How international professionals can protect against money scams

Living and working in a foreign country often comes with different challenges and obstacles. One of the more impactful and negative issues is that scammers can look to take advantage of expats that are living outside their home country and operating outside their first language. It is important that you are aware of the potential dangers and things you can do to mitigate these risks.

In this article we address some key ways you may be targeted, some key rules to reduce your risk, and what you can do if it does happen to you.

Fraudsters are quite often targeting English-speaking expats with banking scams

One of the more frequent scams involves targeting English-speaking expats posing as representatives from a bank during phone calls.

As many internationals and expats living in the country aren’t fully familiar with the local language and systems, they can be particularly vulnerable to scams like these and are more likely than locals to give their bank details to scammers or agree to transfer money over the phone.

In recent years, there have also been multiple investment scams that have targeted people living across Europe. These fake investment schemes try to convince victims to repeatedly transfer funds to a fake investment portal promising huge returns on their investments.

Scammers are targeting recently relocated expats regarding internet, gas, and electricity bills, as well as the tax office. They are known to approach expats offering them better prices than the more popular providers but then not actually provide them with the deal proposed.

How you can spot potential scams and protect yourself

Phone calls

Scammers will make use of an English language tape while calling you, with them posing as representatives from a bank. They will try and encourage you to share bank details or agree to transfer money over the phone.

Never give your personal or financial details over the phone.

Never give your personal or financial details, like card numbers or passwords, over the phone. If you think they are not a genuine caller, hang up and call your bank using the number on your card or on their website,  to check the authenticity.

Phishing

Your bank or financial institution will never ask you to provide personal information by email or phone.

You may receive phishing messages via email, SMS, WhatsApp, or other forms of electronic communication.

Scammers will “fish” for confidential information, including bank details and personal data, like passwords, in an attempt to gain access to your banking accounts. This could include asking for a copy of your bank card, driving licence, or passport, or your PIN code for your bank or credit card.

Never click on links in emails or messages to give  personal data or to update systems.

Additionally, you could be tricked into installing malicious apps or software on your smartphone, tablet, or computer. Never click on any links you don’t trust and never fill in any financial information from links such as these. If you think it might not be genuine, contact the relevant financial organisation.

 Never use the telephone number in these messages to contact a provider or confirm your identity.

Fake investments

With our lives becoming increasingly online centric, scammers use this to their advantage by setting up legitimate-looking investment sites. Often, they are promoted on social media platforms like YouTube or Facebook.

Usually, the message displayed on these platforms will make it seem like the investments are a bulletproof way of generating an income or positive return. Typically, these advertisements will state that the service is utilised by famous people and celebrities and will pressure you into making a deposit, claiming it’s a time-limited and unique offer.

If an investment looks too good to be true, it probably is.

If you see an investment offer being promoted on social media, be wary that all might not be as it seems. Of course, if you are interested in increasing your investment portfolio, speaking with a regulated and licensed financial planner could be more beneficial to you than taking up an “offer” online. Remember, if it seems too good to be true, it probably is.

Spoofing

This type of scam is becoming increasingly popular with fraudsters that are targeting expats living in Europe. It involves the scammer impersonating a genuine company or organisation.

For example, the fraudster copies the company’s website, phone number, or email address and poses as a named representative from said company.

If you believe the person isn’t telling the truth, check with the named company by calling their registered phone number. Do not use the contact details provided by the potential scammer.

What you can do if you think you’ve been scammed

If you fear that you have been scammed, there are some actions you can take.

Your first port of call could be to contact the Fraud Helpdesk in the country you live in. you can also speak with the consumer ombudsman body where you live.

If you have received a suspicious phone call, email or website promotion and are not sure whether it is genuine, search for the organisation or company online and contact them by their registered contact details to check.

Additionally, it is important to report any phishing attempts and financial and tax fraud to your bank and Tax and Customs Administration respectively.

Get in touch

If you’re an expat in Europe and you’d benefit from comprehensive and intelligent advice about your wealth, speak to us.

We will work with you to develop a customised, flexible financial plan to help you navigate the different financial environments while living abroad. Please contact us at info@blackswancapital.eu and we will be happy to help.

Please note

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.