05 Nov 2022
For many customers, digital money transfers are a practical (and increasingly well-liked) option, from credit cards to mobile wallets and everything in between. Digital payments do, however, come with the risk of data breaches and other security risks, so customers must take extra security measures to protect themselves.
A global money transfer has become an everyday norm increasing international remittances to low-to-middle-income countries to over $630 billion by 2022. Cybercrimes have grown side by side, demanding extra care while making international transactions through internet-based platforms.
How can you make the most of sending money abroad while avoiding common mistakes with digital money transfers? The industry is experiencing rapid expansion. Despite effective digital payment security systems, cyber-attacks and fraud are still possible in some situations. Due to this, you ought to exercise caution on your own.
Below are 5 critical measures that will help you stay secure and risk-free while making online money transfers across the globe.
When sending money, providing incorrect account information could be expensive. The wrong entry of the recipient's bank account information, usually the BSB or account number, causes 83% of transaction errors, according to the Australian Securities and Investments Commission (ASIC).
A transaction error may also occur if you choose the incorrect payee or your recipient gives you the wrong account information. You must make sure you accurately provide the following information to send digital currency:
It may be challenging for your money transfer service provider to track down and recover the funds if they are sent to the incorrect recipient, so you should always check the details before authorising a transfer. If you discover a mistake, contact your bank or transfer provider immediately. If you wait too long, some additional steps might be involved in retrieving your funds.
Even though different banks or transfer providers may have varying refund schedules and procedures, it's always crucial to double-check your information and follow up with the recipient to make sure they've received the transfer.
The most fundamental security measure for digital payments, checking your statements, is one that many customers overlook. You'll notice any contradictions if you do this frequently. Question or contest any charges you don't recognise immediately. Of course, this is a fundamental practice, but many other techniques are useless without them.
If you regularly check your financial statements, you can instantly know of any malicious attempts made to your account. It will help you timely take adequate measures to stop such attempts and keep your account safe.
Check to see if a different (and possibly malicious) code hasn't been pasted over a QR code before scanning it, especially if it's on printed material in a public setting. Hackers can quickly swap out a valid QR code for payment (at a point of sale, ATM, parking metre, etc.) for a malicious QR code that, when scanned, will reveal your banking or financial account information.
Keeping track of every online money transfer you have made is the best security precaution. Use a single credit card or another payment method for all online purchases to make it simple, and never use that card or other way for any further transactions. Check your statements against your online purchases to make sure you have fraud insurance on that card. Then, anomalies are simple to find and resolve.
When using linked credit card accounts, consumers are typically well protected from fraud liability; however, linked checking account usage is not always equivalent to linked credit card usage. Customers can guard against losses when using services linked to checking accounts by connecting to a secondary account that keeps a lower balance. Then, just transfer money to and from a core account to consolidate your funds.
It's crucial to use reputable apps as digital money transfers gain popularity. Consider also turning on security features and transaction notifications. If you want to cross-reference transactions, you could even go a step further and enable notifications for any cards linked to the app.
There are times when people choose convenience over security and pay a high price for it. The ACE Money Transfer Mobile App is one of the best digital money transfer apps you can rely on.
Sending money to another person online through digital platforms is a modern convenience that makes the process faster and easier and allows secure transactions. It will help if you stay well clear of the Digital Money Transfer Cliches Mentioned Above. You should pick ACE if you want a reliable platform for your next online money transfer.
Everyone has used digital methods to send and receive money in the last few years. There is no denying that it is convenient, but it also carries risks. All you need to do is be a little bit more cautious. If you ensure the 5 critical measures explained above, you can avoid any risks and secure your online financial activities.