10 Jan 2024
Many Zambian expatriates travel to developed countries to earn a living as they cannot find reasonable means of earning in Zambia due to the country’s poor economic performance.
The World Bank said that the nominal Gross Domestic Product (GDP) and GDP per capita income of Zambia in 2021 were $22.15 billion and $1,137.3, respectively.
These Zambian migrants, who, according to a report by Macrotrends, were 127,915 in 2010, reside in several countries, earn a living, and send money to Zambia to offer financial support to their loved ones back home.
Since the basic purpose of working abroad is to make your family live a financially stable life, you are concerned about your money’s safety. Particularly when you give your money to an institution you know only little about.
This is the basic requirement if you wish to send money online.
While the safety of funds in every money transfer service is almost guaranteed through different safety mechanisms, there is one thing that you do not have a complete idea about.
And that is directly connected to your privacy and the security of your funds.
Do you know what that one critically important point is?
Well, that is the privacy of a customer’s data.
It is one of the most important points to consider and understand if you want to ensure that your funds are safe while being transferred online.
This blog will throw light on the details of customer data privacy and its advantages and how ACE Money Transfer’s policy helps ensure the safety of funds.
Let’s delve deeper together.
Customer data privacy refers to the collection, management, usage, and protection of the data provided by customers to the companies.
Such data includes the following:
By collecting such information from customers, companies can create accurate customer profiles and customize their products or services according to what the customers largely require.
Data privacy is not only required in the remittance transfer service industry but is an essential security component in every business.
Customization of its services according to the needs of its valued customers is one of the main reasons that you see a repetition of a money transfer to Zambia with ACE Money Transfer.
In many countries, privacy is considered to be one of the fundamental human rights for the protection of which many laws exist in the statute books. Therefore, service providers have to make sure that the data they get from customers is handled with care. Otherwise, the following can be the result:
With these results of data privacy breaches, the safety of funds in online money transfers across borders holds prime importance.
Click here to learn about how to stay safe in your online money transfers.
The advancing technology has prompted governments across the world to enact laws to ensure data privacy of customers remains intact.
Some of the most important regulatory policy frameworks are discussed briefly below.
It is practiced in the European Union (EU). It regulates how data can be collected, processed, and stored and also gives the people of the EU the right to control their data, including the right to be forgotten.
Several countries, like China, Australia, Japan, Singapore, etc., have comprehensive laws to protect the data privacy of individuals.
The UK’s Data Protection Act and Brazil’s General Law for the Protection of Personal Data are pretty similar to GDPR.
This law gives the right to consumers and customers to know which of their data is collected, the right to control their data, coupled with the right to disallow organizations to sell their data.
These are some of the laws that protect customer data privacy. Every country has different such regulations. But what is important is the integration of those laws into the services of a particular industry.
For example, the government laws to protect customer data privacy in the remittance industry are fully integrated into the policy framework of ACE Money Transfer in all the countries in which the company operates, thus ensuring optimal customer data privacy in each online money transfer to Zambia.
Almost all businesses face the following challenges while trying to ensure data privacy.
Clear communication is at times missing by the companies to tell customers what personal data they collect and how that will be used.
Cybercriminals can attack data that both companies and individuals save. Since almost all businesses are online now, the incidence of online fraud is higher than before.
With leaked details, data breaches increase, and the data reaches scammers who can manipulate it according to their whim.
If the data is inadequately protected, it can be accessed by internal employees, who can cause trouble for both the company and the concerned individuals.
These are some of the challenges that companies trying to protect customer data privacy face.
Firstly, the company strictly adheres to the government regulations in every country in which it provides its services. Secondly, the company’s internal policies are so tight and strict that the data cannot be accessed by those not mandated to from within the company, let alone outsiders.
Choose to send money to Zambia online with ACE Money Transfer. You will get speed, wider access in over 100 countries, live currency exchange rates, optimal safety of your funds, and much more in exchange for a low fee because the company has customized its remittance services according to your needs based on the data you share with it.
ACE Money Transfer takes customer data privacy seriously and employs robust security measures to protect personal and financial information, ensuring that remittance transactions to Zambia are conducted securely.
ACE Money Transfer utilizes encryption protocols to secure customer data during transmission, employs stringent authentication processes, and complies with data protection regulations to safeguard customer information.
Customer data is primarily used for transaction processing and verification. ACE Money Transfer does not share customer data with unauthorized parties and adheres to strict privacy policies.
Yes, customers should carefully read and understand ACE Money Transfer's privacy policies and terms of service to ensure they are aware of how their data is handled and their rights as customers.
Customers should contact ACE Money Transfer's customer support immediately if they have concerns about data privacy or suspect any unauthorized activity. ACE Money Transfer typically has procedures in place to address and investigate such issues promptly.
