Fraud Prevention

1. False Friendliness, then Threats — Initially, scammers may approach you with charm and politeness. They will build rapport by pretending to be friendly and understanding. However, if you don’t comply with their requests, they can quickly switch to aggressive or threatening behavior. They may threaten you with arrest, loss of money, or some other severe consequence if you don’t act immediately. This abrupt change in tone is designed to manipulate you into a hasty decision. If you ever feel pressured or intimidated, remember that legitimate businesses or authorities will never resort to threats.
2. Creating Urgency — Scammers often try to create a sense of urgency, pushing you to act before you have time to think or verify the situation. They may claim that you need to send money quickly to avoid a disaster, such as a blocked account or a limited-time opportunity. This is a classic scam technique used to cloud your judgment and rush your decision-making. Always take a step back and carefully consider the situation before taking any action, especially if you are being pressured to act fast.
3. Faking Familiarity — Scammers often do their research and may seem to know personal details about you, such as your name, recent purchases, or social media activity. They may mention mutual acquaintances, or even use information from your online presence to appear credible. This tactic makes them seem trustworthy, but just because someone knows basic information about you does not mean they are who they claim to be. Always verify any unsolicited communication directly through trusted channels.
4. Fake Email Addresses — One of the most common ways scammers try to trick you is by using email addresses that are almost identical to legitimate ones. They will change a letter or two in the domain name to make it look like it’s from a trusted source. Always check the domain name carefully (the part after the “@” symbol) to ensure the email is truly from the company or person it claims to be from. Fraudulent emails often contain small inconsistencies, such as unusual spelling or formatting, which can be a red flag.
5. Fake Documents — Scammers are adept at creating counterfeit documents that appear legitimate. They can forge invoices, contracts, government notices, or bank statements, often using official-looking logos and formatting. These documents may seem genuine, but they are designed to trick you into making payments or sharing sensitive information. If you receive any suspicious document, always double-check by contacting the institution directly through their verified contact details.
6. Deepfakes — With the rise of artificial intelligence, fraudsters are now able to create deepfake videos and audio recordings that impersonate real people, even those you know. A deepfake could involve a video of someone you trust, asking you for money or sensitive information. Always pay close attention to any video or audio that seems off—look for odd glitches, unusual behaviors, or voices that sound slightly unnatural. If you’re ever unsure, contact the person through other trusted means, such as in person or through verified social media channels, to confirm the message.
7. Fake Websites and Applications — Fraudsters often create counterfeit websites or apps that look identical to legitimate ones. These fake sites can display fake investments, growth reports, or false testimonials to lure you into transferring money or sharing sensitive data. In some cases, they may allow you to withdraw a small amount of money to build trust, but when you attempt to withdraw a larger sum, they will either demand more fees or disappear. Always double-check the website’s URL for unusual spelling or domain names. Be wary of websites or apps that offer deals that seem too good to be true. Research the company online and check for reviews or complaints before making any investment.

Protecting Yourself

Fraudsters are clever. But you can outsmart them with the following practices:

• Stay alert—always question unsolicited communication and don’t trust someone just because they seem to know personal details.
• Monitor regularly—check your financial statements for unauthorized activity and set up alerts when possible.
• Analyze and assess—do your research before making investments or large purchases.
• Remember to double-check—verify information from multiple sources before making decisions.
• Think critically—always consider the possibility that you might be dealing with a scam. Approach unsolicited contact with caution.
• Educate yourself—stay informed about new fraud tactics and learn how to protect yourself.
• React and report immediately if you suspect fraud. Early action can help minimize damage.

What to Do if You Become a Victim of Fraud

If you believe you’ve been scammed or notice suspicious activity related to XE Local, please report it immediately via our support email.

Additionally, take these steps:

1. Act Quickly: The sooner you act, the better your chances of minimizing the damage.
2. Don’t Be Ashamed: Scammers are highly skilled, and it’s not your fault. Reporting the fraud helps prevent others from becoming victims.
3. Gather Evidence: Keep records of all communications, including emails, texts, and screenshots.
4. Contact Your Bank: Report the fraud to your bank or financial institution and provide them with all relevant details.
5. Contact the Receiving Institution: If you know the name of the institution where the money was sent, contact them and report the fraud.
6. File a Police Report: Report the fraud to the relevant law enforcement authorities.
7. Monitor Your Accounts: Keep a close eye on your financial accounts for any suspicious activities.
8. Change Your Passwords: Update your passwords immediately, and enable two-factor authentication (2FA) where possible.
9. Install Security Software: Ensure your devices have updated antivirus and anti-malware protection.
10. Check Your Credit Reports: Regularly review your credit reports to identify any unauthorized accounts or activities.
11. Be Cautious of Follow-Up Scams: Fraudsters may try to scam you again. Always verify any further communications.