Tips for Securing Online Money Transfers

by Susan Paige
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Exchange of money has been part of nations’ economies for centuries, with development in technology bringing about change in the way money is dispersed across different parts of the globe. The widespread adoption of fast and accessible internet services has prompted many people to start transacting and transferring their money through online channels.

There has been an increased number of people transferring money online to family, friends, and other parties to cater to education, travel, emergencies, and payments for online products or services. Conducting transactions online has proven to be a lot more convenient and fast compared to traditional methods of money transfer. For instance, using services like those offered by Sharemoney, you only need an app on their phone or a URL such as to transfer funds.

As much as online money transactions are easy, and you are only a click or a tap away from accessing your financial services, it also poses some serious risks to you as a user and your money. Some of the risks that you may encounter include identity theft and fraudsters. To avoid falling victim to theft, you need to protect yourself as you transact online. Below are tips on how to secure your money transfers online.

Verify the Recipient

Before sending money, make sure you’re sending it to the right person. Sometimes conmen attempt to defraud internet users with advance fees, pre-payment scams, and lottery scams. There are different measures that you can take to verify an authentic receiver.

One verification measure is the credibility, accuracy, reasonableness, and support (CARS) method when relying on online sources of information. Using this method, you need to determine the credibility and reliability of the sources of information, then compare and fact-check with other trusted sources. In the case of transferring money, approach the process objectively, taking all the necessary precautions.

Secure Lines of Communication

One of the most critical considerations when transacting online is to maintain secure lines of communication. Accounts that serve financial purposes require strong and unique passwords. One way you can secure your communication channels is by encrypting your communication systems and applying a two-factor authentication protocol on your accounts.

Other ways you can secure your lines of communication are; only access trusted and authentic money transfer services, access the internet via a private network instead of public Wi-Fi. You can also have a transaction guarantor that requests an extra one-time password before any of your transactions are processed.

Protect Your Data

Securing your money transfers starts with protecting your devices, and the data that resides on them. Read the terms and conditions on data use, before subscribing to a money transfer service. Also, ensure it has secure encryption. Another data protection safety measure is to avoid using too many devices.

You should also watch out for questionable banner advertisements and phishing emails that may contain malware aimed at stealing your information. You can protect your data and transactions by keeping your privacy settings on, avoiding click-bait content, using strong passwords, accessing the internet using secure connections, and only transferring money through safe sites.

Cybercriminals are always on the lookout for ways to breach networks to access sensitive data. Consistent protection is essential, which is why you need to keep your antivirus, operating system, and applications up to date for continued data and system protection.

Besides the technical aspects, there are tactical measures you can apply to ensure safe and secure money transfer. They include; only sending money to people and organizations, you know, never disclosing your passwords or other banking information, and verifying the purpose for transferring money. However, many credible online funds transfer services take care of most of the critical security issues. So, don’t let fear hold you back from using these convenient modern solutions.

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