As the global workforce gets digitally driven, online international money transfers have equally grown in prominence. Sending money internationally has always been a concern, and security is paramount when sending money internationally. It is no secret that the online world is a little messy as far as security is concerned. People use international money transfer platforms online, like PayPal, a famous international money transfer platform that has recorded 184.3 million users and is expected to grow to 249.9 million by 2025. As the digital money-transfer landscape is growing, security is also becoming a major concern to prevent financial fraud and ensure data protection.
Presently, money transfer scams are growing at a rapid pace and getting more complex over time. Be it any company or person, following security measures like two-factor authentication while making online money transfers is a must. Most banks and money transfer companies utilise encryption technology to protect their customers’ personal data. This technology ensures that the data is secure and can only be accessed by authorised parties. A study by Aite Group, a financial services research and advisory firm, found that 80% of consumers think that technology encryption is a significant online money transaction feature. Users should always follow precautions while sending money internationally, like personal security measures, protecting their passwords, keeping an eye on phishing emails, and installing security updates.
Security should be a Top Priority
Before worrying about actual transactions, users must ensure that their computers or mobile devices are secure. It is equally important to ensure that the applications they are using for international transfers, like PayPal, WorldRemit, Wise, or anything else, are installed from genuine platforms like the Play Store and App Store and should be running on the latest OS version. In addition, users must avoid any online money transfers on a shared computer at the library or a friend’s equipment.
Fraud and Identity Theft
Identity theft cases are at an all-time high because of the large number of identity theft methods. According to Identity Theft Statistics, 40% of consumers worldwide have been victims of online identity theft. Scammers steal users’ data and their identities to engage in unapproved transactions. Passwords and security questions are the top examples of information that scammers use to access or bypass the login page. Users should not reveal their personal information to anyone unless they demonstrate their legitimacy. It is significant to ensure the platform has security features such as two-step authentication, time-outs, etc.
Use of Reliable Platforms
Unsecured browsers and servers create a lot of trouble for users who send money online, as they are always at risk. If the SSL certificate of the service provider is missing or expired, then users should not proceed further. A valid SSL certificate should be on the service provider’s website, which adds an extra layer of security to the transaction. Users should also look for additional security layers like Verified by Visa, Norton Secured Seal, and Mastercard SecureCode while transferring money online.
Online international money transfers can be convenient, secure, and efficient, but knowing and following the proper safety measures to avoid fraud is essential. By researching and being vigilant, users can be assured that their money is safe and secure. It further helps users make better and more informed decisions while transferring money internationally.
According to Forbes Advisors, people should always use authentic platforms to transfer money internationally online, such as PayPal, Zelle, WorldRemit, or Wise. These platforms offer the highest level of security possible while keeping transfers safe and intact. People should never share or give their passwords or any other personal information that can put their hard-earned money at risk. Experts advise people not to send or disclose bank account details like account number, CVV, and PIN to strangers. Reporting any suspicious activity to the Internet Crime Complaint Center (ICCC), the Federal Trade Commission (FTC), and the company’s fraud division is highly recommended to the users in case of any financial fraud.