How to ensure safe money transfers

To help protect yourself and your loved ones, here are some safe money transfers tips to consider when sending money abroad.

Today’s digital transformation has definitely made our lives easier. With more and more activities becoming accessible online, scammers have also found new sophisticated ways to trick people into sending them money, whether it’s locally or internationally.

Though some fraudulent activities may be harder to point out than others, it is best to stay vigilant and avoid sending money to people you don’t know. To help protect yourself and your loved ones, here are some common money transfer scams to avoid and what to do when you experience them.

Filipinos are some of the biggest social media users around the world. According to Statista (2021), about 78.5 million Filipinos or a whopping 71% of the country’s population are active on social media. It is not a surprise that some scammers take this as an opportunity to hack people’s accounts and access your list of family and friends. 

What They Do

1. They hack your account and pretend to be you.
2. They use the information you share online to create believable messages to request money from your loved ones. 
3. They may also send out a phishing link to your friends’ list. This link would lead your friends to a malicious site that can gain access to their sensitive information (e.g. personal details and bank information).

What You Should Do

1. When your social media account gets hacked, inform your family and friends immediately. 
2. Warn your loved ones to block the account and to ignore any request they may receive. 
3. On the other hand, if you receive a suspicious message from a loved one, verify with them immediately before sharing any information or sending any money. 

What They Do

1. Someone who claims to be an immigration officer would call or email you about a problem with your immigration records. 
2. They would scare you into sharing your personal information and would ask you to make immediate payment to avoid imprisonment or deportation. 
3. It may seem realistic and believable, as they would use a logo, email address or template that may appear genuine. 

What You Should Do

1. It can be terrifying to receive this type of call or email but don’t panic. Don’t send money right away. 
2. Contact the Action Fraud UK or OLAF Europe to report any suspicious message, call or email you receive, and they will investigate the issue further. 

As Filipinos are very family-orientated, this type of scam commonly happens in the Philippines.

What They Do

1. A person who claims to be a family member or is a close friend of your family will call, text, or send you a message asking for money urgently.
2. They scare you into thinking that your family member got into an accident, got sent to jail or is in serious need of help. 
3. They would then request an immediate money transfer as they need cash as soon as possible. 

What You Should Do

1. If you’re living abroad and receive a similar message, make sure to check on your family and confirm the details of the person calling or messaging.
2. Don’t make any hasty remittances even if the call or message has kept you on your toes.

With the growing number of online dating websites and mobile apps, more people have taken the time to create fake accounts and catfish victims.

What They Do

1. Catfishers lure their victims into romances, only to steal their money in the end. 
2. Catfishers will make you believe that they are an ideal partner, and once they get you on their hook, they will start asking for money for various reasons. 
3. Some reasons they will tell you include the need for cash to meet up, to pay for hospital bills, to help their family, and a lot of other reasons that can emotionally manipulate you.

What You Should Do

1. When searching for a romantic partner online, get to know the person first. 
2. Do not send them money if you haven’t met them personally. 
3. If you don’t feel comfortable meeting up with them right away, video call them first and only meet up in person when you’re ready. Catfishers usually hide behind a fake persona and would never reveal who they truly are. 
4. Watch out for these signs and avoid becoming a catfish victim. 

Many Filipinos look for work opportunities abroad. Scammers prey on job seekers, so be extra careful when looking for jobs online. It isn’t easy to differentiate which job postings are real and which ones are fake so always be wary.

What They Do

1. They post a fake job posting. 
2. The job description is vague, and the company does not provide any contact information. 
3. When they finally offer you the job, it’s usually too good to be true. For instance, they will promise to relocate you abroad, provided that you pay for fees (e.g. visa fees, flight, relocation, etc.).

What You Should Do

1. Before accepting any job offer, always do your research about the company beforehand. 
2. If you cannot find any information about the company or if the information you see online doesn’t add up, take a step back.
3. Though your excitement to work abroad may cloud your thinking, never share sensitive information or send a payment to the company and its recruitment agency. Legitimate companies will never require you to pay upfront fees of any amount. 

As more people look for rental properties online, scammers have also found ways to deceive unsuspecting tenants with bogus ads and listings.

What They Do

1. They usually post fake listings of inexistent properties.
2. They ask for payment before you even see the actual property.  
3. The amount is then requested to be sent to a prepaid account or at a remittance outlet. The reason for this is because the payment is untraceable once it’s been sent through those methods.  

What You Should Do

1. If you’re still in the Philippines and are planning to relocate abroad, it is better to look for a property once you’ve arrived in the country.
2. It is best to conduct viewings, not only to see the property but also to meet the landlord or leasing agent. 
3. Never transfer money to any account or cash pickup outlet before visiting the property and verifying the details of the landlord/agent.

The first step to safer fund transfers is staying vigilant from potential scammers. Only send money to people you know personally.

Need to send money online? Don’t fret! Online money transfers are safe and secure, as long as you use an established and reputable service. We, at Kabayan Remit, take security very seriously, so protecting your details and money are our top priority. Here’s how we can reassure you:

• We are a fully licensed Money Service Business (MSB) regulated by the Financial Conduct Authority (FCA).
• We use a sophisticated multipoint technique to ensure that all transactions undergo Know Your Customer (KYC) and regulatory checks.
• We use the same encryption and security used by banks.
• We continually scan our system for unusual and suspicious transactions.

If you need any assistance with your remittances, please feel free to get in touch with our customer support team. Our friendly and bilingual customer service representatives are available to answer your queries 24/7.