27 Dec 2024
If you often send money from Australia to Ghana, then you are at a high risk of falling for financial scams. Financial scams have the potential to take away all your hard-earned money without you knowing. With the popularity of digitalization, it is easier for scammers to steal your funds. Read this blog to learn how you can protect yourself from such scams.
Here are the five most common financial scams you must look out for your safety.
When a thief acquires access to a person's online account to steal money or private information, it's known as account takeover fraud (ATO). Cybercriminals can do this using various methods, including purchasing information from the dark web or employing keylogging software to obtain an email address and password.
Despite their distinctions, ATO and identity theft share numerous similarities. According to a poll, 64% of people with stolen identities also had account takeover fraud. Typically, ATO is carried out using brute force assaults or credential stuffing.
Credit card fraud is one of the most prevalent forms of fraud and identity theft. It is the unlawful use of a person's credit or debit card to make transactions or take out cash. Card-present and card-not-present fraud are the two main types of credit card fraud. Using stolen credit card information to complete numerous online purchases contributes to the surge in CNP theft.
Completing payment forms using stolen information and sending them by phone or email are examples of offline CNP fraud. Incidents that result in CNP credit card fraud can range from physical theft to phishing via text or email and taking advantage of public Wi-Fi vulnerabilities. Hence, never send money online to Ghana from Australia when your phone is connected to public wifi.
Card fraud still happens despite becoming less frequent due to chip, PIN, and mobile payment technologies. Credit card theft from houses or individuals, card loss, cloning by ATM or institution skimming, and intercepting new or replacement cards during postal delivery are a few examples.
Numerous tactics are used in investment fraud and scams. Since fraudsters will take considerable measures to make any websites, papers, or information mentioned appear as authentic as possible, some will be simpler to identify than others.
The following precautions can help protect against illegal investment possibilities
Read more: Cybersecurity Resources: How to Spot and Avoid Online Scams?
Ransomware is a type of malware that, as the name implies, essentially takes control of your computer, smartphone, or tablet by preventing access until you pay a ransom. When you click on an infected email attachment or a link that takes you to a compromised file or website, ransomware spreads to your devices. Additionally, ransomware may spread via an infected thumb drive or impact a company's computer network.
Avoid using other people's thumb drives and use antivirus software to find and eliminate any harmful malware from your computer.
Con artists know that expats are desperate to send money to Ghana from Australia and, hence, pretend to be recruiters or employers providing desirable job prospects, such as working from home. When you receive the job, you must wire some of the money to someone else for business purposes and deposit an official-looking paycheck into your account. Verify if the position is listed on the company or organization's website and if it is well-known.
Here are some methods to avoid any remittance-related scams in Australia.
Choose money transfer services from companies that abide by the financial rules set out by the governments of Australia and Ghana. This guarantees they adhere to know-your-customer (KYC) procedures and anti-money laundering (AML) regulations.
Check to see if the business offering these services has permission from the appropriate financial authorities. This indicates that the business complies with industry standards and is subject to regulatory oversight.
Choose a service provider with customer service available around the clock and accessible through various phone, email, and live chat channels.
You'll feel more secure knowing that you're better equipped to safeguard your financial future if you educate yourself about typical financial scams and take proactive measures to prevent them. Sign up on ACE for a secure and safe online money transfer from Australia to Ghana.
Use unique, strong passwords for each account, enable two-factor authentication, and avoid using the same login credentials across multiple websites.
Immediately contact your bank or credit card provider to report suspicious activity, freeze your card, and request a new one.
Research the company thoroughly, check for licenses with relevant financial authorities, and consult a financial advisor if you have doubts.
Unsolicited emails with attachments, unexpected pop-ups, and unusual system performance can be signs.
Yes, be cautious if you're asked for personal financial details, instructed to send money, or receive an immediate job offer without an interview.
