What Are Money Transfer Services?

Money transfer services offer the ability for you to transfer money to another person or business which may be on the other side of the world, usually straight away.

Companies like Western Union or MoneyGram used to be big players However, people are now shifting more towards online providers, such as World Remit, Transfer Wise & Zelle.

What Are The Dangers?

If you transfer money to a fraudster, you have no legal right to get your money back from your bank. Using a credit or debit card can provide you with more protection.

When using a money transfer means you won’t have the Section 75 protection provided by the Consumer Credit Act 1974 for credit card payments. However, even with a handling fee, a money transfer may still be more cost effective than paying for goods and services using a credit card but it is always better to use a method that provides as much safety as possible.

Many money transfer services clearly state that they do not offer any form of purchase or chargeback protection for people targeted by scammers, we have also seen an alarming amount of refund requests denied because the payments you send to a scammer are classes as “authorised payments” despite the fact that the scammer has tricked you into sending it.

Members of the public have also complained about the lack of transparency in charges and fees for money sent or spent overseas.

Hints & Tips

1) Never send money to people you haven’t met in person.

2) Never send money to pay for taxes or fees on lottery or prize winnings.

3) Never use a test question as an additional security measure to protect your transaction.

4) Never provide your banking information to people or businesses you don’t know.

5) Never send money in advance to obtain a loan or credit card.

6) Never send money for an emergency situation without verifying that it’s a real emergency.

7) Never send funds from a check in your account until it officially clears—which can take weeks.

8) Never send a money transfer to an individual for online purchases

Our recommendation is that you only use money transfer services to transfer money to known friends & family, if you are purchasing an item or subscribing to a service then you should always use a debit or credit card.


What Are Cash Apps?

A Cash App is a mobile payment service that allows users to transfer money to one another using a mobile phone app, scammers are now requesting payments through Cash app, instead of other methods like prepaid credit cards or wire transfer. Victims have reported sending money to the scammers and were immediately blocked by the fraudster straight after.

The Better Business Bureau of Acadiana have even admitted seeing a large increase in the amount of scammers that have started using cash apps.

The Dangers

If you transfer money to a fraudster via your cash app, you have no legal right to get your money back from your bank. Using a credit or debit card can provide you with more protection.

When using a cash app you won’t have the Section 75 protection provided by the Consumer Credit Act 1974 for credit card payments. However, even with a handling fee, a cash app may be more cost effective than paying for goods and services using a credit card but it is always better to use a method that provides as much safety as possible.

Hints & Tips

No one representing Cash App will ever ask for your sign-in code over the phone, on social media, or through any other medium. We will never ask for you to send us a payment or provide sensitive information such as your full bank account information or Social Security Number.

Before sending a payment, we strongly recommend that you:

-Only send to people you know or to verified Cash App accounts

-Verify the recipient’s name before sending

-Double-check the spelling of $Cashtags

-Double-check the recipient’s phone number or email for typos

Our recommendation is that you only use money transfer services to transfer money to known friends & family, if you are purchasing an item or subscribing to a service then you should always use a debit or credit card.

Contact Us

If you have been targeted by any kind of scam then please contact us as soon as possible.

Phone – 0800 193 6851

Email – Help@scammers-be-gone.co.uk

Report – To report a scam please click here