How To Send Money Online But Avoid Money Transfer Scams?

In this modern world, one can send money to Nigeria through online money transfer systems. This includes banks and companies like RIA Money Transfer and ACE Money Transfer. Don’t rely on the fake companies, as the number of frauds and scams has also reported. The “MSE News” reported that bank transfer scams increased by 40% compared to the last year.

According to “BBC news” arrests have been made in 10 countries regarding money transfer scams. They reported that law enforcement agencies held a globally conducted campaign. During four months, raids were carried in France, USA, Italy, UK, Malaysia, Kenya, Nigeria, Turkey, Italy, Ghana, Japan. This operation causes the arrest of 281 suspected people. And surprisingly, 167 people among them were from Nigeria, so be very careful while you send money to Nigeria online.

What Are the Types of Money Transfer Scams?

When you send money online, there are various types of money transfer scams? And it is essential to know these scams types because one can only avoid being a victim of such frauds by being aware of these. Few of the scams are mentioned here:

  • Authorized push payment (APP):

The news by “The Guardian” £616 million was stolen by this scam in the first six months of the year 2019 in the UK, and this amount is 40% higher than last year’s amount scammed. This type of scam includes the hacking of an email account of people or a person working in a scammer business. Moreover, it includes gaining their information through that and then deceives the person to transfer money to a bank account owned by the hacker. The scammer takes the money and vanishes within no time, and the payment is also can’t be then reversed by the sender.

  • Business Email Compromise (BEC):

The “BBC News” stated that the amount of $26 billion lost since 2016 globally by this scam. It is a type of cybercrime. It is also a phishing attack and involves victimizing companies with overseas suppliers. The fraudster pretending to be the company’s foreign supplier may send a false invoice and ask you to send the money or pretend to be CEO of the company. They ask the other workers to transfer money or hack the company or employee email and ask the vendor to transfer money to the bank account owned by the scammer.

  • Nigerian scam:

The name may make you think that the scam is related to Nigeria. The fraud is global, and in this, the scammer may not ask you to transfer money to Nigeria. A person (maybe or may not be from Nigeria) ask you to help send money globally by assistance. In this scam, a person shows to be wealthy and have a large amount of money and ask you for help, through an email or a letter or fax, in assisting the money transfer. The person sends you a list of different email addresses too to which the transfer is done and offers you to get the portion of the amount transferred. When the person offered agreed, he’s asked to pay the ‘advance fee’, and of course there is no transfer to be made and people are scammed and lost their money in the name of advance fee. This scam is also maned as “Nigerian letter scam”, “Nigerian dignitary scams” or “Nigerian advance fee fraud”.

  • Charity scam:

You may be asked for donations and aid by sending you an email or a letter. The person or organization is all a scam and asks you to send money online, wire transfer, or cash for charity purposes. The scammer may use an organization’s name similar to reputed one and may bluff you by the resembling name. One must not spend their money in the name of charity without investigating the agency or person to whom he’s sending the money.

  • Lottery and Sweeps:

One may receive a letter or email of winning a lottery. The lottery would be of the significant amount, and for that, you’ll have to pay some taxes or fee which seems to be very low compared to the prize amount you have won. But the scammer disappears after robbing the money in terms of ‘fee’ paid.

  • Phishing Email scam:

In this scam type, the scammer sends you an email in pretending to be an official authority from the Government or any organization such as ‘United Nations’ or any other and ask you about your sensitive information like your account or credit card details or can ask you transferring your money across. The scammer may also send you the link to the website similar to the government or organization website of which he claims to be a representative. But all of this is pretentious and false, and you may fall to be a victim of this scam by losing your money through this scam.

  • Investment scam:

The scammer may ask you to transfer money as your investment amount. They would ask you to accept a lot of money without doing any work. This scam promises a high return to the people and manages to fool people, especially the people with low income are targetted.

How To Avoid And Keep Your Money Safe From Scams?

  • Don’t trust a stranger having your details and asking you for any money transfer.
  • Make questions from the one asking for your information or money transfer. By this, you’ll get a hint of whether it is real or scam.
  • Don’t provide your personal or financial information to anyone.
  • Try to find the contact or email of a bank or company online by which name you are approached and confirm from them whether it is true or false.
  • No bank or organization is authorized to ask you for your password or PIN code, or no bank can ask you for money transfer.
  • Don’t open any link given in any email directly.
  • Don’t wire money for charity and try to pay through cheque.
  • Always search the charity organisation’s name online and investigate before giving money.
  • For getting a prize or lottery you win, there is no need to submit any amount of money.


So you should always verify and confirm any request for money transfer to Nigeria and don’t be quick without investigation. And don’t share any information asked about you that no one except you should know. Be very alert and aware of your money’s scams and security and your accounts.