Bank transfers have made it easier to sell without cash, but they have also created new ways for fraudsters to cheat traders, restaurants, pharmacies and anyone who releases goods after a “payment”. The most common trick is simple: the buyer shows you a message or screenshot that looks like a bank alert, but no money has actually arrived.
Common tricks
- Fake SMS alerts sent from a number or name that looks like your bank’s
- Edited screenshots of a “successful transfer” from the buyer’s app
- “Pending” transfers that the buyer claims will arrive later
- Distraction: a buyer rushing you, arguing or calling a friend “to confirm” while goods are taken
- Reversal claims: a real payment is made, then the buyer falsely reports it to their bank as fraud to reverse it
- POS tricks: swapping cards, watching you enter your PIN, or a fake “declined” message after money has been taken
How to confirm a payment properly
- Check your balance in your own banking app or with your bank’s USSD balance check. Do not rely on an SMS alone.
- Look at the transaction history, not just the notification.
- Never accept a screenshot as proof of payment.
- Wait until the money shows in your account before releasing goods, especially for large amounts or new customers.
- Use a business account and a POS or payment link from a regulated provider, which gives you a clear record of each payment.
Habits that protect your business
- Give staff one clear rule: goods leave only after payment is seen in the account.
- Use a separate phone or tablet logged in to the business account at the counter, so staff can confirm without sharing your personal phone.
- Turn on email and in-app alerts, not just SMS.
- Keep receipts and records of every sale, including the buyer’s account name.
- Cover your hand when entering a PIN, and never let a customer handle your POS machine alone.
If you are cheated
- Contact your bank immediately with the details of the transaction.
- Report to the police, and keep any CCTV footage, messages and phone numbers.
- Warn other traders in your market or association.
