Fraud Prevention

Your security on our platform

Securing your personal and financial information is our top priority. When accessing your account, it’s crucial that we verify your identity. Here’s how we protect your information:

  • Information Requests: We will never call or email you to ask for your TransferLab account details, one-time passcodes, or passwords. If you receive such a request, please end the call or ignore the email, and contact us directly.
  • Login Details: When you open a TransferLab account, you’ll create unique login credentials, including your email address and password. To protect your account, we advise keeping these details private and not sharing them.
  • Strong Customer Authentication (SCA): In compliance with EU SCA regulations introduced in 2019, accessing your TransferLab account will require you to enter your password and a verification code sent to your registered mobile phone or email address.

We are committed to ensuring your information remains secure at all times.

Safeguarding Yourself Against Fraud

At TransferLab we’re committed to helping you protect yourself against fraud. We have internal measures in place to help keep your transfers secure and protect you from fraud, but there are important steps you need to take to defend yourself from external threats.

We rely on you to check that the person you’re paying is genuine and that the account details you’ve been given are correct. If you ever have any concerns about a transaction or communication, please contact us straight away.

Here are some top tips on staying safe from fraud and cybercrime:

  1. Use Strong, Unique Passwords: Create complex passwords that are difficult to guess, and ensure each password is unique to your account. Avoid using easily guessable information like birthdays or common words.
  2. Enable Two-Factor Authentication (2FA): Activate 2FA for an extra layer of security. This typically involves receiving a verification code on your mobile device or email, in addition to entering your password.
  3. Beware of Phishing Scams: Be cautious of unsolicited emails, calls, or messages asking for your account details, passwords, or personal information. Always verify the source before providing any information.
  4. Monitor Your Accounts Regularly: Frequently review your account statements and transaction history for any unusual or unauthorized activity. Report any discrepancies immediately.
  5. Keep Software Up-to-Date: Ensure that your operating system, antivirus software, and other applications are regularly updated to protect against security vulnerabilities and malware.
  6. Use Secure Connections: Avoid accessing your account over public Wi-Fi. Use a secure, private network, and consider using a VPN for an additional layer of security.
  7. Log Out After Use: Always log out of your account when you're finished, especially on shared or public computers. This prevents unauthorized access to your account.
  8. Verify the Security of Websites: Ensure that the website you are accessing is secure by checking for "https://" in the URL and a padlock icon in the address bar.
  9. Be Cautious with Personal Information: Only provide personal and financial information through secure, trusted channels. Be wary of sharing sensitive data via email or unverified platforms.
  10. Educate Yourself on Common Scams: Stay informed about common types of fraud and cybercrime, such as phishing, identity theft, and ransomware. Knowledge is a key defense against falling victim to these threats.

By following these tips, clients can enhance their security and reduce the risk of falling prey to fraud and cybercrime.

Common Scams

The warning signs and red flags to watch for can vary depending on the nature of your payment. Here are key aspects to be cautious about.

  1. Scam Emails & Phishing

    Be cautious of emails urging you to make quick payments or click on links to provide personal information. Remember:

    • TransferLab communicates exclusively through ‘@transferlab.io’ and ‘bureaubuttercrane.com’ email addresses.
    • TransferLab will never send official emails from ‘@gmail’, ‘@yahoo’, ‘@outlook’, or any other personal email address.
    • Phishing is a type of fraud that involves tricking individuals or businesses into providing sensitive information, such as login credentials or financial information, through fraudulent emails, websites, or other online communications. The fraudulent communications may appear from a legitimate source, such as a bank or government agency, but are created by a fraudster.
  2. Payments to Friends, Family, or Romantic Interests
    • Relationship Fraud: Be cautious when sending money to someone you’ve only interacted with online, especially if you’ve never met them in person. If they ask for financial help with medical expenses, housing, or travel, question their authenticity.
    • Impersonation Scams: Watch out for requests for money from someone claiming to be a family member in urgent need. Always verify the request by contacting the person through a known and trusted method to ensure their account hasn’t been compromised.
  3. Payments for Goods or Services
    • Advance Fee Scams: Be wary of paying a large deposit or full payment upfront for goods or services, as this could be a scam. Confirm the existence of the goods and the legitimacy of the supplier before making any payments.
    • Supplier Verification: Check online reviews, request an invoice, and ensure you have met the supplier or verified their business address. Be cautious if their contact details are vague, such as only a PO Box or a premium-rate phone number.
  4. Paying Estate Agent or Legal Fees
    • Invoice Fraud: Fraudsters may send false invoices or emails with incorrect payment details to intercept your money. Verify that the payment details are correct and consider making a small test payment to ensure the funds are sent to the right place.
    • Redirection Risks: Be alert to potential fraud in the property and real estate sector, where payments may be redirected to fraudulent accounts. Confirm all payment details through official channels.
  5. Funding an Investment
    • Too-Good-to-Be-True Offers: Be skeptical of investments promising high returns with minimal risk. If an investment opportunity seems too good to be true, it probably is.
    • Verification: If approached with an investment offer, ensure the company is legitimate by checking their registered business address and verifying their broker’s credentials. Look for online reviews and ensure their contact information is detailed and accurate.
    • Pressure Tactics: Avoid investments where you feel rushed or pressured to make quick decisions. Always consult the FCA Register and Warning List to check for any warnings about the individual or company before proceeding. Seek advice from an FCA-regulated firm if in doubt.
  6. Authority/Service Provider Fraud
    • Scammers might pretend to be authorities such as the police or HMRC, or service providers like your broadband company, and pressure you to make immediate payments for alleged unpaid fines or taxes. They may also ask you to download software that enables them to take control of your account.

Always exercise due diligence and verify the authenticity of all requests and transactions to protect yourself from fraud.

Have you been a victim of fraud?

If you suspect you have been a victim of fraud, we advise you to report it immediately to our team via support@transferlab.io or by calling us on 028 3044 7500.

You can report fraud and cybercrime if you live in the UK to Action Fraud.