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Top Essential Security Measures To Ensure Safe Money Transfers Globally

Top Essential Security Measures To Ensure Safe Money Transfers Globally

23 Nov 2022

Your top concern when sending money abroad should be the security of your money. Finding the most secure method to send money abroad is a top concern for many people because there are numerous risks connected with online money transfers.

Because of technological advancements and regulatory compliance, sending money internationally online is safer than ever. The money transfer service you use must be acknowledged, reputable, and subject to regulation by the relevant authorities in the market in which they operate. This gives you the assurance you need to send money internationally with complete security and peace of mind.

Essential Security Measures to be Considered when Sending Money Abroad

Some essential security precautions to take to guarantee secure international money transfers are given below. Before directly discussing these measures, let’s first look at the primary concern of many people whether online money transfer is safe or not.

Are Online Money Transfer Services Secure?

Online money transfer services give customers a quick, affordable, and largely secure way to send money abroad. Users can make the transfers using a mobile app or a web-based platform.

Financial regulatory agencies like the Financial Conduct Authority (FCA), the Australian Transaction Reports and Analysis Centre (AUSTRAC), the Financial Crimes Enforcement Network (FinCEN), and other pertinent agencies where they operate are in charge of overseeing these businesses. They have internal safety systems and security standards in place to safeguard user data and payments during money transfers, just like any other financial firm.

Using these services is safe if you send your money through a reputable provider. The market for money transfer services is flooded today. Some money transfer services have a proven track record and are more dependable.

Long-term trust and reputation in a money transfer company are influenced by many variables, including the amount of money transferred, the number of clients, approval from financial regulators, the number of employees, and years in operation.

What To Look Out For When Sending Money Globally?

Never put your trust in a provider at random when sending money internationally. Finding the safest method of money transfer requires being cautious about your own security and the security of your computer, mobile device, bank account, and funds. It should be noted that sending and receiving money carries several risks. Here is a list of security measures to be on the lookout for.

The company making the money transfer should protect you from identity theft, questionable, fraudulent activity, and information interception. It is best to think of money transfer companies as independent financial institutions, enabling you to view them impartially, just like a bank account.

Users must take personal security precautions, protect their passwords and private information, install security updates, and keep an eye out for phishing emails. Here is a detailed list of things to remember when making an online money transfer:

Protecting Yourself Should Be a Top Priority

Before worrying about the actual transaction, you must ensure that your computer or mobile device is secure. Make sure your operating system and any other programs or applications that might be used in the transaction are current before you do anything else. This entails using the most recent version of Windows, OS X, or any other operating system on a conventional computer.

Because you'll probably be carrying out these transactions over the Web, you should definitely double-check that you are using the most recent browser version on traditional machines. Avoid transferring money on shared computers, computers at the library, or friends' equipment. 

Fraud And Identity Theft

This is when someone uses your identity to engage in unapproved transactions. Passwords and security questions are examples of information that thieves and scammers can access to bypass the login page. Never reveal information to anyone claiming to be from your money transfer provider unless they can demonstrate their legitimacy. Also, ensure the platform has security features like session time-outs and two-step verification procedures.

Unreliable Platforms

Because of unsecured browsers and servers, users who send money online run the risk of having their information intercepted and stolen. When this occurs, the SSL certificate for the provider's website is either missing or expired. A valid SSL certificate must be present on your website (you can check if there is a little padlock logo on the left of the search bar in your browser). 

Clicking on this padlock will enable you to check the SSL certificate's validity. It's a good idea to look for security layers like Norton Secured Seal, Verified by Visa, and Mastercard SecureCode when making payments.

Scams With Money Transfers

These con games come in a variety of forms and sizes. The Federal Trade Commission (FTC) reports that some con artists ask for emergency help while posing as people they know. Others may pose as employees of money transfer companies or as recipients of previous money transfers. 

Avoid sending cash or disclosing bank account information to strangers, and report any suspicious activity to the FTC, the Internet Crime Complaint Center (ICCC), and the fraud division of your provider.

Users can transfer money within or across countries with the help of online money transfer services in an effective, affordable, and generally safe manner. A web-based platform or a mobile app may be used to carry out the transfers. To send your money in the safest possible manner, it is your responsibility as a user to evaluate the security of the various available platforms. 

To ensure the security of your transaction, you should check the security protocols of any method you choose to use, including bank transfers, online money transfers, and cash-based transfers. The best option is to use ACE Money Transfer because it can help you save time and money and is secure.

Bottom Line 

When sending money overseas, use the highest level of security possible. Users should not give anyone access to their passwords or other login information for their online accounts, whether they are with platform providers or online banking services.

Clients should recognise and delete emails from unknown spam or suspicious sources. Over public networks, making online payments puts you at risk of identity theft. So use only private networks that require a password. For enhanced security of transactions, you should send money online via ACE Money Transfer, an FCA-regulated Authorised Payment Institution (API) offering completely secure international transactions.


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