- Fraud awareness quiz
- Types of fraud
- Mass marketing fraud
- Investment fraud
- Payment scams
- Credit card and debit card fraud
- Video: Debit and credit card fraud
- Other frauds
- Why do people fall for financial frauds?
- Case study: Affinity fraud
- Warning signs of fraud
- The red flags of frauds and scams
- How to spot fraud
- Summary of key messages
Transfer of funds scam
You are asked to receive a payment into your bank account, take it out as cash, and then send it abroad using a money transfer service. For helping out, you're offered a commission. However, often the funds sent to you will bounce, leaving nothing to cover the money you've transferred. In addition, you're probably helping criminals to launder money. Once the funds are taken out of your account as cash, they're almost impossible for law enforcement agencies to trace.
Items for sale overpayment scam
You offer an item for sale. The buyer pays you more than the selling price and asks you to send back a cheque with the difference. If you do, the scammer gets your chequing account number and personal information. And, most likely, the original payment will bounce. This type of fraud is commonly found on online bulletin boards where items are bought or sold. Be sure to read the warnings about fraud at these sites.