July 24, 2019

Using Money Transfer Services Wisely

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Money transfers may be useful when you want to send funds to someone you know and trust — but they're never a good idea when you're dealing with a stranger.

Scam artists use a number of elaborate schemes to get your money, and many involve money transfers through companies like Western Union and MoneyGram. Scammers pressure people to use money transfers so they can get the money before their victims realize they’ve been cheated. Money transfers are virtually the same as sending cash — there are no protections for the sender. Typically, there is no way you can reverse the transaction or trace the money. Also, when you wire money, the recipient can pick it up at one of many locations. That makes it nearly impossible to identify the recipient or track him down. In some cases, the receiving agents of the money transfer company may be cooperating with a scammer.  Click here to read the full guidance from the Federal Trade Commission.