In today’s day and age, online money transfers have become the go-to method for sending and receiving money. Whether it’s paying the bills at your favorite restaurant, splitting bills between friends, or sending money abroad, it’s the most convenient method to transfer money. Although online money transfers are generally very secure, it’s still important to be aware of potential risks and follow best practices to protect your hard-earned money. Let’s look at some common online threats and tips to secure your online transactions-
- Phishing – This is a very common type of online attack where you’ll receive email or message that appear to be from your bank or other financial institution and it’ll ask for your login credentials or personal information. It’s better to always access your accounts through official websites or apps.
- Virus – Malicious software can infect your personal devices and steal your sensitive data, including personal information. To protect against this, always keep your antivirus software up to date.
- Unsecure Networks- Avoid using public wi-fi networks to transfer money online. These networks are not very secure and may compromise your sensitive data. Instead, use a private network or, if not possible, use your mobile data.
- Scam Calls – Scammers may use social tacts to make you reveal your credentials or authorize fraudulent transactions. Be aware of such fraud and misleading calls and don’t reveal your financial data to anyone unless you are absolutely sure.
Tips to secure your transactions-
- Strong Passwords and 2 factor authorization – Always use strong unique passwords for your finance accounts and use 2FA whenever possible to add an extra layer of security.
- Always ensure you’re using safe websites ( look for https in the address bar) or an app from known, reputable sources.
- Keep your devices secure with updated antivirus software and firewalls etc.
- Whenever you need to transfer money to bank account always double check the account details and the account holder name to prevent accidentally transferring money to someone else.
- Never, ever click on links or open attachments in emails from unknown senders, especially if it’s related to financial matters.
- Choose established and reputable services for money transfer online with a strong track record of security.
- If possible, set transactional limits on your account to minimize potential losses in case of unauthorized access.
- Use fingerprint or facial recognition for additional security on your apps and devices.
Online money transfers offer great convenience and by taking the right precautions you can reduce the risks and fully utilize its advantages. Stay alert, keep your devices and software updated and be aware of threats. By following these tips you can actually enjoy the benefits of this digital age of finance.