Are you looking to minimize the risks of sending your money to a family member, or saving money on your future purchases? If so, you may be considering transferring your money online. While this can be a great way to save time and money, it's important to do so safely. In this blog post, we will discuss six tips that will help you safely transfer your money online. Follow these tips and you can rest assured that your money will be safe during the transaction!
Safely transferring your money online - 6 tips to think about
Money transfers have been a big part of our lives for a very long time. With the advent of technology, we now have the option to transfer money online. While this is a great convenience, it's important to do so safely. Of course, if you are to use Wise to transfer money, you will want to know Wise fees; while if you choose to use PayPal, you'll want to know how to set up a PayPal account. No matter which method you choose, there are a few things to keep in mind when transferring money online: Generally speaking, online money transfers are safe. However, there are a few things you should keep in mind to make sure your transaction is as safe as possible:
Use a reputable money transfer service
The first thing you want to shift your focus on is to make sure you're using a reputable money transfer service. A reputable service will have a good reputation and will be backed by positive reviews. They will also offer customer support in case you have any questions or issues with your transfer. Furthermore, they will use the latest security measures to protect your personal and financial information.
Compare fees before you choose a service
The second thing you want to do is compare fees before you choose a service. Some services will charge you a flat fee, while others will take a percentage of the total amount you're transferring. Make sure to compare the fees so that you can get the best deal possible. Some of the most common fees include:
- Flat fee: A flat fee is a set amount that you will pay for the transfer, regardless of the amount you're sending. For example, if you're paying a $15 flat fee to send $500, you would pay $30 to send $1000.
- Percentage of total: As the name suggests, this fee is a percentage of the total amount you're sending. For example, if you're paying a 0.50% fee to send $500, you would pay $25 to send $1000.
- Sender's fee: The sender's fee is the amount that the sender will pay for the transfer. This is generally a flat fee, but it can also be a percentage of the total amount.
- Receiver's fee: The receiver's fee is the amount that the receiver will pay for the transfer. This is generally a flat fee, but it can also be a percentage of the total amount.
Read the fine print
When you're transferring money, you'll be asked to agree to the terms and conditions of the service. Make sure to read these carefully so that you understand what you're agreeing to. In particular, pay attention to any fees that may be charged and how long the transfer will take. This is very important, as you don't want to be surprised by any hidden fees or a longer wait time than you expected. Furthermore, by reading the fine print, you can be sure that you are using a service that is reputable and trustworthy.
Keep your login information confidential
Another important thing to remember is to keep your login information confidential. This means not sharing your username and password with anyone. If you're using a shared computer, make sure to log out of the account when you're finished. Additionally, be sure to create a strong password that includes letters, numbers, and special characters.
Double-check the recipient's banking information
When you're ready to make the transfer, be sure to double-check the recipient's banking information. This includes the account number and routing number. You should also verify the name of the account holder to ensure that you are sending the money to the right person. Additionally, be sure to check the currency of the recipient's account to avoid any issues.
Store your transaction history
Last but not least, be sure to store your transaction history in a safe place. This will come in handy if there are any issues with the transfer. Additionally, it's a good idea to keep track of your transactions so that you can monitor your spending. Storing your transaction history is also a good way to keep track of your finances and ensure that you're not overspending.
By following these tips, you can be sure that your money is safe when transferring it online. Whether you're sending money to family or friends or making a payment for goods or services, these tips will help you do so safely and securely. Moreover, by being aware of the potential risks and taking the necessary precautions, you can be sure that your money is in good hands.
Online Threat Alerts Security Tips
Pay the safest way
Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.
Guard your personal information
In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.
Be careful of the information you share
Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with
Know who you’re dealing with
Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.
Check your accounts
Regularly check your account transactions and report any suspicious or unauthorised transactions.
Don’t believe promises of easy money
If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.
Do not open email from people you don’t know
If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.
Think before you click
If an email or text message looks suspicious, don’t open any attachments or click on the links.
Verify urgent requests or unsolicited emails, messages or phone calls before you respond
If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.
Be careful with links and new website addresses
Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.
Secure your personal information
Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.
Stay informed on the latest cyber threats
Keep yourself up to date on current scams by visiting this website daily.
Use Strong Passwords
Strong passwords are critical to online security.
Keep your software up to date and maintain preventative software programs
Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.
Update the operating systems on your electronic devices
Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.
What if You Got Scammed?
Stop Contact With The Scammer
Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.
Secure Your Finances
- Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
- Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:
- Equifax
- Experian
- TransUnion
Check Your Computer
If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.
Change Your Account Passwords
Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.
Report The Scam
Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.
Report your issue to the following agencies based on the nature of the scam:
- Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
- Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
- Identitytheft.gov: If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at www.identitytheft.gov. This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.
How To Recognize a Phishing Scam
Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.
Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:
Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might
- say they’ve noticed some suspicious activity or log-in attempts — they haven’t
- claim there’s a problem with your account or your payment information — there isn’t
- say you need to confirm some personal or financial information — you don’t
- include an invoice you don’t recognize — it’s fake
- want you to click on a link to make a payment — but the link has malware
- say you’re eligible to register for a government refund — it’s a scam
- offer a coupon for free stuff — it’s not real
About Online Threat Alerts (OTA)
Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.
By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.
With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.
Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.
Help maintain Online Threat Alerts (OTA).