How To Avoid Money Transfer Scams

Almost all of us have received one of these emails – you know, the ones that offer you a lucrative business deal, or even sometimes you’re the lucky recipient of one trillion dollars and all you need to do is provide your bank details!!

These scams are often easy to identify and simple to avoid. They pray on the numbers – out of the three million people they send the email to, only a few might take the bait. In the world of money transfers, unfortunately, scammers are a real threat if you’re dealing with a non-trusted transfer provider. However, scammers that target money transfers can be a little more cunning than merely telling you that you’ve won a trillion dollars.

At BFX, we take security seriously. From an IT standpoint, we do everything we can to provide secure money transfers. In most cases the issue for people transferring money isn’t with the provider themselves, it’s with the actual person they are sending the money to.

It could be for a business deal that maybe someone thought was legitimate. Or it could also be for a potential lover abroad, that someone’s never met in person, but have been talking to for a long time online.

In these situations, once the money is transferred, there isn’t too much any money provider can do, as the money is now in the scam artist’s account. In our experience, here are a few guidelines to follow to ensure you don’t get scammed yourself.

1. Avoid sending money to someone you have never met in person.

2. We understand that sometimes, you will need to genuinely send money to someone you have never met in person – in this situation, and mainly when you’re dealing with large sums, break the payment down into smaller incremental transfers. Doing so may cost you a touch more on the overall trade, as you are now making more trades, but it gives you security in the way of risk minimisation.

3. Don’t be scared to fulfil a payment late to someone you have never met. Scammers love working to strict deadlines to create a sense of urgency. If you miss the deadline by a day, and it’s then extended with little to no fuss, that’s often a tell-tale sign of a scammer.

4. Importantly, always use a recognised and trusted money transfer provider. While the provider is often not the problem, using a transfer partner that takes cyber-security seriously is still a great practice, particularly if large sums are at play.

Finding your trusted money transfer partner.

Here at BFX, we take our cyber-security seriously and offer an over the phone service for people who need advice and guidance through the entire transfer process.

It’s always important to remember that the best defence against scammers is you. Use the guidelines above as your radar for potential fraud.

Lastly, it’s important to know that for the vast majority, transferring money is a simple and secure process. Fraud isn’t something you should always be worrying about, but rather, watchful of for things that don’t seem to add up.

If you’d like to know more about BFX, and how you can set up your free online account, you can get in touch with us here on our website, or call us on 9220 5132.

We hope this article helps and keeps you safe on all your money transfers. Here’s to secure online currency exchange.

BFX Team.


Level 23, 52 Martin Place Sydney NSW 2000


BFX Money Transfer is regulated in Australia as a designated remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC), remittance sector registration number: IND1000519571-001. Australian Company Number (A.C.N) 611 376 820. Member of LEI Identification Number 5493001WDPYLPVM7RZ80.

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