Common Money Transfer Scams in 2021

By Remitbee - Nov 8, 2021

With the trend to online banking and digitization, money transfer scams have risen dramatically in recent years. We know it can be confusing to recognize financial scams. Therefore, this article will address the common types of online money transfer scams in 2021, how to recognize a scam attempt, and what to do to protect yourself from scammers.

What is a money transfer scam?

While the digital age has given us greater access to information than ever before, it's also made it easier for scammers to pull out their scams. When a scammer convinces a victim to transfer money from their bank account or has devised different ways to get their hands on other people's money, it is known as a money transfer scam.

Money transfer con artists or "money scammers" may impersonate a bank, a lawyer, or a government agency. From phishing for bank account passwords to fake social media postings, money scammers will do anything to fool you and steal your money. They contact victims using phone, snail mail, email, and the Internet, among others.

They make people trust them, and then after they're hooked, they ask for money, which scammers take and flee with. However, you can protect yourself, your friends, and your family by arming yourself with information about the most common types of money scams and how they work. Read on as we will explore different types of money transfer scams that are prevalent in 2021. Beware!

Types of Money Transfer Scams

### Covid-19 Cash Assistance

Since the Covid-19 outbreak, the government has provided many financial aid programs, grants, and loans to keep the economy afloat. However, for money scammers, this is also a perfect opportunity. They have taken advantage of the people's anxieties about their jobs, finances, and health because of the pandemic.

Scammers impersonate government agencies, sending bogus emails that appear to be legitimate government officers granting cash assistance. For example, scammers send out emails for "Covid-19 rescue funding" or "Covid-19 relief goods" as well as through social media channels. These fool victims to claim their financial aid by filling out a form with their personal and credit card information.


According to someone pretending to be from a well-known computer or software business, a virus has been identified on the victim's computer. The victim is told that they can delete the virus and safeguard their computer by paying a minimal charge. In truth, the computer had no virus, and it's already a money scam.


Someone is asking for a donation to help victims of a disaster (such as a flood, cyclone, or earthquake). However, always remember that legitimate charities will never request funds be sent to a person through a money transfer provider.

Lottery / Prize scam

Scammers inform the victim that they've won a prize and need to send money first to cover the rewards' taxes and fees. In reality, the victim is scammed rather than rewarded.


Scammers persuade the victim to help a friend or family member who is in desperate need by sending cash. Scammers are using the victim's genuine worry for a loved one so that they can send money immediately.


Extortion is when someone threatens a victim with death, arrest, or other consequences if they do not comply with their requests to send money, property, or services illegally.

Identity Theft

To impersonate another person, identity thieves use personal information (such as bank account details and credit card numbers) to open a credit account, file tax returns, or get medical coverage.

Online Dating

Scammers are increasingly preying on people looking for love on the Internet. On social media networks, scammers create fake dating profiles and often steal the identities of genuine people.

They try to earn the victim's trust and persuade them that they are in a relationship. They next convince victims to hand over their money. They'll demand money and gifts, as well as your banking and credit card information.

How to Recognize a Money Transfer Scam Attempt?


The victim of a money transfer scam is often hurried into deciding by the scammers. In some money transfer scams, the scammer will play on the victim's anxieties.


Texts, emails, and social media messages from scammers usually contain grammatical errors or poor links that don't honestly go where they're intended to.


Scammers appear to come from a reliable source at first, such as a bank or the police. However, this may be a scammer imitating the company. It's important to remember that reputable companies would never ask for your full password or PIN.

An unrecognized email or text message link could be a phishing link, tricking the victim into giving up personal information. Furthermore, viruses can be spread by opening random emails or clicking on dangerous links.

Tips on How To Protect Yourself From Money Transfer Scams

  • In an unsolicited email, don't click on links or open attachments.
  • Verify that the sender's email address corresponds to the organization's website URL.
  • Never give out personal information or password to anyone else.
  • Do not connect to public Wi-Fi networks.
  • When paying for goods and services, use secure, traceable transactions.
  • Do not immediately accept friend requests from individuals you don't know.
  • To protect yourself from malware, keep your antivirus software up to date on your devices.
  • Use cybersecurity software to add an extra layer of security.

Don't let the scammers off the hook. Maintain your online safety!

Speaking of safeness. RemitBee is a money transfer service that allows you to send money internationally from Canada with no fees at the best and most honest exchange rates! Get your free account today.

Sign up here

Other articles in Money Transfer