With the advancement of globalization, the popularity of the Internet and the development of online payment technology, the convenience of cross-border payment has been greatly enhanced, and the demand for cross-border remittance has also increased dramatically. At the same time, many illegal elements are also aiming at this prosperous industry - all kinds of online frauds are emerging.

 

 

When committing fraud, the imposters would take advantage of the victim's need for cross-border consumption and their unfamiliarity with laws and regulations outside of the country to trick them into obtaining personal information, and gradually guide the victim to complete the fraudulent act.

 

At the same time, with the development and improvement of new technologies such as blockchain, meta-universe, artificial intelligence, etc., the criminal tools and fraudulent techniques are constantly updated, and the covertness and confusion of fraudulent behaviors increase, making it difficult for consumers to effectively prevent them.

 

In the process of cross-border remittance, we need to be alert to various fraudulent means.

 

Panda Remit today will introduce the common types of cross-border remittance fraud, preventive measures and reliable and convenient remittance services, to help you better protect their own property security and that of their family and friends!

 

First, what are the common types of fraud?

 

1. Fake Financial Institutions

Fraudsters posing as well-known financial institutions to send fake remittance links or emails, inducing the victim to provide sensitive personal information, thereby stealing funds or identity information.

 

2. Fake Shopping Websites

By creating fake cross-border shopping websites, fraudsters lure victims to buy goods and pay by remittance, but actually do not deliver the goods, thus stealing their funds.

 

3. Counterfeit Review Organizations

Fraudsters pretend to be review organizations, claiming that users need to pay certain fees to complete the cross-border remittance procedure, but in fact these fees do not exist. They are only trying to cheat the victim's money.

 

 

4. False Investments

Fraudsters advertise high-return investment projects and ask victims to send money to offshore accounts in order to participate in the investment. However, the so-called investment program does not exist or is a Ponzi scheme, and the victim ends up losing all of his or her money.

 

5. Prize Winning Scam

The scammer tells the victim via phone, text or email that they have won a jackpot, but need to pay a fee or tax in order to claim the prize. Once the victim sends the money, the scammer disappears and the prize does not exist.

 

6. Posing as a Friend or Relative Asking for Help

Scammers pose as friends or relatives of the victim, claiming to be in an emergency situation (e.g., accident, detention, etc.) and requesting the victim to send money to solve the problem. However, these requests for help are false and are intended to defraud the victim.

 

 

Second, how to prevent?

 

1. Be vigilant: Stay alert to potential scams and do not easily trust information and promises from strangers and without verification.

 

2. Disclose personal information carefully: Avoid providing sensitive personal information, such as bank account and identity card numbers, on untrustworthy websites or platforms.

 

3. Update passwords regularly: Change account passwords regularly and use strong password combinations including letters, numbers and special characters.

 

4. Confirm the authenticity of identity and information: If you receive a suspicious call, SMS or email, verify the authenticity of the person's identity and information, and you can contact the relevant organization or individual through other channels.

 

5. Do not click on links or download attachments randomly: Avoid clicking on links or downloading attachments from unknown sources to prevent malware from infecting your device.

 

6. Pay close attention to account and transaction records: Regularly check your bank account and transaction records to detect unusual transactions and report them to your bank or relevant organizations in a timely manner.

 

7. Seek professional advice: If you encounter suspicious situations or suspect that you have been a victim of fraud, promptly consult professional organizations or local law enforcement authorities for help and advice.

 

8. Handle cross-border transactions with caution: When making cross-border remittances or transactions, choose formal and trusted payment channels and platforms to ensure a safe and secure transaction environment. Just like Panda Remit, it is safe, reliable and trustworthy!

 

In conclusion, fraud prevention is the key. By staying vigilant and taking appropriate security measures, you can effectively reduce the risk of becoming a victim of fraud.

 

 

 

Third, Panda Remit guarantees your security

 

As a professional cross-border money transfer service provider, Panda Remit is committed to protecting the security of your personal information and funds. The following are the security measures provided by Panda Remit:

 

1. Strict Identity Verification

Panda Remit conducts strict identity verification during the account opening and remittance process.

50. When opening an account, in addition to the information review, face recognition, there will be a dedicated customer service through the phone to confirm the identity of the customer to ensure that the account is opened by the right person to avoid the theft of personal information;
50. Regarding logging into account, Panda Remit sets up double protection for your account safety: setting up password and binding mobile number;
50. During the remittance process, Panda Remit will also confirm the information through verification codes several times to ensure that only legally authorized users can carry out the remittance operation.

Reminder: Panda Remit employees will not ask for the verification code in any way, please do not tell others the verification code.

 

2. Encryption Protection

Panda Remit uses multiple information review procedures to protect users' personal information and transaction data, and encrypts them during transmission and storage to prevent information from being stolen or tampered with. At the same time, Panda Remit uses state-of-the-art fraud detection technology to prevent unauthorized programs from intruding into users' accounts.

 

3. Real-Time Risk Monitoring

Panda Remit has established a comprehensive risk monitoring system, strict risk management, 24/7 encryption and monitoring of all transactions, real-time monitoring of remittance behavior, timely detection of abnormal transactions and appropriate measures; once the company system found that the transaction is abnormal, Panda Remit will lock the transaction and verify the situation with the user by phone, to protect the safety of the user's funds.

 

4. Transparent and Visible Process

Panda Remit remittance process is completed online and is available 24 hours a day, 7 days a week, to help users send money with worries.

50. The whole process of remittance is visualized and traceable, and users can check the remittance status in real time on the mobile app;
50. Users can also inquire the remittance progress through online customer service;
50. Timely notification of arrival status via SMS/email/Weixin.

 

5. Protection of User Privacy

Panda Remit adopts Symantec security solutions, with industry data standard and comprehensive information protection; at the same time, Panda Remit is strictly in accordance with local laws and regulations on the confidentiality of user data, to maximize the protection of the remitter's information security. All users’ private data submitted will be processed and encrypted by the Norton Secure Site SSL Certificates, protected in every minute.

 

6. Guaranteed by Authoritative Organizations

Ping An Insurance, China's largest insurance group, provides a 50 000 RMB security insurance for each transaction, so that each remittance can receive more security; and King & Wood Mallesons, China's largest law firm, provides legal services for Panda Remit. King & Wood Mallesons has issued a legal opinion on Panda Remit business compliance in China, to ensure that each remittance complies with the regulatory requirements of the laws and regulations.

 

7. Legal and Compliant Process

Panda Remit has been awarded PCI DSS certification, passing nearly 300 audit indicators covering 6 areas and 12 specifications, including network security, application and system security, meaning that the company's payment capabilities and technology have reached the international leading level;

 

As an internationalized company, Panda Remit service is spread all over the world. In different countries/regions, Panda Remit has passed the compliance regulation and obtained the corresponding remittance licenses, which can be viewed on the website (https://www.pandaremit.com/zh/compliance).

 

8. Around-Clock Customer Support:

Panda Remit offers 24/7 customer support, so users can contact the customer service team anytime they have questions or concerns. Customer service will be able to answer your questions and provide you with assistance in a timely manner.

 

When sending money across borders, it is important to understand the common types of fraud and choose a safe and reliable money transfer service provider. Panda Remit provides a safe and convenient cross-border money transfer experience with its strict security measures and excellent customer service. Let's stay away from scams and enjoy the convenience of global money movement! Panda Remit is here to protect your fund!