Staying Safe Abroad: How Expats Can Avoid Financial Scams
- Adon Beddoes
- Aug 25
- 4 min read
Updated: Sep 4
Living and working overseas is an incredible experience, new cultures, new opportunities and the chance to build a truly global lifestyle. But with that opportunity comes risk. Unfortunately, expatriates are often seen as attractive targets for financial scams. Being away from home, managing money across borders and navigating unfamiliar systems can leave even the most experienced professionals vulnerable.
At Max Foresight, we regularly meet expats who have been approached or worse, caught out by fraudulent schemes. Here’s what you need to know.
Why Expats Are Targeted
Perceived Wealth: Expats are often assumed to have higher disposable income.
Isolation: Without the usual network of friends, advisors, or regulators, it’s easier for scammers to build trust.
Complex Finances: Multiple currencies, accounts, and investments make it harder to spot irregularities.
1. Investment “Opportunities” That Sound Too Good to Be True
One of the most common scams targeting expats involves glossy-looking investment pitches. These can take the form of property developments that never get built, offshore funds that don’t really exist or “guaranteed return” schemes promising double-digit growth.
Scammers often target newcomers with professional-looking brochures, fake websites, and slick salespeople. The pitch usually includes a sense of exclusivity “a one-time offer just for expats” and a push for quick decisions.
How to spot it:
Unrealistic promises (e.g., 15–20% “guaranteed” returns).
No clear explanation of how the money is actually invested.
Pressure to sign paperwork or transfer funds immediately.
If you wouldn’t invest in it back home, don’t assume it’s safer just because it’s pitched in a new country.
2. Fake Job Offers and Visa Services
For expats moving abroad, paperwork and employment can feel overwhelming, which makes visa and job scams effective. Fraudsters may pose as recruitment agents offering high-paying roles or “consultants” claiming to secure visas and work permits faster than official channels.
Typically, the scammer will request an upfront “processing fee” or ask for personal details like passports and bank information. Once the money is paid, the job or visa either never materialises or the documents provided turn out to be fake.
How to spot it:
Job offers that arrive out of the blue with no interview.
Requests for money upfront before any employment contract.
Promises of guaranteed visas through “special channels.”
Always deal directly with government immigration departments or established firms recommended by official embassies.
3. Romance & Social Media Scams
Loneliness and distance from home can make expats especially vulnerable to romance scams. These often start on dating apps, social media or even expat community groups. The scammer builds trust over weeks or months, creating an emotional connection before introducing a sudden financial “emergency.”
Common stories include needing money for medical bills, travel to visit you, or to release funds tied up in another country. Once payment is made, the requests escalate and the person often vanishes entirely.
How to spot it:
Someone you’ve never met in person asking for financial help.
Excuses when you suggest a video call or face-to-face meeting.
Stories that tug on emotions but don’t quite add up.
If a new connection online starts asking for money, it’s almost certainly a scam.
4. Insurance & Pension Frauds
Not all scams are obvious. Some involve unregulated “advisers” selling complex financial products like insurance policies, pensions or offshore savings plans without proper licences. On the surface, these might look legitimate but in reality, they may leave you exposed with no protection if things go wrong.
Some unlicensed brokers may also encourage high-commission products that are unsuitable, locking expats into long contracts with poor returns. In the worst cases, the product doesn’t even exist and the money goes directly into the scammer’s pocket.
How to spot it:
The adviser can’t provide a licence number or proof of regulation.
You’re pushed toward one product without discussion of alternatives.
The documentation looks homemade or lacks official logos.
Always check the regulatory status of any financial adviser and make sure they are qualified before signing up to a product.
5. Banking & Payment Traps
Digital banking makes life easier abroad but it also gives scammers new angles. Fraudsters may send emails or text messages posing as your bank, asking you to “verify” account details or transfer money to a so-called “safe account.” Others set up fake payment platforms that look real but are designed to harvest your card details.
In some regions, advance-fee fraud is common: you’re told you’ve won money, an inheritance, or a business opportunity, but you need to pay a small upfront charge to release the funds. Once paid, the scammer disappears.
How to spot it:
Messages with urgent warnings about “suspicious activity” on your account.
Requests to transfer money into someone else’s account for “safety.”
Websites or apps that look slightly off, wrong web addresses, spelling mistakes or poor design.
Always access your accounts by typing the bank’s URL directly into your browser, and never click links in unsolicited emails.
How to Protect Yourself
✅ Verify credentials: Always check the regulatory status of financial advisers and firms and make sure they are qualified.
✅ Slow down: Scammers use urgency. Give yourself time to research and reflect.
✅ Independent confirmation: Cross-check information through official channels, embassies, or trusted professionals.
✅ Keep money in your name: Never hand over control of funds without contracts and legal protections.
✅ Trust your instincts: If it feels wrong, it probably is.
The Bottom Line
Being an expat comes with immense rewards but also unique vulnerabilities. By staying alert and seeking advice from regulated professionals, you can enjoy life abroad without putting your wealth at risk.
At Max Foresight, we specialise in helping expatriates cut through the noise and make confident, secure financial decisions. If you’d like a confidential review of your existing arrangements or just a second opinion on something you’ve been offered get in touch with us today.
Comments