take time to read instructions and guidelines provided by your money transfer specialist as these are in place to protect you from inadvertently sending funds to strangers.
Online money transfer has opened up many opportunities for businesses but it must be handled with care and respect. At PureFX we offer a range of foreign exchange services and operate to stringent security procedures.