Do you need to make international money transfers often? Maybe you have to spend some money to your relatives staying in another country. Or you could be making remittances against some services done by your vendor in another country. International money transfer is quite easy days. But they are not without the threats associated with all online transactions. A study by Juniper Research states that between 2020 and 2024, businesses may lose close to US$ 200 billion due to online payment fraud attempts.
There has been an increase in the number of attempted payment frauds and scammers are using more sophisticated methods to carry out their nefarious activities. The digital payments industry would be a big hotspot in such activities that could grow by 130% between the years 2020 and 2024. When you are doing any international money transfers, you must always use the renowned channels to keep the transactions secure. In this article, we will discuss a few tips for safe and secure international money transfers.
1: Get acquainted with the process
Before doing any online financial transaction, you must first get acquainted with the process. Always read between the lines and the terms and conditions to fully understand the workflows involved. The various platforms would have a few blogs and articles that would cover the processes involved in the money transfer. It is prudent to read these articles if you have any queries in your mind. If you still have questions in your mind, you may search the internet for suggestions or a patch in the customer support team of the money transfer agent.
2: Transfer only through reputed entities
It is essential to know the credentials of the entity you are using to make the transaction. And to play safe, you must choose a service provider who is experienced in the industry. There are several of them and for which you must go through their reviews and testimonials from their current clients. It also helps to gather knowledge from individuals who are acquainted with such organisations.
You must choose a renowned entity for the fund transfer as it will be easier for prompt redressal if anything goes wrong or if there is a failed transaction. These firms will pay more attention to your problems, if any, as they would wish to keep their reputation intact.
3: Use HTTPS websites only
It is vital for visitors to visit only HTTPS websites, as it will ensure secure communication between the webserver of the site and the browser of the visitor. It is aided by an SSL certificate that authenticates the owner and the website based on the type of SSL certificates like single domain SSL certificate and multiple domains SSL. Websites that are used to undertake transactions must be on the HTTPS platform. The HTTPS websites enthuse trust, and you must use only an HTTPS website for online transactions.
4: Send only to trusted people
There have been scams where senders have been conned into sending a large amount of money to a recipient in the pretext of receiving something in return that would never arrive. In such circumstances, the customer support of the entity would be reluctant to disputes on your behalf once the transaction is complete. You need to check the antecedents of the recipient before sending the amount. If You are sending the money to a new person, you must check their social media accounts or other details. It always helps to be safe and remit money transfers only to people who are acquainted with you.
5: Use a secure device
It is essential to use a secure device when initiating a money transfer. You must ensure that you have a secure connection that is protected by a password. The systems of the device, including the operating system, antivirus, etc. must be updated regularly. It will prevent any malware from stealing your personal information. Also, when you are initiating the transaction, you must ensure that the data is not saved in your device. It is essential to keep in mind that you must not use public terminals or shared devices to remit money online.
6: Check the exchange rates
When you are doing international money transfers, you must check the latest exchange rates. It will help you to send the exact amount of money that is required, and you do not send anything more or less. You must double-check on the exchange rate that your service provider is using and then make the calculations. Also, you must know about the charges that are applicable for transferring a particular amount of money. Some of the money transfer agents provide additional discounts if you transfer larger amounts.
7: Have robust passwords
When creating your user credentials on the money transfer platform, you must remember to create a robust password that adheres to the global password best practices. If your password is strong, fraudsters will find it difficult to break into your account. You can also utilize multi-factor authentication (MFA) to prevent the risk of someone gaining unauthorised access to your account.
8: Stay careful about online scams
You must be aware of emails that lure people to send them large sums of money claiming to be the proceeds of a lottery or promising lower rates using bitcoins. When you want to do an online money transfer, you must always type in the URL of the service provider, or you may use a bookmark. However, you must not click on any link from an email to visit the site. Also, do not fall for bitcoin transfers if you are unaware of how it works.
Transferring money online is a child’s play these days. However, there are always a few fraudsters out there to lure unsuspecting users into the trap. It is vital to stay clear from them and have secure international money transfers by considering a few essential tips that we have discussed in this article. A critical one among them is to stay away from phishing emails and visiting only HTTPS websites to carry out the money transfers. Also, you must track the transaction continuously till it reaches the bank account of the recipient. Always choose a reputed remittance agent for your transfers.