Product Updates

How To Protect Yourself Against Scams

Team Xfers
May 10, 2021

The security of your Xfers account is of utmost priority to us.

With the increase in the number of scam cases in 2020-2021, we would like to take this opportunity to raise awareness on common scam types and emphasise the importance of your role in safeguarding yourself against scams.

Common Scam Types

  1. Impersonation Scams
    Scammers will impersonate figures of authority such as bank staff, telecommunications staff, cybersecurity services staff, government officials, government agencies etc. in order to lure victims into disclosing their personal information, usernames, passwords and OTPs. Some scammers may even fabricate official IDs and/or letters in order to convince the victims of their false identity. The scammers will then use the victim's credentials to log into their bank accounts, or even create new online accounts. After transferring the victims’ money to themselves, the scammers will cease contact with the victims.
  2. Investment Scams
    Scammers will persuade victims into “investing” in financial products with the promise of high returns. Scammers may also ask for upfront payments of “fees” and “taxes” from the victims, and will eventually cease contact with the victims once payment has been made.
  3. Loan Scams
    Scammers will contact potential victims through SMS, Whatsapp, or other instant messaging platforms, offering to provide loans at attractive rates. Interested parties will then be asked to pay a “deposit” prior to the loan being disbursed to them. The scammers will then cease contact with the victims after payment has been made.

For more information on recent scam types, please refer to

How To Protect Yourself from Scams

  • Never share your personal information
    Please do not share any personal information or credentials associated with your Xfers account with anyone. This includes your username, password, and OTPs (one-time passwords). The sharing of such information with third parties may lead to your identity  being stolen, and/or your Xfers account being compromised.
  • Secure your mobile device and related online accounts
    Set up 2-Factor Authentication whenever possible for your online accounts and set strong and unique passwords. Please note that some smartphones have features that allow data synchronisation between the mobile device and online storage or cloud services. Information that could be synchronised includes SMSes and emails. Accordingly, information sent by Xfers via SMS or emails, such as OTPs, could be accessed by criminals if your login credentials to the online storage or cloud services have been compromised. Criminals may then use this information to perform fraudulent transactions on your behalf.
  • Inform us of any suspicious activity regarding your Xfers account
    If you suspect that your identity and/or Xfers account has been compromised, or that unauthorised transactions have been conducted through your Xfers account, please change your password and contact Xfers immediately.

Stay safe and be vigilant.

Ready to get started?
Onboard your business with us today!