Common money transfer scams

The most common money transfer scams

What are money transfer scams? They're schemes that push people to send money by bank transfer, card or a transfer service, and often there's never a chance of meeting the recipient in person. Scammers count on the fact that transfers are immediate and usually can't be reversed once the cash is paid out.

The scams you see most often include:

• Fake sellers: Someone advertises a car, apartment or another item at a low price, then asks for a deposit before you'll be able to see it.
• Advance-fee scams: You get asked for a fee, maybe called a tax or customs charge, before you can get a prize, a loan or money from an inheritance.
• Impersonation: Fraudsters contact you while pretending to be your bank, a family member or an official, insisting you move money right away.
• Overpayment: The buyer appears to send too much, then asks for the excess back before the initial amount actually clears on your account.
• Lottery scams: The message claims you've won a lottery and need to pay to get your winnings.

Red flags that link most of these scams

Scam attempts might look different but the tactics are actually pretty similar:

• You feel pushed to act now, with claims you'll miss out if you don't pay today.
• Payment is requested by gift card, a cryptocurrency or another route that's hard to track or reverse.
• The scammer urges you not to talk to your bank or anyone else about the payment.
• The name on the account doesn't actually match the person you're talking to.
• No willingness for a video call, a meeting, or to provide a payslip, passport or other proof of the offer or identity.

If you've received a message that seems to come from your bank, but you're suspicious, see our piece about phishing bank messages.

Why transfers are hard to reverse

Bank transfers are processed at speed. It's common for the recipient to be able to withdraw the money within moments. Whether you can get your money back usually relies on the bank and only if the recipient's account balance hasn't dropped to zero in the meantime. Card payments sometimes allow a chargeback, but it depends on the situation.

If you send 500 euros as a deposit for a flat that turns out to be fake, it's important to contact your bank the minute you realize something's wrong. Your odds of a successful recall drop as time passes. Before sending anything, use verification steps like a payee name check when offered, and always confirm who's on the other side using a different means (such as a verified call number listed on the company's own website).

Frequently asked questions