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Money Transfer Scam

With this type of scam, the fraudster calls you unexpectedly posing as your bank. They tell you that there is a problem such as irregular activity or fraud on your account. They advise you to transfer money out of your account to a so-called “safe account”, indicating that once the problem is resolved the money will be transferred back.

They provide you with account details and get you to transfer money, usually insisting this is done via a money transfer or wire which involves you physically going to the premises of a Money Transfer Agent such as a Post Office, Western Union or Money Gram. They use rush tactics, saying it must be done immediately and often target older individuals.

Another variation of this scam is the “Grandparent Scam”. The fraudster calls you posing as a grandchild or other relative in distress and in urgent need of financial assistance. They play on your emotions and goodwill to get you to make a money transfer which then goes to the fraudster’s account.

Key Advice

  1. Your bank will never call to ask you to transfer money to another account.
  2. Never follow financial instructions or give away financial or security information to unexpected callers without first validating that they do genuinely represent the organisation they say they do. To do this source a phone number for the organisation directly and call them. Do not take it from the caller as it is likely to be fake)
  3. Don’t feel pressured or rushed. The caller may try to make you feel foolish, stupid or negligent if you don’t follow their instructions.
  4. If you have followed the instructions or have given the caller your bank or card information, contact your bank immediately.
  5. Remember that it takes two people to terminate a landline phone call, you can use a different phone line to independently check the callers identity.