23 Oct 2023
People from developing countries such as Pakistan travel to developed countries to earn a living because they cannot find reasonable means of subsistence in their native country.
These Pakistani expatriates, totaling about 9 million according to a report by Pilot Guides, send money to Pakistan from overseas to offer financial support to their families back home.
Technology has made it easy to transfer funds, but this ease has come with a price.
One of the biggest challenges with tech-driven online money transfers is the safety of your transactions and funds. Because as technology is advancing, so are the ways to deceit.
Needless to say, one of the most sought-after valuables is money, whose importance has never been less.
Where the affluent class cannot ignore the value of money, imagine what value you should attach to the money that you earn in a foreign land while working against all the odds.
This, coupled with the fact that you have to send money through, means you cannot blindly trust, or conservatively if you at all do, knowing that chances of you getting fleeced are high.
It is in such a scenario the safety of your online money transfers holds prime importance.
This blog will throw light on the safety of online money transfers and the reasons why due importance must be attached to the safety of your money.
Online safety is about being aware of threats you can encounter while being online to engage in online activities. It includes guarding against security threats, data protection, and ensuring the safety of money in your money transfer to Pakistan or elsewhere, for that matter.
As a Pakistani migrant, you need to attach due importance to the safety of your funds on the following few counts.
A majority of Pakistanis live in acute poverty, where putting food on the tables is a big challenge. If you get a job abroad in such a scenario, you make sure your every penny is secured from fraud and theft.
It is also one of the reasons that you wish to travel to countries that offer some of the highest wages to expatriate workers.
Because, after all, you have to undergo the hazards of expatriate life, so why not, you might wonder, travel to Countries That Pay The Most To Expatriate Workers?
A former deputy governor of the State Bank of Pakistan (SBP) said that the flailing economy of the country is straining middle-income households beyond their capacity.
He also said that the level of misery index, which is the total of inflation and unemployment rates, has recently gone up from 15.2 to 36.8.
A report in Business Recorder said that inward remittances continue to decline and stopped at $2.108 billion in November 2022, with a Year-on-Year (YoY) drop of 14.3%.
All of these reasons make it a compelling case for you to be extra careful while you send money to Pakistan online from overseas.
Let’s now understand how you can secure your online transactions.
The following few tips will ensure your online safety.
It is not about the physical protection, which, of course, you ensure when operating your devices. In this context, you must protect your devices with strong and unique passwords that have nothing that relates to you or your family, and so on.
Always use a trusted app store and download apps whose need is pressing and which are verified only. Avoid downloading apps that you least require and whose verification is unconfirmed.
Public Wi-Fi connections are always open and thus vulnerable to hacking. Try to avoid connecting to the public internet for any purpose and not at all when you want to carry out a financial transaction. It will expose your sensitive data to scammers who can put you in harm’s way.
Always use anti-virus software on your devices, and make sure to download one from authentic sources. But remember that where using anti-virus software is essential, keeping one updated is critically important. So, always keep your anti-virus software updated.
Most apps that you use for online money transfers log out automatically after every session, but you should not take it for granted. Even though you know that your app will auto-logout, make sure to check it at the end of the session and never forget to log out.
Many people keep their login credentials saved on their devices, apps, browsers, etc. This is a terrible habit and a sure recipe for your financial disaster. Keep the passwords in your head instead of the device to ensure optimal safety.
Make sure that the one you wish to send money to is someone you know. It can be harmful to send money to someone you barely know or have just known recently.
Make sure you know sufficiently about different types of financial scams to be prepared for and to guard against those. You can easily become a victim of online financial scams if you do not know about them and the modus operandi of scammers.
You need to cross-check all the details you have entered on the app before proceeding with the transfer because a slight typo error can divert the funds to others whose recovery is almost impossible then.
Following these tips will ensure your online safety regardless of the purpose you get online for!
ACE Money Transfer is one of the remittance service providers that allay your security concerns in your online money transfer to Pakistan because the company delivers funds to Pakistan from anywhere worldwide in just 7 seconds! This speed does not give space for scammers to strike in addition to other airtight security protocols in place while offering you competitive exchange rates and charging you low fees to help you save and send more safely.
Answer: Online safety is crucial to protect your financial information and funds from potential fraud and security threats. Transferring money online requires sensitive data, making it essential to safeguard against unauthorized access and fraudulent activities.
Answer: To ensure safety, use secure and reputable money transfer services, enable two-factor authentication, use strong, unique passwords, avoid public Wi-Fi for transactions, and be cautious of phishing attempts. Regularly update your devices and software for security.
Answer: Verify the legitimacy of a service by checking if it's licensed, regulated, and has a track record of positive customer reviews. Research the service's reputation and ensure it complies with anti-money laundering (AML) and know your customer (KYC) regulations.
Answer: If you suspect a breach or fraud, immediately contact the money transfer service, change your passwords, and notify your financial institution. Report the incident to the relevant authorities and consider freezing or closing the affected accounts.
Answer: Various governments and regulatory bodies have measures in place to protect online money transfers. Familiarize yourself with the laws and regulations governing remittances, money transfer services, and online financial transactions in both your home country and Pakistan.