Wave Money is urging all users to remain vigilant and avoid “Pay to Pay” fake currency exchange scams currently spreading across social media platforms like Facebook and Telegram. This is a fraudulent method used by scammers to deceive and lure money users.
How Scammers Deceive You
- Promises That are “Too Good to Be True”: Scammers offer unrealistic incentives, such as “10-to-1” exchange rates (e.g., pay 10,000 Kyats to receive 100,000 Kyats in return). Please be aware that money cannot be multiplied in this manner; always be cautious of offers that seem impossible.
- Fake Screenshots: To build false trust, scammers use fake screenshots showing high returns or successful money transfers to convince you that others are profiting from these schemes.
- Slot Game Baits: Victims are often encouraged to use fake currency to play online slot games. Scammers claim that any winnings can be withdrawn directly as cash into the user’s mobile wallet.
- Personal Data Theft: Scammers may provide malicious links and ask you to register for an account, claiming it will make future “purchases” easier. In reality, they are using these links to steal your Personal Data.
The Risks Involved
If you follow these fraudulent instructions, scammers can easily gain access to the funds in your mobile wallet. Furthermore, if your wallet is linked to a bank account, those funds are also at risk of being stolen. These “Pay to Pay” schemes are not legitimate financial services; they often involve dangerous AI-generated applications and malicious links designed for theft.
Protecting Yourself: “Think Before You Trust”
Wave Money consistently runs the “Chint Chain Yone” (Think Before You Trust) awareness campaign to help users identify and prevent financial fraud. We provide educational resources regarding scam methods and prevention tips through:
- Radio channels
- Official Wave Money Facebook Page
- Viber communities for users, agents, and partners
Need Help? If you encounter any suspicious activity or financial fraud, please contact the Wave Money Call Center immediately: * 09 790009000 * 900 (for ATOM users)
