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All You Need To Know About Transferwise Scam

Formerly TransferWise, Wise is a reputable international money transfer service that lets people and businesses send and receive money from anywhere in the world. 

In the United Kingdom, Wise is authorized by the Financial Conduct Authority (FCA), and various other financial authorities worldwide regulate it. Wise uses bank-level encryption to safeguard customer data and offers a safe platform for online transactions.

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Wise Money Transfer Review

In 2011, the company began as a straightforward overseas money transfer service. It was co-founded by Kristo Käärmann, an experienced financial services consultant, and Taavet Hinrikus, one of Skype’s founding members. Although Wise’s headquarters are in London, the company has locations worldwide.

Wise is used by 13 million individuals and businesses, processing over £8 billion in monthly cross-border transactions and saving customers over £1 billion annually. Wise enables its users to send money online with Wise in 80 countries, and its debit card can be used in over 200 countries.

Wise has over 184,000 reviews, with 93% positive reviews. Wise is one of the most efficient, convenient money transfer services. Not only that but Wise is also known for its excellent customer service.

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Is it safe to connect your bank account to Wise?

As Wise is a regulated and authorized money transfer platform, connecting to your bank account is safe.

However, It is essential to keep in mind that whenever you connect your bank account to an online service, there is a possibility that your financial and personal information could be accessed by unauthorized parties.

Wise has implemented the following security measures to safeguard its clients:

  • Two-factor authentication: In addition to your password, you will need to enter a code that has been sent to your phone or email in order to access your account.
  • Encryption: Wise safeguards customer data with bank-level encryption.
  • Scam prevention system: Wise is equipped with systems that are able to detect and prevent scams.
  • Up-to-date security measures: Wise updates its systems on a regular basis to ensure that it uses the most recent security measures.

Even after all these security measures, the risk of scams always persists as scammers find new techniques to con people.

If you have been scammed through online, then contact us to get your money back!

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Scams in Wise

Wise is a reputable and authorized company that ensures the best services to its clients. However, just like any online payment platform, Wise is also prone to scams regardless of the latest and most effective security measures taken by the team. Following are the most common Wise scams you should be aware of to ensure that you don’t fall prey to them.

Phishing scam

One of the most common scams targeting online financial platforms like Wise is phishing. Phishing scams involve tricking people into giving out personal information like passwords or credit card numbers by sending fake emails or text messages that pose to be from a real company, like Wise in this case.

Spoofed website scams

Fake or spoofed website scams involve a fraudster creating a forged website that imitates the official website of Wise with the intention of tricking individuals into entering personal information or making payments. These details can be used by the con artist to steal the victims’ identities or loot them of their hard-earned money.

Social engineering scams

social engineering scams

Social engineering scams involve exploiting people psychologically to give out personal information or pay money. 

Scams involving social engineering can take many forms in the context of Wise. Here are some examples:

  • Impersonation: In order to entrap individuals into providing personal information or making payments, fraudsters may pretend to be Wise customer support or a government official.
  • Urgency: Swindlers may instill a sense of urgency by claiming that an account has been hacked and that the victim must act immediately to avoid financial loss.

Fear: Fraudsters may implement fear tactics, such as claiming that an account has been used for illegal activities and that the victim faces legal consequences if they do not act right away.

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Is it Wise or TransferWise?

In 2021, TransferWise was officially rebranded to Wise. This was done to reflect the company’s expanded mission of assisting people in managing their finances in a fair, transparent, and simple way. Customers can still use the same services and features as before without any inconvenience.

Because the company has a strong reputation and a large customer base, fraudsters may use the former name of Wise in their scams. Swindlers can increase the likelihood that individuals will trust them and provide personal information or make payments by posing as employees of a legitimate business. They might also attempt to gain credibility for their fraudulent endeavors by taking advantage of the company’s good name.

Moreover, there may be a delay in people becoming aware of the company’s rebranding, which enables con artists to exploit the confusion and reach a larger number of victims. It is essential to be watchful and aware of these common scams because swindlers frequently use the names and logos of well-known businesses to mislead individuals into providing personal information or making payments.

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How to protect your account

Wise is one of the most legitimate and authorized financial platforms available worldwide. The Wise team makes an effort to make the platform a safer place for its community. 

In order to make sure that your Wise account is protected from scams, you should do the following steps:

  • Choose a secure password: Use a one-of-a-kind, complicated password that is hard for other people to guess. Avoid using words that are easy to guess or are related to your personal information.
  • Make two-factor authentication available: In order to safeguard your account, Wise provides two-factor authentication. To access your account, you will need to enter your password as well as the code sent to your phone or email address.
  • Ensure that your contact information is up to date: Wise will notify you of any suspicious activity on your account using the contact information on file. Ensure that you can be reached quickly and that your contact information is current.
  • Pay attention to your account: Make sure to check your account on a regular basis for any suspicious activity and immediately inform Wise customer support of any unusual transactions.
  • Take care when handling your personal information: Be wary of unsolicited emails or messages asking for personal information, and never share your account or personal information with anyone.
  • Take care when using links: When clicking on links in emails or text messages, exercise caution and only do so when you are confident in the link.

Different passwords should be used for different accounts: If one of your accounts is compromised, the attacker will not have access to all of your other accounts if you have different passwords.

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Key Takeaways!

Make sure that you take all the necessary steps to enhance the security of your account and keep it secured from fraudsters to protect your hard-earned money.

If you’ve been a victim of a Wise scam, contact Funds Trace, as this company is FTC registered and has helped thousands of people get their stolen money back.

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