{"id":2527,"date":"2021-03-07T19:07:16","date_gmt":"2021-03-07T19:07:16","guid":{"rendered":"https:\/\/comparism.com\/?p=2527"},"modified":"2022-11-15T11:51:05","modified_gmt":"2022-11-15T11:51:05","slug":"money-transfer-safety-tips","status":"publish","type":"post","link":"https:\/\/www.comparism.com\/money-transfer-safety-tips\/","title":{"rendered":"7 Ways of Staying (Extra) Safe When Sending Money Online"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips.png\" alt=\"Online money transfer safety tips\" class=\"wp-image-2534\" width=\"400\" height=\"224\" srcset=\"https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips.png 1280w, https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips-768x432.png 768w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/figure><\/div>\n\n\n<p>Trying to determine the <a href=\"https:\/\/www.finder.com\/uk\/international-money-transfers\/send-money-to-india\" class=\"rank-math-link\" data-lasso-id=\"421\" target=\"_blank\" rel=\"noopener\">best way to send money<\/a> back home to India and finding yourself considering online money transfers?<\/p>\n\n\n\n<p>If you\u2019re feeling uncertain about how secure your money is when you use an online provider, let us put your worries to rest.<\/p>\n\n\n\n<p>Generally speaking, sending money online can be just as safe \u2013 if not safer \u2013 than more traditional methods. However, most trusted providers will recommend that you take some extra precautions to decrease the risk further.<\/p>\n\n\n\n<p>We\u2019ve rounded up a list of<strong> money transfer safety tips<\/strong>; some of the <strong>best ways to stay safe when sending money online<\/strong>.<\/p>\n\n\n<style>.kb-table-of-content-nav.kb-table-of-content-id_53b047-46 .kb-table-of-content-wrap{padding-top:10px;padding-right:15px;padding-bottom:10px;padding-left:15px;box-shadow:0px 0px 14px 0px rgba(0, 0, 0, 0.2);}.kb-table-of-content-nav.kb-table-of-content-id_53b047-46 .kb-table-of-contents-title-wrap{padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kb-table-of-content-nav.kb-table-of-content-id_53b047-46 .kb-table-of-contents-title{font-weight:regular;font-style:normal;text-transform:none;}.kb-table-of-content-nav.kb-table-of-content-id_53b047-46 .kb-table-of-content-wrap .kb-table-of-content-list{font-weight:regular;font-style:normal;margin-top:var(--global-kb-spacing-sm, 1.5rem);margin-right:0px;margin-bottom:0px;margin-left:0px;}<\/style>\n\n\n<h2 class=\"wp-block-heading\">1. <strong>Do your research: Transact only with reputable remittance providers<\/strong><\/h2>\n\n\n\n<p>Before trusting your hard-earned cash with any provider, look it up thoroughly \u2013 and we mean <em>thoroughly<\/em>.<\/p>\n\n\n\n<p>A good place to start is by checking out the exchange rate and service fees used. Most quality brands are transparent about this information, so if you\u2019re looking high and low and can&#8217;t find the fees anywhere, or if it\u2019s buried in the fine print, it might be time to click the back button and look for another provider.<\/p>\n\n\n\n<p>You can go a step further by looking up how the money will get to the recipient and when the funds will be available.<\/p>\n\n\n\n<p>Most providers allow you to track the progress of your transfer, so make use of that. MoneyGram transfers, for example, can easily be tracked by providing your last name and authorisation or reference number.&nbsp;<\/p>\n\n\n\n<p>If the transfer is taking longer than expected, it may be time to flag this with your provider. And of course, don\u2019t forget to check in with the recipient to make sure they received the funds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. <strong>Be mindful of phishing emails and frauds<\/strong><\/h2>\n\n\n\n<p>Received an email from your bank or remittance provider?<\/p>\n\n\n\n<p>Look at it again, and more closely this time. Are you 100% sure it\u2019s from a legitimate, institutional email address?&nbsp;<\/p>\n\n\n\n<p>These days you can never be too careful.<\/p>\n\n\n\n<p>Whenever you receive an email asking for personal details or information about your bank accounts, you should verify that the email is genuine before proceeding. This is especially important if you\u2019ve received the message unexpectedly.&nbsp;<\/p>\n\n\n\n<p>Generally, the most obvious sign would be misspellings, incorrect grammar or that the email isn&#8217;t even addressed to you directly.<\/p>\n\n\n\n<p>However, we can\u2019t deny that scammers are getting smarter by the day and are getting better at spoofing emails. In this context, spoofing is when an untrusted source forges the header of an email to make it appear like it was sent from someone else (i.e. your bank or a money transfer service you\u2019ve used).<\/p>\n\n\n\n<p>These emails are sent with the intent to trick you into doing something the sender wants \u2013 transferring money, providing personal information, unknowingly downloading malware etc \u2013 by pretending to be someone you trust.<\/p>\n\n\n\n<p>Luckily, it\u2019s pretty easy to avoid getting scammed:<\/p>\n\n\n\n<p>Simply deleting the suspicious email saves you from harm. The same goes for receiving calls from your bank or a money transfer company \u2013 always opt to call them back at their official number before giving out information.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.comparism.com\/international-money-transfers\/\" data-type=\"post\" data-id=\"5202\" data-lasso-id=\"8674\">Remittance providers<\/a> like <a class=\"rank-math-link\" data-lasso-id=\"422\" href=\"https:\/\/www.westernunion.com\/nz\/en\/security-center\/email-phishing.html\" target=\"_blank\" rel=\"noopener\">Western Union<\/a> even caution people to delete any suspicious emails that they receive, emphasising that they will never send emails requesting IDs, passwords or other personal information.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. <strong>Keep your data secure<\/strong><\/h2>\n\n\n\n<p>It may be common knowledge, but this is also something that plenty of folks probably shrug off.<\/p>\n\n\n\n<p>Make sure you\u2019re using <a class=\"rank-math-link\" data-lasso-id=\"423\" href=\"https:\/\/www.cisecurity.org\/insights\/white-papers\/cis-password-policy-guide\" target=\"_blank\" rel=\"noopener\">complicated, unique passwords<\/a>, <em>especially <\/em>with accounts that are linked to your finances. This means using a combination of upper and lower-case letters, numbers and symbols.<\/p>\n\n\n\n<p>Cybersecurity experts cannot emphasise this enough:<\/p>\n\n\n\n<p>If you use the same password, regardless of its complexity, across all your accounts, it\u2019ll be easier for hackers to access all of them. If one site gets compromised and you use a universal password, then chances are the hackers can easily work from there.&nbsp;<\/p>\n\n\n\n<p>Further, you should make it a point to <strong>change your passwords frequently<\/strong>. It\u2019s often difficult to tell if someone else is using your account, so by changing your password you reduce the risk of other people accessing your account. Some sites even boot you out of your accounts on other devices every time you change your password.<\/p>\n\n\n\n<p>There are also other methods you can use to proactively increase your security. One of them is already pretty common: two-factor authentication (2FA).<\/p>\n\n\n\n<p>Using 2FA simply means you&#8217;ll receive a security code via SMS, email or authentication app that you will then use to confirm that you are the one accessing your account.<\/p>\n\n\n\n<p>Most banks or remittance providers enable 2FA by default to confirm any transaction that you make, but you can go the extra mile and set up 2FA even just to log in. There are already some <a class=\"rank-math-link\" href=\"https:\/\/www.theverge.com\/22215571\/factor-authentication-2fa-apple-microsoft-google-how-to\" data-lasso-id=\"424\" target=\"_blank\" rel=\"noopener\">apps<\/a> on the market that allow you to easily set 2FA up across all your accounts.<\/p>\n\n\n\n<p>Additionally, don\u2019t save your passwords and make sure to log out after every transaction before closing the browser or application, even if you\u2019re using a personal device. Having your password saved or staying logged in can make it easier for your next transaction \u2013 but it also makes it easier for <em>anyone <\/em>who may access your device as well.<\/p>\n\n\n\n<p>In fact, apart from always logging out of your accounts, it\u2019s also considered good practice to occasionally clear your browsing history and cache.&nbsp;<\/p>\n\n\n\n<p>However, if saving passwords is a must for you, instead of relying on Smart Lock or Apple Keychain, consider giving password managers such as <strong>Dashlane<\/strong> or <strong>1Password<\/strong> a shot.<\/p>\n\n\n\n<p>Cybersecurity experts suggest using a password manager because not only do they serve as a secure way to store your passwords, but they also help protect your accounts as well.<\/p>\n\n\n\n<p>Long gone are the days of needing to use the same password across all your accounts for ease of memory \u2013 you now have a computer to remember all your unique passwords for you.<\/p>\n\n\n\n<p>Make your passwords as complicated as you want, the only password you have to remember is the master password to log into the manager. Some password managers even have features that alert you when your accounts are hacked or your passwords have been exposed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. <strong>Ensure your privacy<\/strong><\/h2>\n\n\n\n<p>If you\u2019re accessing your bank account through a public PC or Wi-Fi connection, now is the time to stop \u2013 you should have stopped yesterday, really.<\/p>\n\n\n\n<p>When handling sensitive, private information, it&#8217;s advised to <strong>only use your own personal device<\/strong> and to <strong>always connect to a secure network<\/strong> to avoid the misuse of your data.<\/p>\n\n\n\n<p>Connecting to public Wi-Fi opens you to several risks such as <a class=\"rank-math-link\" href=\"https:\/\/us.norton.com\/internetsecurity-privacy-risks-of-public-wi-fi.html\" data-lasso-id=\"425\" target=\"_blank\" rel=\"noopener\">man-in-the-middle attacks<\/a> where hackers can hijack your transactions. Moreover, this is an opportune time for hackers to slip malware onto your device that could cause you harm even after disconnecting from the public network.&nbsp;<\/p>\n\n\n\n<p>And that software update you keep telling your computer to remind you later about?<\/p>\n\n\n\n<p>You may want to consider having that update sooner rather than later. Device and software updates are in place to patch any vulnerabilities found or exploited in previous versions.<\/p>\n\n\n\n<p>Oftentimes, these even come with better security features that are vital for sensitive transactions such as remittances. Constantly delaying that update puts your device at risk for malware infections and security breaches.<\/p>\n\n\n\n<p>The updates don\u2019t stop there \u2013 the same principle applies to the media you use to actually transfer your money.<\/p>\n\n\n\n<p>After you\u2019ve updated your software, you need to make sure that if you\u2019re using a computer, you\u2019re also using the latest version of your Internet browser. This is generally easy to figure out by looking at your browser\u2019s settings menu.<\/p>\n\n\n\n<p>If you\u2019re using a mobile device, then it\u2019s your remittance provider\u2019s application you should keep up to date.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. <strong>Use encrypted and authorised sites and applications<\/strong><\/h2>\n\n\n\n<p>Before sending money online, make sure that the site or app you&#8217;re using is secure and encrypted.<\/p>\n\n\n\n<p>Secure websites use <a href=\"https:\/\/www.cloudflare.com\/learning\/ssl\/what-is-https\/\" data-lasso-id=\"426\" target=\"_blank\" rel=\"noopener\">HTTPS<\/a>, the secure version of HTTP, which allows you to transmit sensitive data securely over the Internet. <\/p>\n\n\n\n<p>An easy way to spot encryption on websites is to look at the URL. <\/p>\n\n\n\n<p>Notice the lock icon in the address bar of your browser next to the Comparism URL?<\/p>\n\n\n\n<p>It depicts the site is using https secure protocol.<\/p>\n\n\n\n<p>Apart from checking whether a website uses HTTPS, another thing to keep an eye out for is your browser warning you about unsafe websites in the browser\u2019s address bar.<\/p>\n\n\n\n<p>A red triangle with an exclamation mark, a red line through a padlock or even the words \u201cNot secure\u201d are all indicators to be wary of. These symbols signal a potentially dangerous site and should be avoided.<\/p>\n\n\n\n<p>If you\u2019re considering using a remittance provider with this symbol on their website, you may want to reconsider.<\/p>\n\n\n\n<p>In fact, maybe just look for a new provider altogether.&nbsp;<\/p>\n\n\n\n<p>Beyond these, you can look through your provider\u2019s website and check their licences and security compliances.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.comparism.com\/transferwise-review\/\" class=\"rank-math-link\" data-lasso-id=\"427\">Wise, formerly TransferWise (<strong>review<\/strong>)<\/a>, for instance, is regulated by the FCA and is constantly audited by finance and IT auditors and makes this <a href=\"https:\/\/wise.com\/gb\/about\/security\" class=\"rank-math-link\" data-lasso-id=\"428\" target=\"_blank\" rel=\"noopener\">information readily available<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. <strong>Check your details \u2013 then check them again, and again<\/strong><\/h2>\n\n\n\n<p>It&#8217;s a good idea to <strong>triple-check the account details<\/strong> when you&#8217;re sending money to an account for the first time. Just one typo could send your money to the wrong person.<\/p>\n\n\n\n<p>One way to make sure you\u2019ve entered all the details correctly is to get your partner or roommate to look over the banking info before clicking send.<\/p>\n\n\n\n<p>The great thing about online transfer providers is that you can save the account details of the people you\u2019re sending money to so that you don\u2019t have to re-enter them every time you send money.<\/p>\n\n\n\n<p>If you&#8217;re preparing to send a large sum of money, try sending a small amount first (e.g. \u00a35) to make sure the money is received. From there, you can save the details and send the larger amount knowing that you&#8217;ve already used those details before.<\/p>\n\n\n\n<p>Of course, this means that you\u2019ll end up paying fees for two transactions rather than one, but depending on the amount you&#8217;re sending, it could be worth the peace of mind.<\/p>\n\n\n\n<p>And when it comes to checking your details, we don\u2019t mean just the details for your ongoing transactions.<\/p>\n\n\n\n<p>Check the details of your accounts frequently. Monitor your balances and transaction history and make sure your money isn&#8217;t going anywhere it isn&#8217;t supposed to.<\/p>\n\n\n\n<p>If there\u2019s any suspicious activity, it\u2019s time to <strong>change your password<\/strong> and contact your provider immediately.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. <strong>Keep your receipts&nbsp;<\/strong><\/h2>\n\n\n\n<p>Just as you would keep the receipt for a pair of jeans you bought from Primark, you should also <strong>keep the receipt for your remittances<\/strong>: This is your proof that a financial transaction occurred.<\/p>\n\n\n\n<p>Generally, you should automatically receive a receipt from your money transfer provider almost immediately after a transaction. This typically contains information like the amount transferred, the exchange rate (if applicable) and any commission or other charges.<\/p>\n\n\n\n<p>Apart from providing you with information on your transaction, receipts allow you to track the transfer either through a tracking number or a direct link.<\/p>\n\n\n\n<p>When a transfer is taking longer than usual or you have other queries about your transaction, the tracking number found in your receipt is usually what providers ask for when you require assistance.<\/p>\n\n\n\n<p>Moreover, it\u2019s difficult to make any disputes should anything go wrong with your transfer if you don\u2019t have a receipt.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Safe, secure and speedy: Send your funds with a trusted money transfer provider<\/h2>\n\n\n\n<p>As with anything that involves your money, be mindful of your safety when completing money transfer transactions online.<\/p>\n\n\n\n<p>Broadly speaking, digital money transfer providers offer a convenient <a href=\"https:\/\/www.comparism.com\/international-money-transfers\/\" data-type=\"post\" data-id=\"5202\" data-lasso-id=\"8675\">way to send your funds overseas<\/a> and provide several benefits over other methods, including typically being available round the clock.<\/p>\n\n\n\n<p>There&#8217;s also the matter of speed and convenience, with many online remittance providers offering instantaneous or same-day transfers.<\/p>\n\n\n\n<p>Trusted money transfer websites, such as <a href=\"https:\/\/support.azimo.com\/hc\/en-us\/articles\/360001253447-How-does-Azimo-protect-your-money-\" class=\"rank-math-link\" data-lasso-id=\"429\" target=\"_blank\" rel=\"noopener\">Azimo<\/a> and <a href=\"https:\/\/www.ofx.com\/en-gb\/security\/\" class=\"rank-math-link\" data-lasso-id=\"430\" target=\"_blank\" rel=\"noopener\">OFX<\/a>, are licensed by monetary authorities and have various <strong>safe money transfer<\/strong> systems in place to make sure that your funds arrive safe and sound.<\/p>\n\n\n\n<p>As long as you do your research and take extra safety precautions yourself (which you should do with any money transfer method), online money transfers are a great way to send your money overseas contact-free.<\/p>\n\n\n<div class=\"wp-block-image is-style-rounded\">\n<figure class=\"alignleft size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.comparism.com\/wp-content\/uploads\/Zak-Killermann-Finder.jpg\" alt=\"Zak Kellermann, staff writer, Finder.com\" class=\"wp-image-2543\" width=\"100\" height=\"100\"\/><\/figure><\/div>\n\n\n<p><strong>About Zak:<\/strong><br><em>Zak Killermann is a staff writer at Finder specialising in money transfers. After getting burned once by an over-the-counter money exchange, he vowed to never settle for anything short of the mid-market rate again.<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Trying to determine the best way to send money back home to India and finding yourself considering online money transfers? If you\u2019re feeling uncertain about how secure your money is when you use an online provider, let us put your worries to rest. Generally speaking, sending money online can be just as safe \u2013 if&#8230;<\/p>\n","protected":false},"author":2,"featured_media":2534,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[9],"tags":[63,61,67,62,64,65,32,66],"uagb_featured_image_src":{"full":["https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips.png",1280,720,false],"thumbnail":["https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips-150x150.png",150,150,true],"medium":["https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips.png",1280,720,false],"medium_large":["https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips-768x432.png",768,432,true],"large":["https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips.png",1280,720,false],"1536x1536":["https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips.png",1280,720,false],"2048x2048":["https:\/\/www.comparism.com\/wp-content\/uploads\/Online-Money-Transfer-Safety-Tips.png",1280,720,false]},"uagb_author_info":{"display_name":"Guest","author_link":"https:\/\/www.comparism.com\/author\/guest\/"},"uagb_comment_info":0,"uagb_excerpt":"Trying to determine the best way to send money back home to India and finding yourself considering online money transfers? If you\u2019re feeling uncertain about how secure your money is when you use an online provider, let us put your worries to rest. Generally speaking, sending money online can be just as safe \u2013 if...","_links":{"self":[{"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/posts\/2527"}],"collection":[{"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/comments?post=2527"}],"version-history":[{"count":3,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/posts\/2527\/revisions"}],"predecessor-version":[{"id":5352,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/posts\/2527\/revisions\/5352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/media\/2534"}],"wp:attachment":[{"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/media?parent=2527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/categories?post=2527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.comparism.com\/wp-json\/wp\/v2\/tags?post=2527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}