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4 Pointers that will set you Free from Financial Frauds!

Friday, 20 May 2016
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Every year America loses USD 300 million to Jamaican lottery scams. These scammers launder their loot to fund organised criminal and terrorist activities that ruins several lives across the world. According to PWC research, global money laundering transactions are estimated at 2 to 5% of global GDP which is around USD 1 to 2 trillion annually.

In today’s globalised economy, people migrate far and wide on account of their jobs and businesses. The Americas, Europe and the Middle East attract global talent, serving as expat hubs with high remittance outflows. The expats in these continents regularly transfer money back home. Carefully observing the money movement, financial fraudsters trick the innocent victims into scams, milking them off their hard earned money.

remittance oman

Big question now!

How do you safeguard yourself from such scams? We’ll tell you how. Keep the below 4 pointers in mind while sending money.

  • Be vigilant and beware of the usual fraud traps such as lottery claims, job promises, relative in need and charity scams
  • Transact only through reliable money transfer companies that have implemented proven Compliance and Monitoring Systems
  • Enquire if your remittance provider is a specialist in Suspicious Activity Monitoring, Customer Due Diligence, Know Your Customer (KYC) implementation along with Watch List Filtering capabilities
  • If you are solicited with a call or email from an unknown source to transfer money, seek assistance from a reputable money transfer operator to ensure you don’t become a victim.

It is the duty of money transfer operators to proactively recognise such scams, and people who send money should help them identify such threats. For instance, recently Oman UAE Exchange has installed smart card readers in all their 52 branches to track customer transaction. Customers will have to provide their resident and identity card, to be scanned by smart card readers at the exchange house while remitting or exchanging money. This service will establish and electronically record the identity of the remitter, thus preventing money laundering and help avert financial scams.

UAE Exchange has more than 35 years of experience in the remittance and foreign exchange industry, and understands the importance of a robust compliance system. The brand has effectively implemented Anti-Money Laundering (AML) Sanction Screening, Customer Due Diligence and Transaction Monitoring Systems in all branches across the globe. They have also deployed best-in-class systems to track money laundering and for fraud management.

Money transfer scam is a part of a larger organised crime that is aimed at weakening economies across the globe. As money remitters, we should step up and do our due diligence in ensuring we are cautious, and report any such suspicious event and solicitation that we encounter.

Last modified on Wednesday, 25 May 2016 09:04