How to Stay Safe When Sending Money Online

Do you need to send money to family or friends online? In today’s Digital Age, transactions like these are more common than ever before.

Still, they aren’t without their risks. When sending money online, it’s critical to use caution and choose a trusted service. Today, we’re sharing a few tips that can help you conduct a safe money transfer, from anywhere at any time.

1. Only Use Trusted Providers

There are a number of money transfer apps that allow you to safely and securely send and receive money. Before you share your hard-earned money with any of them, make sure to do your due diligence first.

Research the fees, hidden costs, and exchange rates associated with using each platform. Check to see if you will be able to track the transfer as it travels across the web. Understand how the site authenticates users and verifies their identities.

All of this information should be clearly visible on the provider’s website. If you have to dig around to find it, then consider that a red flag and move on to the next option. Some sites like Remitly Send Money offer unbiased ratings and reviews of money transfer platforms for easy reference.

2. Protect Your Sensitive Data

One of the keys to online safety is to use passwords that are unique and complicated. This means skipping the usuals, such as the name of your pet. This step is especially critical any time you’re sending money over the internet.

The right password can keep your data secure and keep unwanted hackers out. If possible, create one that includes:

  • Uppercase and lowercase letters
  • Numbers
  • Symbols

Change your passwords regularly and avoid using the same ones for multiple platforms. An online password manager can help you keep track of them.

3. Know How to Avoid Scams

Avoiding cash transfer scams can be more difficult than it sounds. Scammers are growing more sophisticated by the day, and you may receive an email or text that looks just like one from your bank or credit union. However, if you look closely, you may be able to find some discrepancies, such as grammar issues or misspellings. 

Whether the sender is asking for money or your personal information, always call your provider to verify who sent it. Most reputable ones will never request this type of information online. 

4. Use a Private Device and Secure Network

If time is of the essence, then it might seem more convenient to use public Wi-Fi to complete your transaction. Or, you may want to use a community PC to do so, such as one at your local library.

Sending cash through these kinds of connections could open your device to a host of vulnerabilities, including hacker attacks. Always use your personal device, and stick to a secure Wi-Fi network.

It’s also a good idea to keep your computer or smartphone up-to-date by installing all recommended updates and upgrades. Doing so can add an extra layer of protection against security breaches.

Stay Safe When Sending Money Online

While sending money online might seem super risky, there are tools and technologies that can make this process more secure. The key is knowing which programs to use and how to use them.

Resist the urge to rush into a transaction, and make sure you understand the fees involved in any transaction. Then, you can send and receive funds with confidence. 

Looking for more helpful lifestyle advice? We have it all on our site, so check back often for more inspirational guides!

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