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Secure Your Finances: Safety Protocols in Digital Money Transfers to India from Australia

Secure Your Finances: Safety Protocols in Digital Money Transfers to India from Australia

01 Dec 2023


After gaining the distinction of the world’s most populous country, overtaking China in June 2023, the Indian state finds it difficult to provide for its people. Therefore, millions of Indians travel to developed countries like Australia for jobs. A report by the Ministry of External Affairs, Government of India, said that about 496,000 Indians reside in Australia. They earn a living and, to offer financial support to their families back home, send money to India online from Australia.

 

Online money transfers are a norm rather than a rarity, but did you know that people who have to transfer funds online for any purpose are still struggling to come to terms with this practice?

 

Have you ever thought about the reason?

 

Well, you may have many reasons, but the one reason that stands out is the safety of your online transactions.

 

This blog will walk you through the safety protocols of your funds and online transactions to India from Australia.

 

Understanding Online Financial Safety

Your online financial safety stems from overall online safety. So, if you understand online safety, you will automatically know how to stay safe online while transferring funds from one place to another.

 

So, online safety is about knowing the threats that exist online. But remember that knowing about the threats is not sufficient until you know the techniques and tips to guard against them.

 

This includes knowing how to protect your data, keep your information safe, protect your device from viruses and malware, and stay away from illegal or harmful content, plenty of which you find online, and also being able to manage your relationships online.

 

As an Indian migrant working in Australia, your online safety also includes how you choose a remittance transfer service provider for every money transfer from Australia to India for your family’s financial support because sending money from abroad is a regular practice. Right? So, can you afford experiments in trying different service providers for each money transfer?

 

Well, the answer is obvious!

Importance of Online Safety

You cannot stress the importance of your online safety enough. Imagine you have a substantial presence on the internet. You share your pictures and all that you can for your family, friends, and followers to see and appreciate. If someone steals this data, manipulates it, and uses it to blackmail you, what would you do? 

 

Remember that you might upload a normal picture on the internet using any platform, thinking it is normal and cannot cause harm. But for scammers, these normal pictures are enough to trap you with because of the tools they can apply to bring about the desired changes.

 

And how do you allow scammers to have access to your data?

 

Well, that is by not being careful and conscious about your online safety!

 

Furthermore, the lack of online safety has caused financial harm to the tune of billions of dollars.

 

Online and E-commerce Fraud Statistics – A Brief Insight

If you look closely, you will realize that every online scam and fraud boils down to fleecing you. Every variant of online scams and fraud leads to making you pay money to the one you should not be paying even a single penny to.

 

Even your virtual money transfers are most vulnerable to online scams. It is, therefore, highly recommended to choose a remittance service provider with extreme care if you want to send money online to India from Australia. Otherwise, your chances of adding up to the following frightening statistics would appear bright!

Online Fraud Statistics and Projections

  • According to estimates, the cost of online payment fraud is expected to hit $206 billion by 2025, up from $130 billion in 2020
  • Synthetic Identity fraud is becoming common, which is likely to cause financial loss to reach $14 billion by 2025
  • The regions most affected by online payment fraud are North America and Europe. Their financial losses are expected to reach $50 billion and $35 billion by 2025, respectively
  • The largest market for online payment fraud is Asia-Pacific. Its financial losses are expected to reach $54 billion by 2025
  • The money transfer industry and digital goods industry are most vulnerable to online fraud. Their combined financial losses are expected to reach $60 billion by 2025

These are some of the current as well as projected financial losses that are likely to stem from online scams and fraud.

Common Online Scams

To protect yourself against online scams and to stay safe while transferring funds online, you must know some of the common online scams. Take a look below.

Phishing

In this scam, you will find an email or messages that appear to be sent by a legitimate source, such as your bank, but these are fake.

Identity Theft

In this scam, a scammer will steal your data to impersonate you to have access to your financial data for making fraudulent transactions.

Credit Card Fraud

In this scam, a fraudster will steal your credit card information to make unauthorized online purchases.

These are some of the most common frauds, while others include Chargeback fraud, Account takeover fraud, Friendly fraud, and Auction fraud.

Staying Safe Online – Essential Online Safety Tips

While you look for different ways to send money to India from Australia, make sure to follow the safety tips given below so that your funds reach the intended recipient safely.

Use Strong Passwords

Keep your passwords strong, unique, and awkward. Use awkward combinations of words, digits, and symbols, and make sure not to add anything that is associated with you in any way.

Use Different Passwords for Different Platforms

Never use one password for multiple accounts. For example, your email account’s password should be different from the password you use for, say, your online banking app.

Never Use a Public or Open Wi-Fi

While you are working in Australia, you will find many open and public Wi-Fi connections. It is tempting to use them. But avoid the temptation and never use an open Wi-Fi.

Avoid Clicking Suspicious Links

While browsing the internet for any purpose, you will come across many links that appear to be genuine, but they are not. Never click such links unless you have verified their authenticity.

Never Respond to Strangers

If you receive a call or message from a stranger directly or through social media platforms, make sure not to respond. Ignore such calls or messages and block them if you can.

Exercise Caution

While making a presence online by sharing your data and pictures, make sure to exercise caution and know full well what is worth sharing and what is not in the context explained above.

Know Online Scams

Make sure that you know everything about different online scams under different titles and the modus operandi of scammers. This is a sure recipe to guard yourself against these scams.

Wrapping Up the Discussion

Your online safety should take precedence over all else as an Indian migrant working in Australia when you send money to India from Australia. Because otherwise, you can land in financial trouble. But choosing ACE Money Transfer for this purpose will not only ensure your transaction’s safety but also offer you speed, live, and market-competitive currency exchange rates, a simpler way to transfer funds, and much more from one window in exchange for a low fee.
 

FAQs

What is online safety?

Online safety is about knowing the online threats and dangers and also knowing the techniques, methods, and ways to guard against them. It is also about knowing how to keep your data safe and protected online.

Why is my online safety important?

Your online safety is important because if you are not careful about your online safety, you can fall victim to several types of online scams, which can land you in financial trouble, which you cannot afford as an Indian migrant in Australia.

What are the different types of online scams I should know about?

The most common online scams you should know about are phishing, identity theft, chargeback fraud, credit card fraud, romance fraud, account takeover fraud, friendly fraud, auction fraud, and so on.

What is the common objective of all online scams?

The common objective of all online scams is to trick you into paying money to the wrong person instead of the intended beneficiary of your money. Every online scam comes down to ultimately fleecing you.

How can I guard myself against online scams?

You can protect yourself against all online fraud by knowing about them, not using open Wi-Fi connections, using strong and different passwords, keeping your software updated, never clicking suspicious links, being careful online, not responding to strangers, and so on.


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