SMARTPHONE owners are being warned over dangerous texts and calls designed to steal your money.
Online criminals are using sophisticated “money wire” cons to get you to hand over cash.
Some online payments that you make can be easily retrieved if you’ve been scammed.
But the FTC – the US government’s consumer watchdog – has warned users over wire transfer scams.
“Scammers pressure you to wire money to them because it’s easy to take your money and disappear,” the FTC explained.
“Wiring money is like sending cash — once it’s gone, you probably can’t get it back.
“Never wire money to a stranger — no matter the reason they give.”
Wire transfers are a fast and efficient way to send money, including internationally.
But scammers take advantage of the fact that wire transfers can be collected anonymously – and are usually irreversible.
The FTC is warning people over texts and emails that go to great lengths to convince smartphone owners to wire cash.
They may already be lurking in the email or message inbox on your iPhone or Android.
According to the FTC, you should never wire money to anyone that you haven’t met in person, or who says they work at a government agency or well-known company.
Similarly, you should be cautious if someone is pressuring you to pay immediately.
And scammers will often say that a wire transfer is the only way to pay.
Sometimes these scammers will send you a check to deposit and ask you to wire money back to them.
“The money appears in your bank account, so you do it. But the check is fake,” the FTC explains.
“It can take weeks for the bank to figure it out, but when it does, the bank will want you to repay the money you withdrew.”
Common fake check scams include:
- You’ve won a prize and need to wire money to cover taxes or fees
- You’re part of a mystery shopping assignment to rate a wire transfer service
- You’ve been overpaid for something you’ve sold online, and you need to wire back the extra money
- You got a job you applied for, and you’re sent a check to buy supplies – but you need to wire back part of the money
Similarly, you might become the target of a romance scammer.
They will prey on your emotions to woo and then scam you, ultimately inventing a story to steal your money once you’ve fallen for them.
It may be that they have an “emergency” and need a fast wire transfer.
Whatever the situation, it’s important to be highly suspicious of anyone you don’t really know asking for wire transfers.
“Romance scammers create fake profiles on dating sites and apps,” the FTC said.
“They strike up a relationship with you and work to build your trust, sometimes talking or chatting several times a day.
“A romance scammer might also contact you through social media sites like Instagram, Facebook, or Google Hangouts.”
If you sent money to a scammer using a wire transfer company or bank, you should contact them immediately.
The company might be able to reverse it if you’re fast enough.
If you leave it too long, you may be unable to get your money back.
Featured Image Credit: Unsplash
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