Flash funds that is ravaging India, Nigeria and other countries in the world is the new bank fraud that scammers use to pay to make false payment to you.
Read this article carefully and share because anyone can be a victim either you or your loved ones therefore we encourage people who come across this post to share it so that others will be informed.
How flash funds fraud works
First thing this scammers do is to come to you either physically or virtual (on the internet), they will claim to be your customer or client which you will render a service or sell any goods to them after confirming their payment,
They will request to pay you with bank transfer and will ask you to send them your bank details, when you send the bank details and already you have informed them on the amount they are to pay you for the service or goods they purchased,
When you provide them with this information (your bank account details) they will use the software or app they use to do flash funds and flash your bank account with the particular amount of money you can not be able to withdraw or spend.
This is how they operate nowadays which has forced alot of small business owners of freelancers to stop accepting bank transfer as payment method,
What is the safest way to avoid becoming victim of flash funds?
The easiest way and safest way small businesses and freelancers use to avoid flash Funds fraud now is to:
- Use point of sale (POS) to accept their payments for goods and services rendered.
- Accept physical cash for any product sold or services rendered
How Possible is flash funds fraud?
According to inflowpost research these scammers use different types of softwares and app to carry out the flash funds fraud,
Flash funds softwares
some of the flash funds softwares are listed below and you can have a look:
They use above apps to carry out ther wicked fraudulent activities putting people’s lives on the line, alot of people have committed suicide while some are plunged into debt they’re struggling to pay up till this day.
How to detect flash funds transaction and How to avoid becoming a victim of flash funds
Detection of flash funds transaction or a transaction made with flash funds app/software is impossible if used any of above listed softwares but you can easily detect flash funds transaction if the scammer use SMS Provider apps such as
Yes, and how you will detect it? below are the list of things you should look out for always to ensure you minimize the risk of loosing your hard earn money to flash funds scammers,
- Look Out For The Available Balance
Available balance will not be updated if these scammers use loftysms to send you this fake bank alert because it’s just an an SMS Provider
- Look Out For Those Asking For Your Phone Number
The loftysms format will never work well because the scammer will need your phone number to send the fake alert message using the exactly bank account SMS format to flash fund your bank account.
- No Body Needs Your Phone Number To Send You Money
If anyone asks for your phone number during payment or transaction process of, when such request comes in just know that something is not right, like i said earlier. Nobody needs your account phone number to send you money and you should be watchful of such request, ensure to cancel such requests or ward the customer off your office.
You can learn more on how to avoid becoming a victim to flash funds in India, learn how to avoid becoming a flash funds victim in Nigeria and please do not forget to tell us your flash funds experience on the comment section and share this post to help others.