Fraud Awareness
Monetae actively engages in utilising the financial system to advance the business and financial interests of our customers. Monetae places a high priority on security so that our customers may continue to conduct business with peace of mind.
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While fraud is preventable, bad actors will go to great lengths to find ways around established protocols, no matter how secure. The security of our customers’ transactions is essential, and Monetae takes pride in mitigating the risks that may occur. Understanding the common types of scams is the most essential step a business can take to prevent fraud themselves.
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Common Types of Fraud
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Business Email Compromise (BEC):
BEC is a form of phishing where criminals impersonate trusted business contacts, aiming to coerce victims into transferring funds. Often, scammers pose as legitimate contacts to request wire transfers, frequently citing unusual reasons for changing banking details.
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What are the signs and what can you do?
Signs include changes in the beneficiary bank’s country, sudden updates to names, or uncharacteristic email content. Always confirm these changes directly with your known contacts, using phone numbers on record, rather than relying on email or digital communications.
If you suspect you are the victim of BEC, contact Monetae customer service or your account manager immediately.
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Investment Fraud:
Investment scams claim large returns with little risk, often involving cryptocurrencies, real estate, or precious metals. They frequently lure victims through seminars or online promotions, leading to costly “training” programs or fraudulent investments. Beware of high-pressure tactics and promises of guaranteed success.
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Consumer Fraud:
Consumer fraud includes deceptive practices that trick people into making payments or providing sensitive information. Common examples are advance fee fraud, phishing scams, and fraudulent online purchases. Always verify businesses and never share personal or financial details unless you are certain of their legitimacy.
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Authorised Push Payment (APP) Fraud:
APP fraud occurs when scammers manipulate victims into willingly transferring money. Common types include romance scams, emergency fund requests, and grandparent scams. Fraudsters often use emotional tactics or pose as authorities to exploit victims’ trust.
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Impersonation Scams:
Fraudsters may impersonate Monetae or other financial institutions to deceive customers. Always ensure you are communicating with Monetae through official channels. Monetae will never ask for your password, access to your computer, or to communicate via unofficial means.
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If you believe you’ve been a victim of fraud through Monetae, reach out to your account manager as soon as possible.