A warning about financial scams
When buying online there are several warning signs to look out for when purchasing any item, this includes bank transfers. Before you choose to complete a transfer it is important to research it and think of other ways to obtain the product. Never rush through the process, make sure you check what you are agreeing to. If the amount of money requested is out of proportion to the product, there is something wrong. Never buy something online with a credit card as it can always be reported and you are at the mercy of the bank when the money has not been transferred.
Section 2: Fraud Prevention Measures
Be aware of the following measures to protect yourself when purchasing from online stores:
Create a track record of all transactions .
What is a bank wire?
A bank wire is an instrument that is used for transferring money and does not require any physical presence between two parties. Both parties share the responsibility and must go through several processes to make the transaction happen. These processes include exchanging of the physical instrument and signing of the agreement. The banks will usually ask both the parties to identify themselves and prove their identity and are not legally liable if anything goes wrong.
Fraudsters often target internet banking users as they have access to their debit and credit cards and once the transaction is completed, the money is transferred into the account of the fraudster.
Financial scams are becoming more prevalent
It is common to hear of people who have lost substantial amounts of money to scams. According to a U.K.-based hotline, 91 percent of all reported scams in the U.K. are high-tech, according to Reuters. Some people lose money as a result of scams while others are taken for a ride by a conman who is also using the existing loopholes of the financial system to his advantage.
Scams in the Nigerian banking industry have become the order of the day and one of the latest financial crimes recently witnessed was the Bank Wire Fraud. This was made known when the Central Bank of Nigeria (CBN) issued a warning against Bank Wire Fraud.
What to do if you have been targeted by a scammer
Be aware that banks and their employees are not responsible for following up on individual accounts to confirm you have authorised the electronic transfers, and they will never require you to send them money to pay for a product or service.
Receiving an e-mail or phone call from someone claiming to be from a bank or financial institution asking for your password or Social Security number to confirm that you have authorised the transfer of funds is a sure sign of a scam.
These types of fraudsters always have a "final try". A simple call to the financial institution will confirm that you have not authorized any electronic transfers and you should immediately report this to your bank and/or law enforcement agency.
Bank Wire offers a great service and by virtue of the fact that you could earn money, is worth considering. However, to secure your money, it is important to know how to use this service and you should be wary of unsolicited requests to open an account with Bank Wire.