Contingency Corner: Fraud and Scams
Power Loss
Why emerging markets attract targeted fraud
Currency exchange complexity, cash-heavy economies, and unfamiliarity among newcomers create opportunities that scammers actively exploit. Tactics are often localized and evolve quickly, but the underlying patterns are consistent.
Key prevention steps
- Use ATMs in well-lit, monitored locations and shield your PIN
- Use reputable currency exchange providers only
- Be wary of deals or offers that seem unusually generous
- Confirm the identity of anyone requesting payment or personal information
- Check bank and card statements regularly for unauthorized charges
If you suspect fraud
- Report suspected fraud immediately to your bank and local authorities
- Freeze or monitor affected accounts and cards
- Document the incident, including any communication with the suspected scammer
- Share the incident internally so colleagues can recognize the same tactic
Frequently asked questions
What is the most common scam targeting newcomers to emerging markets? Currency exchange scams and rental fraud are among the most frequently reported, often relying on the victim’s unfamiliarity with fair local pricing.
How quickly should suspected fraud be reported? Immediately. Early reporting significantly improves the chances of freezing funds or reversing a transaction.
Interested in strengthening your organization’s security and contingency posture? Contact our team.