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How to Stay Safe When Sending Money Online?

How to Stay Safe When Sending Money Online?

20 Apr 2022


From grocery shopping to renting an apartment, from travelling to online money transfer, the rise of digitisation has made our lives easier. But with this convenience come the risks and scams that have become a growing concern amongst consumers. It has become critical to opt for workable solutions that provide more sustainable digital security.

 

The South Asian region contributes to the highest ratio of skilled expat workforce serving in many large corporations worldwide. It has become convenient for expatriates from countries such as Pakistan, Bangladesh, Nepal, Sri Lanka, and others to contribute to remittance to their respective countries through banks or credible online money transfer companies such as ACE. But, this convenience can become a hazard in some instances if you aren’t aware of online scams and how to avoid them. 

 

For instance, if you send money to India and other mentioned countries through some untrustworthy companies with dubious credentials, you will most likely run the risk of falling prey to the fraudsters. In this context, you will find below here a few critical measures that you should take to send remittances safely and securely.

 

Before directly knowing the tips to improve your online security, let’s glance over some shocking statistics of internet scams that have caused irreparable losses to millions of people online.

 

Online Scams and Associated Losses People have Faced 

When using an online service, for instance, a remittance transfer application, you are always vulnerable to hackers and scammers if you don’t ensure proper security measures. Several types of internet-based scams have proved to be contagious for people who fell prey to the fraudsters due to not being aware of the security protocols. Here are a few statistics for you to know how scams can impose shocking losses on you:

  • More than 82% of service providers and organisations faced payment scams in 2018.
  • The number of users whose online identities have been stolen has crossed 1.3 million.
  • In 2018, people lost more than $2.7 billion due to internet scams.
  • Phishing scams grew by almost 65% in 2019.
  • Most people fall victim to dating scams where 1 out of every 10 profiles is a scam.

 

If you want to remain safe online and protect your information, ensure to practice the useful strategies explained below here.

Comparing Remittance Providers to Choose the Most Secure Service 

The first security measure is to conduct thorough research between the service providers you want to send your money through. See how they charge fees and on what basis they have established their fee structures. Some highly credible companies like ACE Money Transfer have a highly transparent charges structure. Besides, check the user reviews from the companies’ customers on their official websites. A credible company will keep you abreast of your transaction’s status from initiation to completion and midway through email and SMS alerts. If you can find these features in a company, you can trust them. 

 

Avoid Responding to Phishing Emails that can Harm Your Data Online. 

You will sometimes receive emails asking for your personal information and data. The foremost thing to be mindful of is that the authorised institutions usually never ask for confidential information through emails. You shouldn’t act on these emails and ignore them to remain safe. Also, if you get a call from someone pretending to be your bank’s representative, don’t provide them with any secret information right away and buy time to respond to them later. Always keep the option of calling them back on the official number of the concerned institution to verify and authenticate the attempt made by someone to get your credentials.

 

Always Keep Your Credentials Secure and Never Share Secret Information with Strangers

It is common knowledge, but some people shrug it off conveniently. You need to make sure that you use a complicated set of passwords that remain impossible to hack. These passwords must include upper case letters, lower case letters, numerical strings, etc. Another important thing about these passwords that people do not usually care for is that they use one set of passwords for different accounts, no matter how complex they are. They forget that this makes the passwords vulnerable to hackers and scammers. Therefore, the most critical point in this regard to remember and practise is to keep changing your passwords without compromising their complexity. And also, use equally complex yet different passwords for different accounts. 

 

Keep your Privacy Intact - Avoid Using Public Internet when you are Outside Your Home or Office.

Never use a public WI-FI, for you can possibly risk your device being vulnerable to hackers. If you are on the go and want to initiate a transaction, ensure you have your secure internet instead of looking around for public internet connections. Logging into your banking apps etc., through public internet connections will expose you badly to hackers. This can compromise your data and information leading to the loss of all you have in your bank account in the worst-case scenario. 

 

Always Use Only Authorised and Encrypted Apps that Ensure Unbreakable Online Security

Always make sure that you are using sites and apps that are fully secure. One minor but practical tip is to check if a site address has an ‘’s’’ at the end of ‘’HTTP’’ or not. The ‘’s’’ in ‘’HTTPS’’ denotes security protocols that don’t direct you toward any harmful or malicious website. Do not proceed with a website that does not have the security protocol given you can lose your secret information and data on such websites without even knowing it. Another point is to check if a lock appears in the URL you are using, which also depicts security. Besides, specific sites will warn you about safety; keep an eye on those security alerts. 

 

Check Every Detail Repeatedly and Closely before Proceeding on an Online Money Transfer Platform

Be extremely careful about the details you are entering to send money online to someone. Just a single typo error can divert your funds to a stranger. It is advised to check the details again and again before proceeding with the transaction. The best part of some of the apps, such as the online app of ACE Money Transfer, is that you can save the details of the people to whom you send money quite often. So, there will be no need to enter details each time you plan to transfer funds. But, for the first time, you enter details to save them for future usage, do it with extreme care and leave no margin for mistakes. 

 

Keep the Receipts Saved in your Records for Future Reference

Make sure to keep receipts you receive after sending money. If you transfer money from your smartphone app, a message will appear giving you the details, or an interface will pop up. It is better to take a screenshot of it and share it with the beneficiary. If the transaction takes longer than the expected time, you will need to contact the concerned company to track the status through which you have sent money. And for that, you will be asked to provide the tracking number or other information about the transaction that appeared in the messages or the pop-ups after initiating the transaction. 

 

You can ensure online security by following these pretty suitable measures. If you look at all of the valuable tips explained above in detail and practice those, your money transfer will remain secure. Apart from these tips, another helpful strategy is always to send your money through an internationally recognised online money transfer company, like ACE Money Transfer.

 



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