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Sending money internationally has never been easier, but as digital payments become more popular, so do scams targeting unsuspecting senders. Fraudsters use various tactics to deceive people into transferring money, often pretending to be banks, employers, or even loved ones in distress.<\/p>
To help you stay protected, we’ve outlined some of the most common and most recent money transfer scams happening around the world and how you can avoid them.<\/p>
North America: Phishing Emails & Emergency Scams<\/h2>
On the rise in North America, phishing scams involve fake emails and texts pretending to be from your bank or a trusted company, urging you to take urgent action. These messages often contain links to fake websites designed to steal your login details.<\/p>
Another common scam is the emergency scam, where fraudsters pose as a relative or friend in distress, claiming they need immediate financial help. They might say they’ve been in an accident, lost their wallet or need urgent bail money.<\/p>
Tip:<\/strong> Always verify the sender’s identity before transferring money. Contact your bank directly if you receive an email or message about an account issue.<\/i><\/p>
South America: Money Laundering & Recruitment Scams<\/h2>
Fraudsters in South America often lure victims with \"job opportunities\" that involve handling money transfers. They ask individuals to send or receive money on behalf of others — without realising they are laundering stolen funds.<\/p>
How to stay safe: Never agree to move money for someone you don’t know. If a job sounds too good to be true, it probably is.<\/p>
Europe: Overpayment & Fake Job Scams<\/h2>
In overpayment scams, scammers send money to victims, then claim they \"accidentally\" sent too much and request a partial refund. But after the victim sends money back, the original transaction is reversed, leaving them out of pocket.<\/p>
Another common scheme in Europe is the fake job scam, where fraudsters post fake job listings that require applicants to pay a \"training fee\" or “visa processing charge.”<\/p>
Tip:<\/strong> Legitimate employers never ask for money upfront. Avoid sending refunds for overpayments — wait for the funds to fully clear before taking action.<\/i><\/p>
Africa: Lottery Scams & Advance-Fee Fraud<\/h2>
In Nigeria and other parts of Africa, lottery scams and advance-fee fraud remain common. Scammers claim you’ve won a big prize but need to pay a \"processing fee\" to receive it. Similarly, some fraudsters pretend to be officials promising inheritance payouts — if you just cover some minor costs first.<\/p>
Tip: <\/strong>If you didn’t enter a lottery, you didn’t win. Never pay upfront fees for winnings or unexpected “inheritances.”<\/i><\/p>
Asia: Investment Fraud & Crypto Scams<\/h2>
Scammers in Asia frequently target victims with fake investment opportunities. Promising \"guaranteed high returns\", fraudsters often lure people into Ponzi schemes or fraudulent cryptocurrency platforms, stealing funds once deposits are made.<\/p>
Tip:<\/strong> Always research investment platforms before sending money. If returns sound too good to be true, they probably are.<\/i><\/p>
Australia: Fake Charity & Donation Scams<\/h2>
Fake charity scams are particularly common in Australia, especially after natural disasters. Scammers pose as aid organisations, soliciting donations that never reach the intended cause. Tip: Only donate through verified charities. Check official websites before sending money.<\/p>
How to protect yourself from money transfer scams<\/h2>
No matter where you are in the world, these scams can strike when you least expect them. Here are some golden rules to keep your money safe:<\/p>
Only send money to people you know and trust.<\/li>
Be cautious of urgent or emotional requests. Scammers create a sense of panic to make you act fast.<\/li>
Verify sources before making a payment. Contact your bank, employer or the organisation directly.<\/li>
Todos los artículosSME Survey – The shortcomings of business financial services
SME Survey – The shortcomings of business financial services
2022-12-02
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Personal Finance Tips
Over the summer, Paysend conducted a survey of over 250 SMEs across the UK to understand how satisfied they were with their business financial services.
At a time of significant macroeconomic uncertainty across different markets, SMEs looking to grow and expand internationally face significant challenges. Effective business financial services are the key enabler for SMEs to be successful in a highly globalised world, however, to be confident in their strategic ambitions and strive for growth, SMEs need clarity, consistency, affordability, and tailored guidance.
Unfortunately, this is clearly not the case for most small businesses. According to the survey, 7 in 10 SMEs believe that their recent growth ambitions have been negatively impacted by financial administrative processes, meaning that traditional business financial services solutions represent a barrier to growth for entrepreneurial and innovative companies to expand successfully. So, what are the key issues and where do they lie?
1. Awareness of better alternatives
Twenty-nine percent of SME respondents said that long-standing relationships with incumbent providers was one of the greatest internal barriers to improving their financial services. Related to this, 6 in 10 SMEs said they are not sufficiently aware of the different money transfer options available to them. This lack of awareness means that SMEs are settling for less and sticking with the traditional financial services providers they have always done business with. It is clear, however, that there is appetite for this knowledge gap to be closed for SMEs – competition with new digital market entrants increasing customer choice is driving higher standards for business financial services. SMEs shouldn’t settle for less.
2. Lack of internal expertise
Secondly, twenty-nine percent of SME respondents also believed that a lack of the required technical expertise internally was holding back their ability to better control their business financial services. Payments and other key financial services products are increasingly going digital for improved service levels, faster speeds, and lower costs. SMEs must accelerate their adoption of digital alternatives as consumers have in recent years to streamline their operations and accelerate growth. Fintechs hold the technical keys to unlock these opportunities for SMEs. No internal expertise required.
3. Long settlement times
Settlement times for traditional business payments are usually clunky, slow, and inconsistent, particularly when operating cross-border and in different currencies. Twenty percent of SMEs reported being dissatisfied with their settlement time periods for payments. Taking this a step further, 6 in 10 SMEs said specifically that they have cash flow issues due to the time it takes to receive sales revenue and send money to suppliers. Traditional settlement times are driving short term cash flow issues for SMEs, causing delays to transactions, supply chains and new business contracts. The huge rise of instant payment digital alternatives in recent years is transforming this issue for businesses. Choose an instant payment option, based on a digital platform, to reduce delayed payments pain and drive cash flow consistency.
4. Expensive pricing structures
Naturally, SMEs do not have the same financial firepower or balance sheet strength as larger enterprises. As a result, scaling in a cost-efficient way is fundamental to the successful growth of smaller businesses. In Paysend’s survey, it was clear that small-size companies are significantly more sensitive to the pricing of their business financial services. 36% of SMEs want this area improved with traditional business financial services often being defined by bolt-on fees and hidden charges. SMEs need transparency and affordability to drive sustainable, profitable growth. Digital solutions incorporating flat fees, fixed exchange rates and clear communication are shining a light on expensive pricing structures in this market.
Conclusion: SMEs must expect better
The successful business development and international expansion of SMEs forms the bedrock of economic growth in markets around the world. Paysend’s recent survey, however, clearly shows that the traditional financial services these SMEs rely on is hampering this growth potential. Entrepreneurs and small business owners - fear not. The emergence of fintech and digital alternatives are positively disrupting business financial services and unlocking the door to domestic and international growth. SMEs should look to explore the options available to them today.