Have you ever faced any financial fraud while living in a foreign country? Imagine you get an email apparently from your bank asking for your bank account credentials due to a misunderstanding, and after some time you receive a text message of illicit transactions from your account which you never authorize. According to a survey report compiled by Finextra Research, one in five consumers had faced a money scam once in their lifetime.
The phenomenon becomes severe when you’re in a foreign country and unaware of the regularity and enforcement authorities to whom you should report any type of financial unauthorized transaction.
Indigenous Regulatory Bodies
There are several regulatory authorities at different administrative levels in every country backed by governments which are primarily overseas in the financial in/outflows, protocols and SOPs of banks and ensure customer protection. These authorities provide several official channels to report any type of financial scam and unauthorized transactions. In the case of any mishap, you can report directly to them to get your issue resolved promptly.
Key Financial Regulatory Bodies for Scam Reporting
There are different entities of varying structures depending upon the legal, commercial, and political dynamics in different countries that overseas financial flow and provide remedies:
United Kingdom: Two main authorities regulate the financial affairs of Britain. The Financial Conduct Authority(FCA) is responsible for ensuring the integrity of the market and customers’ trust in the financial infrastructure of the country. The National Fraud & Cyber Crime Reporting Centre is responsible for handling online scams and offers their prompt remedy.
United States: The United States is the financial hub of the world especially New York and California due to its huge commercial stakes. The Federal Trade Commission, Federal Reserve Board, and Consumer Financial Protection Bureau are the main bodies that are responsible for financial integrity.
European Union: This political and economic alliance of 27 different countries established several platforms to regulate the financial affairs of its member states that facilitate the complaints across the border like European Banking Authority and European Securities and Markets Authority are the main but there are several national bodies operate and regulate the financial activities within their concerned jurisdiction.
Benefits of reporting to authorities
Reporting to regularities authorities can be beneficial for several reasons including but not limited to the:
Fraud Prevention: Reporting to authorities leads to the prevention of fraud by discouraging the scammer by inflicting the punishments.
Financial Recovery: When you report any scam, there are specialized units that are responsible for proper investigation and recovering the money involved in the scam and paid to the legit owner.
How Remit Choice Ensures Customer Protection: Remit Choice always prioritize the financial security of its customers to discourage fraudulent activities. By learning about the regulatory bodies and their role to ensure financial transparency customers can play their part to secure remittance across the borders.
