How to Send Money Abroad Safely: Avoiding Transfer and Currency Scams

How to send money abroad safely

To send money abroad safely, only use a provider that is authorised by the Financial Conduct Authority (FCA) — or one that operates through FCA-authorised partners — and verify its details on the FCA register before you pay. Never act on payment instructions that arrive by email or text without confirming them by phone on a number you already trust. Most large losses happen not because a provider was unsafe, but because someone was tricked into sending money to the wrong account.

International transfers are a natural target for fraudsters: the sums are large, the deadlines are tight, and the money can move across borders quickly. This guide explains how money transfer scams work, how to check that a currency broker or payment company is genuine, the warning signs to watch for, and what to do if something goes wrong. It is written as general guidance and does not constitute financial advice.

How big is the money transfer fraud problem?

Fraud is now one of the most common crimes in the UK. According to UK Finance’s Annual Fraud Report 2025, criminals stole more than £1.1 billion through payment fraud in 2024.

A large share of that is authorised push payment (APP) fraud — where a victim is tricked into authorising a payment to a fraudster. APP losses reached £450.7 million in 2024, and although the number of cases fell to under 186,000 (the lowest since 2020), the average loss per case rose as criminals focused on larger payments.

The pressure has not eased. UK Finance reported that £629.3 million was stolen in the first half of 2025, with APP losses up 12% to £257.5 million — around 41% of all fraud losses in that period. Investment scams were the single biggest driver of those APP losses. The majority of APP scams begin online, through social media, marketplaces and search engines, before moving to email or phone.

The takeaway is simple: the highest risk is not the provider you choose, but the moment you press “send”. That is exactly where your attention should go.

What are the most common money transfer scams?

Most scams that target international payments fall into a handful of recognisable patterns.

• Clone-firm and fake-broker scams. Fraudsters copy the name, branding and even the firm reference number (FRN) of a genuine FCA-authorised company, then set up a near-identical website or email address to take your money.
• Payment diversion (conveyancing) fraud. Often called “Friday afternoon fraud”, criminals intercept email between a buyer and their solicitor or estate agent and send fake “updated” bank details just before a property deposit or completion payment is due.
• Invoice and mandate fraud. A business receives an email — apparently from a genuine supplier — asking for future payments to go to a new account. The account belongs to the fraudster.
• Investment and trading scams. Victims are promised high returns through fake foreign-exchange, crypto or “guaranteed” investment platforms, often after being contacted out of the blue.
• Impersonation and “safe account” scams. A caller posing as your bank, the police or a government body warns of a problem and urges you to move money to a “safe account” they control.

Each of these deserves its own detailed guide, and we will cover them individually in this series. The principles below apply to all of them.

How do I check a currency broker or transfer company is legitimate?

Before you send a penny, confirm who you are dealing with. The checks below take a few minutes and are the single most effective thing you can do.

• Check the FCA register. Use the FCA Financial Services Register and Firm Checker to confirm the firm is authorised and permitted to provide the service it is offering you.
• Match the firm reference number (FRN). Check that the FRN and contact details you have been given match the details shown on the register — not the details in an email or on the firm’s own website.
• Use the register’s contact details, not theirs. If you need to call to confirm, use the phone number listed on the FCA register. Clone firms rely on you using the number they supply.
• Search the FCA Warning List. The FCA Warning List shows firms operating without permission and is updated daily. If a firm is not listed, it can still be unauthorised, so the register check matters more.
• Check overseas regulators for overseas firms. If you are dealing with a company based outside the UK, confirm it with the relevant overseas regulator.

The FCA’s ScamSmart service sets out these checks in full. If you deal with an unauthorised firm, you will not be covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme, so the upfront check is worth the few minutes it takes.

For transparency, here is how Cambridge Currencies fits this framework. Cambridge Currencies Ltd (Companies House registration number 15402338) is a specialist currency broker that completes every transfer by phone with a named specialist. It operates through FCA-authorised partners — Currencycloud (FRN 900199) and ScioPay (FRN 927951) — whose authorisation you can verify yourself on the FCA register. We would always encourage you to run these checks on any provider, including us. You can read more about how our service works.

What are the warning signs of a transfer scam?

Scams differ in detail but share a recognisable set of red flags. Treat any of the following as a reason to stop and check.

• You are contacted out of the blue by phone, email, text or social media about a payment or investment.
• You are put under time pressure — a deadline, a “limited” offer, or a warning that you must act immediately.
• You are sent new or changed bank details for a payment you were already expecting.
• You are asked for a one-time passcode, PIN or password, or to download software that gives someone access to your device.
• You are told to move money to a “safe account”, or to keep the transfer secret.
• You are offered an exchange rate or return that looks too good to be true.
• A business is asked to pay an invoice into a personal account, or into an account in a different country than usual.

How can I protect myself when sending money abroad?

A few habits will protect you against the large majority of transfer scams.

• Verify every payment instruction by phone. If account details arrive or change by email, confirm them by calling the person on a number you already hold — never the number in the email.
• Be especially careful near a deadline. Fraudsters target the rush around property completions and supplier payment dates. Slow down when the pressure is highest.
• Use a named specialist you can call back. A relationship with a known contact makes impersonation far harder to pull off.
• Keep email secure. Many payment diversion scams begin with a compromised email account. Use strong, unique passwords and two-factor authentication.
• Check the live rate independently. Knowing the genuine mid-market rate helps you spot an offer that is unrealistic. You can use our currency converter and live exchange rates as a reference point.

A real-world example: a property deposit nearly lost

In our experience helping clients buy and sell property overseas, the single highest-risk moment is the final deposit or completion transfer. One client was days from sending a six-figure deposit for a purchase in Spain when an email arrived, apparently from their solicitor, with “updated” account details and a note that the change was urgent. It landed on a Friday afternoon.

Because the client had agreed to confirm any change of details by phone first, they called the solicitor on the number from the original engagement letter. The solicitor had sent no such email. The account details belonged to a fraudster who had been monitoring the email chain for weeks. A two-minute phone call saved the entire deposit — and the purchase.

“The clients most exposed are those moving large sums on tight timelines — property completions and business settlement dates,” says Anthony Bull, CEO of Cambridge Currencies. “That pressure is exactly what fraudsters exploit, which is why a simple rule — confirm every change of details by phone — prevents most losses.”

Why does a specialist broker reduce your risk?

Working with a specialist currency broker changes the dynamics that fraudsters rely on. A genuine broker will not contact you out of the blue demanding an urgent payment, and a phone-based relationship with a named specialist gives you a trusted point of contact to verify any instruction.

It also helps with the part of a transfer that is not about fraud at all: getting a competitive rate and managing timing on larger amounts. For clients repatriating proceeds from a property sale abroad or businesses handling foreign investment transfers, a specialist can talk through options such as locking in a rate ahead of a completion date. None of this is financial advice — it is practical support tailored to your transfer.

If you are tracking a specific pair, our market commentary — for example the GBP to EUR rate, the pound to euro outlook and the US dollar forecast — can help you understand the market context before you transfer.

What should I do if I think I’ve been scammed?

If you believe you have sent money to a fraudster, acting quickly gives you the best chance of recovering funds.

• Contact your bank immediately. Call the number on the back of your card, or use the short code 159 to reach your bank’s fraud team safely. The sooner the bank knows, the better the chance of stopping the payment.
• Report it to Action Fraud. Report to Action Fraud online or on 0300 123 2040 (in Scotland, report to Police Scotland on 101).
• Know your reimbursement rights. If you were tricked into making a payment on or after 7 October 2024, you may be covered by mandatory APP reimbursement rules introduced by the Payment Systems Regulator. In 2024, £267.1 million was returned to APP fraud victims, around 59% of losses in those cases.
• Report an unauthorised firm to the FCA. Contact the FCA consumer helpline on 0800 111 6768.
• Learn the warning signs. The government’s Stop! Think Fraud campaign has practical resources for spotting and reporting scams.

Speak to a Cambridge Currencies specialist

If you are planning an international transfer — for a property purchase, a business payment or a personal move — you can request a quote and speak to a currency specialist directly. Every Cambridge Currencies transfer is completed by phone with a named specialist, which gives you a trusted contact to confirm any detail before you send. There is no obligation, and you are welcome to verify our partners’ FCA authorisation before you do.

Frequently asked questions

How do I know if a currency broker is safe?

Check the firm on the FCA Financial Services Register and confirm its firm reference number and contact details match what you have been given. If the firm operates through FCA-authorised partners, you can verify those partners on the register too. Only deal with firms you have been able to confirm.

What is a clone-firm scam?

A clone-firm scam is where fraudsters copy the name, branding and firm reference number of a genuine FCA-authorised company to appear legitimate. To avoid it, always use the contact details listed on the FCA register rather than the details the firm gives you, and check that the website address is exactly correct.

What is APP fraud?

Authorised push payment (APP) fraud is when you are tricked into authorising a payment to an account controlled by a criminal — for example, after being sent fake bank details. Because you approved the payment yourself, it can be harder to recover, though mandatory reimbursement rules introduced in October 2024 now offer more protection.

Can I get my money back if I’m scammed sending money abroad?

It may be possible. Contact your bank immediately and report the fraud to Action Fraud. If you made the payment on or after 7 October 2024, you may be covered by mandatory APP reimbursement rules. Recovery is never guaranteed, which is why prevention matters most.

Why is “Friday afternoon fraud” a risk for property buyers?

Property transactions involve large sums and tight deadlines, and many complete on a Friday. Fraudsters monitor email between buyers and solicitors and send fake “updated” account details at the last moment, betting that the pressure will stop the buyer checking. Always confirm account details by phone on a trusted number.

Does Cambridge Currencies give financial advice?

No. Cambridge Currencies provides currency exchange and international payment services and practical guidance on your options. It does not provide financial advice. It operates through FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951), and completes transfers by phone with a named specialist.

How can I check the real exchange rate before I transfer?

Use a live mid-market rate as your reference point, then compare a transfer quote against it. Our currency converter and live exchange rate pages show the mid-market rate, and a specialist can provide a transfer rate for your specific amount.

Related guides: How we work · Currency guides · Currency forecasts · Selling property abroad

This article is provided for general guidance only and does not constitute financial advice. Figures are drawn from UK Finance and the Financial Conduct Authority and were accurate at the time of writing. Cambridge Currencies Ltd is registered in England & Wales (No. 15402338) and operates through FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951).