Money transfer? Always Play Safe

With the world getting increasingly digital by the day, the need to raise the awareness level for cybersecurity has never been stronger. For centuries, scammers and fraudsters have plagued the world. Today, scammers trick unsuspecting people to send money to them. By the time the victim realizes what’s happened, it’s often too late.

With fintech deciding the financial future, there is demand for new and efficient ways to send money and make payments. Today, we can send money from one corner of the world to another within seconds. With the help of money transfer operators to banks, people have access to multiple touchpoints to send money. So, here are few money transfer tips to ensure that your money does not reach the wrong hands.

The Right Money Transfer Channel

When you need to remit to your loved ones, make sure that you use a reliable money transfer channel. Many secure money transfer operators exist in the market, which offers great exchange rates and low fees. It’s not just the money that scammers are after, but also the personal details like bank account numbers or any information.

Earlier, people used informal channels to transfer money through relatives. This channel proved to be a success in some cases, and the rest is not guaranteed. Therefore, informal channels are still prevalent in some countries because people are unaware of the formal secure channel.

Advance Payment Schemes

As discussed above that scammers come up with new tricks to fool people. For eg. “Your mobile number has won a lucky draw!!!! Ask our agent partner for more details.” We often receive these types of tempting messages to get our attention. Never believe anyone, and do not get tempted into parting with any money or personal details. 

Phishing Scams

While phishing scams are not money transfer scams. Hence they pose a severe threat to your personal information that can use to steal your money. Phishing emails are fake emails usually pretending to be from banks or other financial institutions. They often contain links to a website that looks official but is a fake website operated by the attacker. They make up some reason to give your account details and steal your money.

Online money transfer

While sending money online opens a whole new world of convenience. Using reliable online money transfer apps and websites to wire money online is the safest way to remit money online. Adding on, many money transfer services also offer ‘the fastest way to send money. So opting for a trustworthy and reliable operator is essential.

The ultimate weapon against scammers

The most effective line of defense against fraud is to be aware. Few tips to follow while transferring money to someone.

  • Never disclose details, such as your PIN or full banking password
  • Use a secure way to send money 
  • Don’t assume that an email, message or phone call is authentic
  • Don’t be rushed – a genuine organization won’t mind waiting
  • Listen to your instincts – you know if something isn’t right 

With a little bit of self-control, you can ensure that you never become a victim of any of these deadly scams. While choosing the safest way to transfer money, remember that you play a crucial role in keeping your money safe.

Conclusion

While seamless payments play a crucial role in creating a more globalized economy. Sometimes it can also lead to some problems if not practiced with care. The advent of new payment channels has given scammers new routes to bring in their loot from around the world.

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