US consumers reported losing $2 billion to bank transfer and payment scams in 2024. That number comes directly from the FTC Consumer Sentinel Network Data Book 2024, which tracked 2.6 million fraud reports submitted last year. Bank transfers are the preferred payment method for scammers because they are fast, difficult to reverse, and frequently cross borders before anyone notices something is wrong.
For people who send money internationally on a regular basis, the exposure is direct. This guide covers the most common scams targeting people who send or receive international money transfers, the specific warning signs of each, the verified financial damage each type causes, and what to do if you think you have been targeted. All statistics in this article come from the FTC Consumer Sentinel Network 2024 Data Book, the FTC’s Protecting Older Consumers 2024-2025 Report, the FBI Internet Crime Complaint Center, and Remitly’s scam research.
How Much Do Remittance Scams Actually Cost? The 2024 Data
Total reported fraud losses in the US reached $12.5 billion in 2024, a 25% increase from 2023, according to the FTC. The percentage of fraud reporters who lost money jumped from 27% in 2023 to 38% in 2024. That shift means the same number of scam attempts produced significantly higher losses.
Total US consumer fraud losses 2020 to 2024.
Source: FTC Consumer Sentinel Network Data Books 2020-2024.
Fraud losses by year (FTC verified): Year Total Reported Losses Source 2020 $3.3 billion FTC Consumer Sentinel 2020 2021 $5.8 billion FTC Consumer Sentinel 2021 2022 $8.8 billion FTC Consumer Sentinel 2022 2023 $10.0 billion FTC Consumer Sentinel 2023 2024 $12.5 billion FTC Consumer Sentinel 2024
Source: FTC Consumer Sentinel Network Data Books 2020-2024.
Scam losses by payment method in 2024.
Source: FTC Consumer Sentinel Network Data Book 2024.
Losses by payment method (FTC 2024 verified): Payment Method 2024 Reported Losses FTC Source Note Bank Transfer / Payment $2.0 billion Highest single payment method Cryptocurrency $1.42 billion Second highest Credit Card $0.75 billion FTC 2024 Data Book Gift Card $0.62 billion FTC 2024 Data Book
Source: FTC Consumer Sentinel Network Data Book 2024.
Bank transfer and cryptocurrency losses combined exceed all other payment methods. Top fraud categories by dollar loss in 2024.
Source: FTC Consumer Sentinel Network Data Book 2024.
Top fraud categories by dollar loss (FTC 2024 verified): Scam Category 2024 Losses FTC-Verified Detail Investment Scams $5.7 billion 79% of reporters lost money. Median loss over $9,000. Imposter Scams (all) $2.95 billion 845,806 reports filed in 2024.
Government Impersonation $789 million Up $171 million from 2023. Subset of imposter scams. Business and Job Scams $750.6 million Up nearly $250 million from 2023.
Job/Employment Scams $501 million Reports tripled 2020 to 2024. Subset of above.
Source: FTC Consumer Sentinel Network Data Book 2024 and FTC press release March 2025.
Bank transfers and cryptocurrency combined exceeded all other payment methods in losses in 2024, according to the FTC. Scammers specifically push for these payment methods because transfers are irreversible once completed. Top fraud categories targeting adults aged 60 and over in 2024.
Source: FTC Protecting Older Consumers 2024-2025 Report.
Older adult fraud losses by category (FTC 2024 verified): Fraud Category Reported Losses (Adults 60+) Source Investment Scams $744 million FTC Protecting Older Consumers 2024-2025 Business Impersonation $377 million FTC Protecting Older Consumers 2024-2025 Government Impersonation $375 million FTC Protecting Older Consumers 2024-2025 Total — All Fraud Types $2.4 billion Up from $600 million in 2020
Source: FTC Protecting Older Consumers 2024-2025 Report, released December 2025.
The Most Common Remittance Scams in 2026
The scams below are the ones that most frequently target people making international money transfers. The loss figures shown come only from FTC-verified sources. Where the FTC does not publish a specific median loss for a scam type, no figure is shown.
Scam Type How It Works FTC-Verified Loss Data Impersonation / Emergency Poses as family member, official, or bank. Demands urgent transfer. Part of $2.95B imposter scam total (FTC 2024).
Govt impersonation alone: $789M. Investment / Advance Fee Promises high returns or large sum. Requires upfront payment.
$5.7B total (FTC 2024). Median loss over $9,000. 79% of reporters lost money.
Romance Scam Builds relationship over weeks, then creates financial emergency. $1.14B in 2023 (FTC). Median loss per person: $2,000 — highest of any imposter scam type.
Overpayment Sends fake payment above agreed amount. Asks victim to wire back difference. Subset of online shopping fraud.
No standalone FTC median published. Fake Transfer Platform Cloned app or website takes deposit and disappears. Subset of impersonation category.
No standalone FTC median published. Job Offer Scam Fake employer asks for upfront fees before work begins. $501M in 2024 (FTC).
Reports tripled from 2020 to 2024. Immigration Scam Poses as official. Claims urgent issue with visa or immigration status.
Part of govt impersonation: $789M in 2024 (FTC). Median cash loss: $14,740.
Sources: FTC Consumer Sentinel Network Data Book 2024.
FTC press release March 2025. FTC blog on romance scams 2024.
How Does the Impersonation Scam Work in Money Transfers?
Imposter scams are the most commonly reported fraud type in the US. The FTC recorded 845,806 imposter scam reports in 2024, with $2.95 billion in total reported losses. In a remittance context, the scam typically arrives as a call, text, or message from someone claiming to be a family member in an emergency, a government official, a bank representative, or a law enforcement officer.
The message is urgent. It asks you to send money immediately to resolve a crisis: bail, a medical bill, an immigration fine, a frozen account. Government impersonation specifically hit $789 million in losses in 2024, up $171 million from 2023, according to the FTC.
The FTC’s August 2025 data spotlight shows losses over $100,000 from older adults to impersonation scams increased eightfold from 2020 to 2024. The median cash payment loss to government impersonation scammers in early 2024 was $14,740 per victim according to the FTC’s June 2024 data release. A common version specifically targets immigrants and migrant workers.
Scammers claim there is an urgent problem with a visa, work permit, or immigration status that requires immediate payment to resolve. The FTC states clearly: no legitimate government agency will ever ask you to pay money via wire transfer, gift card, or cryptocurrency. How to respond: Stop.
Do not act on urgency. Contact the person or agency through a phone number you already have on file, not a number provided in the suspicious message. Call the agency through its official website.
Take at least 10 minutes before any action on an urgent payment request.
What Is the Overpayment Scam and How Do You Spot It?
The overpayment scam targets freelancers, online sellers, and anyone receiving payment from an unknown party. The sequence is predictable. Someone contacts you to buy something you are selling, hire you, or pay for a service.
They send a payment that is larger than the agreed amount. They contact you to apologize and ask you to wire back the difference. You do.
The original payment then bounces or reverses because it was made with a stolen card or fraudulent check. You have sent real money out of your own account and received nothing. According to XE’s fraud guidance, once you transfer money back, it is gone.
The fraudulent incoming payment cancels. Your outgoing transfer does not. This scam appears on freelance platforms, Facebook Marketplace, Craigslist, and eBay, and in rental contexts where a fake landlord sends an accidental overpayment and asks the prospective tenant to wire the excess back.
The rule: Never send money back to someone who just sent you money regardless of the reason. Wait until any incoming payment fully clears with your bank — which can take 5 to 10 business days for checks and money orders — before acting on it.
How Do Fake Transfer Platform Scams Work?
Scammers build websites and apps that replicate legitimate money transfer services. They copy the branding, domain structure, and interface of platforms like Western Union, Wise, or Remitly. A user who lands on the fake version enters credentials and payment details and sends money that goes directly to the scammer.
According to Afriex’s 2025 fraud guide, AI-generated phishing emails are now sophisticated enough to pass basic visual inspection. Grammar errors and generic greetings, previously reliable red flags, are no longer sufficient indicators on their own. Phishing messages arrive by email, text, and WhatsApp.
They typically include a link to a fake login page asking you to verify your account by entering your password and financial details. Three checks before using any transfer platform:
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Only download transfer apps through the official Apple App Store or Google Play Store. Search by name directly rather than following a link in an email or message.
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Check the URL carefully before entering credentials. Fake domains substitute characters: ‘remit1y.com’ instead of ‘remitly.com’, ‘w1se.com’ instead of ‘wise.com’.
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Enable two-factor authentication on every money transfer account. According to Afriex, 2FA blocks most account takeover attempts even when a password is already compromised.
What Is an Advance Fee Scam in Remittances?
The advance fee scam is one of the longest-running fraud schemes in existence. The premise: pay a small fee upfront to receive a large sum later. The large sum never arrives.
The scammer returns with additional fee demands, collecting multiple payments before disappearing. In a remittance context it arrives as: a notification that you have inherited money requiring processing fees to claim; a lottery prize requiring tax payment before release; or an investment promising unusually high returns with an upfront commitment required. Investment scams built on this structure cost US consumers $5.7 billion in 2024 alone, according to the FTC 2024 Data Book.
The FTC reports the median loss per investment scam victim was over $9,000, and 79% of people who reported an investment-related scam said they lost money. The identifying feature is always the same: you are asked to pay money to receive money. No legitimate financial institution, lottery, inheritance, or investment requires upfront payment from the recipient.
If an offer requires you to send money first, it is a scam.
How Do Romance Scams Target People Who Send Money Abroad?
Romance scams follow a long arc. The scammer builds a relationship over weeks or months through a dating app, social media, or messaging service. The contact is consistent and emotionally engaging.
Then a financial crisis is introduced. The crisis is always urgent: a medical emergency, a travel problem, a business deal requiring a temporary loan, a family member in trouble. Once the first transfer is sent, additional emergencies follow.
The FTC reports romance scam losses of $1.14 billion in 2023, with a median individual loss of $2,000 — the highest median loss of any imposter scam type. The FTC notes that 24% of romance scammers use the claim that they or a family member are sick, hurt, or in jail as their primary appeal for money. Older adults are disproportionately affected.
The FTC’s 2024 report on older consumers shows older adult fraud losses increased fourfold from 2020 to 2024, with romance scams among the primary drivers of losses exceeding $100,000. According to Remitly’s scam research, asking for a live video call is one of the fastest ways to identify a romance scammer. They almost always refuse or create technical excuses.
If someone has sent you photos, a reverse image search through Google Lens or TinEye often reveals the photos belong to a different person entirely. The rule: Do not send money to someone you have not met in person. Not even once.
The first transfer is what the scammer builds all subsequent requests on.
What Are the Warning Signs of a Money Transfer Scam?
Every scam type covered in this guide shares a common set of warning signs. The table below uses descriptions drawn from FTC guidance, Remitly’s fraud research, and XE’s scam guidance. Warning Sign Why Scammers Use It What to Do Urgency or pressure to send right now Prevents you from verifying the request Stop.
Take 10 minutes minimum before any action. Requests for secrecy Scammer knows others would identify the fraud Tell someone you trust immediately. Specific payment method required (wire, gift card, crypto) Irreversible payment methods cannot be recalled Legitimate parties accept standard payment methods.
Contact from unverified number or email Identity cannot be confirmed from message alone Call the person on a number you already have. Offer or prize too large to be real Exploits hope and fear of missing out No legitimate windfall requires an upfront fee. Request to pay a fee to receive money Classic advance fee structure Stop all contact and report to the FTC.
Request to change recipient account details Account interception or misdirection Call the sender on a known number to verify.
Sources: FTC consumer guidance, Remitly scam research, XE fraud guidance 2024-2025.
No fabricated statistics. The FTC’s own summary: no government agency will ever demand money via wire transfer, cryptocurrency, or gift card. That single rule applies across the majority of impersonation scenarios targeting people who send money internationally.
How to Protect Your International Transfers From Fraud
Use a licensed, regulated transfer platform. In the US, money transfer businesses must register with FinCEN and comply with state money transmitter licensing. The NMLS Consumer Access database lists licensed money service businesses by state.
PureFi, Wise, Remitly, and Western Union are all licensed operators. Only send to people you have verified. Do not send money to someone you have never met in person, or whose identity you cannot confirm through an independent channel.
If a contact requests an international transfer through an unfamiliar account or a different number than usual, stop and call them on a number you already have. Enable two-factor authentication on every account. Two-factor authentication prevents account takeover even when a scammer has your password.
Enable it on your transfer platform, your email, and any bank account connected to international transfers. Do not use public Wi-Fi for transfers. Public networks are unencrypted and allow data interception.
Use a private connection or your phone’s cellular data when initiating any international transfer. Check the URL before every login. Verify the URL is correct and shows HTTPS before entering credentials.
Bookmark official URLs and access them only through those bookmarks, not through email links or search result ads. Verify transfer details with the recipient before sending. For any transfer above $200, confirm receiving account details directly with the recipient through a separate communication channel — a phone call, not a message on the same platform the request arrived through.
Tell recipients: never share OTPs or PINs. According to Afriex’s 2025 guide, scammers target recipients who are new to digital wallets by posing as the sender and requesting OTPs or PINs. A legitimate sender never asks for a PIN, OTP, or account access code.
What to Do If You Have Already Sent Money to a Scammer
Act immediately. The window for any recovery is short. Step 1: Contact your transfer platform’s fraud line.
For transfers still in process, a recall may be possible. For completed transfers, the platform can flag the recipient account. PureFi: getpurefi.com.
Wise: wise.com/help. Remitly: remitly.com/us/en/help. Step 2: File a report with the FTC.
Report at ReportFraud.ftc.gov. This creates an official record, provides recovery guidance, and contributes to law enforcement tracking of fraud patterns. Step 3: Contact your bank.
Ask for a wire recall or ACH reversal request. Success rates are low for completed international transfers, but the request creates a paper trail and may stop repeat transactions. Step 4: File a complaint with IC3.
The FBI’s Internet Crime Complaint Center handles international fraud. IC3 can coordinate with foreign law enforcement on cross-border cases. Step 5: Report to the CFPB.
The Consumer Financial Protection Bureau accepts fraud reports and can apply pressure on licensed financial institutions in the transaction chain. Most transferred money is not recoverable after clearing internationally. Immediate reporting aims to stop further transfers and flag the recipient account.
Frequently Asked Questions About Remittance Scams
How do I know if a money transfer request is a scam? The most reliable indicator is urgency combined with an unusual payment method. Legitimate requests give you time to verify.
Scammers cannot afford to let you verify because verification breaks the scam. Before sending, contact the person through a different channel using a number you already have on file, not a number provided in the suspicious message. Can I get my money back if I sent it to a scammer?
Contact your transfer platform’s fraud line immediately, file a report with the FTC and IC3 the same day, and contact your bank for a wire recall request. Most international transfers that have cleared are not recoverable, but acting fast maximizes the chance of stopping further losses and flagging the recipient account. What is the most common scam targeting people who send money internationally?
Imposter scams are the most commonly reported type in the US. The FTC recorded 845,806 imposter scam reports in 2024 with $2.95 billion in losses. In a remittance context, these typically involve someone posing as a family member in an emergency, a government official demanding payment, or a bank representative requesting account verification.
Is it safe to send money internationally through apps? Yes, when using licensed and regulated platforms. PureFi, Wise, Remitly, and Western Union are regulated operators with encryption on all transfers.
The risk comes from fake platforms that impersonate legitimate services. Always download transfer apps only through the official Apple App Store or Google Play Store, verify the URL before logging in, and enable two-factor authentication on every account. What should I do if I receive a suspicious transfer request?
Do not act immediately regardless of how urgent the request seems. Take at least 10 minutes. Contact the person through a phone number you already have on file.
If the request claims to come from a government agency, look up the agency’s official number independently and call it directly. The FTC confirms: no legitimate government agency will ever ask you to pay via wire transfer, gift card, or cryptocurrency. How do romance scams work and what does the FTC say about them?
Romance scammers build a relationship over weeks before introducing a financial crisis. The FTC reports $1.14 billion lost to romance scams in 2023, with a median individual loss of $2,000 — the highest median loss of any imposter scam type. The FTC’s guidance: do not send money, cryptocurrency, gift cards, or wire transfers to anyone you have not met in person.
Where do I report a money transfer scam? File a report with the FTC at ReportFraud.ftc.gov. Report to the FBI’s IC3 at ic3.gov for international cases.
File a complaint with the CFPB if a licensed financial institution was involved. Also contact your transfer platform directly and your bank if the payment originated from a bank account.
Protecting Your Transfers Starts with Knowing What to Look For
US consumers lost $12.5 billion to fraud in 2024. Bank transfers were the payment method of choice for scammers. People who send money internationally on a regular basis are a specific and predictable target.
The scams in this guide share two features: urgency and irreversibility. They create time pressure to prevent verification, and they push for payment methods that cannot be recalled. Using a licensed platform with strong security is the foundation.
PureFi is a regulated international money transfer platform with two-factor authentication, full fee transparency before confirmation, and direct support for any suspicious activity. Join the PureFi waitlist at getpurefi.com.
Related Reading
What Is a Remittance? The $905 Billion System Moving Money Worldwide — PureFi Blog The Hidden Fees in International Money Transfers (And How to Stop Paying Them) — PureFi Blog PureFi vs Wise vs Western Union vs Payoneer: Which Should You Use in 2026? — PureFi Blog FTC Consumer Sentinel Network Data Book 2024 — Federal Trade Commission FTC Protecting Older Consumers 2024-2025 Report — Federal Trade Commission Report Fraud to the FTC — FTC FBI Internet Crime Complaint Center (IC3) — FBI NMLS Consumer Access: Verify Licensed Money Transfer Businesses — NMLS Consumer Financial Protection Bureau: Submit a Complaint — CFPB 2026 PureFi. getpurefi.com. All fraud statistics sourced from FTC Consumer Sentinel Network Data Book 2024, FTC Protecting Older Consumers 2024-2025 Report, and FBI IC3.
No figures estimated or fabricated. Updated April 2026.
