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5 Sure-Shot Tips to Secure Online Money Transfers

Monday, 09 May 2016
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Heard about the latest money transfer scam?

Last week, in Israel and Canada, online fraudsters had tricked innocent remitters into transferring huge sums of money by sending emails posing to be the latters’ bosses from work!

online money transfer tips

Cyber scam is an universal menace. Online money transfers are becoming increasingly prone to the risk of cyber-threats, in the form of virus, malware, fraud and unauthorised access. The biggest challenge here is the elusive profile of the perpetrator, who could be a young hacker stealing money just for the thrill of it, or a lucrative organised criminal network with agents worldwide. In spite of increased awareness, there are still so many people who get tricked and lose money everyday. The following are some of the common cyber scams doing its rounds till date.

  • Employment Scam
  • Lottery & Sweepstakes Scam
  • Free Win Scam
  • Relative in Need Scam
  • Property Promise Scam
  • Mystery Shopper Scam
  • Internet Purchase Scam
  • Charity Scam
  • Money Order Scam
  • Loan Scam
  • Anti-Virus Scam

So how do you enjoy the luxury of online money transfer while eluding cyber scams? We’ll help you with 5 sure-shot tips to avoid losing money online.

Tip 1: Be Vigilant

The cardinal rule is, “If it’s too good to be true, then it’s obviously not true!”.

Fraudsters usually do not snatch money by force. They first trick the victim by gaining their trust. Then it’s all downhill, the victim by his own will transfers money to the fraudster’s account. Hence to avoid such deception, do not click on links or respond to requests in unsolicited emails. Be vigilant with your acquaintances and don’t give out personal information regarding your income, investments and any other financial details.

Tip 2: Choose the Right Money Transfer Service

Do your research before choosing your money transfer service provider. Several online money transfer portals viz. money2anywhere.com are VeriSign-certified, PKI (Public Key Infrastructure)-enabled, and use the highest level of security-encrypted software to ensure total security. Make sure you go through their website to learn more about their security features for safe money transfer and data protection.

Tip 3: Use a Dedicated System/Network for Online Transfer

Never use a public computer or free public Wi-Fi to transfer money. It’s the breeding ground for potential frauds, auto-malware and spyware installations.

Tip 4: Create Strong Passwords

Don’t be predictable. Create alpha-numeric passwords and security challenge questions that are difficult for others to guess. Never share passwords, wire PINs, or account information with anyone.

Ideally, you should change your password every month to prevent nefarious, unauthorised access to your accounts.

Tip 5: Update your Anti-Virus Software

Always ensure you update security patches in the anti-virus software you use. Make sure you review each update before installing them.

Digital money transfer is gaining major traction by the day with its attractive features and convenience. The best way to leverage it and send money safely is by eliminating the accessibility and opportunity for a scam!

Last modified on Monday, 09 May 2016 11:24