With the developing technologies in the financial sector, the traditional transfer of money that involves cash-based money transfers is being phased out by global money transfers online. It is utilised in various sectors to move money locally, globally, and even to pay for services. However, as the financial world evolves, people are more likely to share false information and misconceptions about the services offered by various remittance businesses.

The reputation of these companies might shatter due to such spurious news. The internet may be the best tool to spread such invaluable information, which is plagued with false information created and propagated by uninformed individuals about the issue and that which was purposefully made up and spread. This blog article explains the distinction between disinformation and false news in a nutshell. It also informs you about how to tackle such news about remittance companies.

What is Misinformation?

Misinformation, in its most basic form, is inaccurate information. This information in the remittance world can be in the form of:

• A direct message or a social media post.
• A text message or an email
• Through a complete website or a single webpage
• A document or file that is shared in any way.

Misinformation is commonly spread unintentionally by people who are unaware that it is erroneous, misleading, or even destructive. This is how misinformation spreads in such a short period, with various effects. On the other hand, disinformation is inaccurate information disseminated with the awareness that it isn't totally or entirely factual. In the remittance industries, competing companies may spread misinformation to ruin the financial institution’s reputation. 

What is Fake News?

Access to fake news has become an ongoing problem in this era of largely unregulated social media, a plethora of online news outlets, and sponsored articles. There are two types of misleading news in the remittance industry:

1. Untrue tales that are purposefully produced to influence your views and decisions, and visit specific websites that may include false messages about making international money transfers or contain things you would not typically want to see. These persuade you to believe something incorrect or to purchase particular items or services.
2. Stories that are only partially accurate include reward distribution messages that turn out to be fake or facts, reasons for your international money transfers and financial statements that may contain phoney information about sending money online. This sort of false news is intended to propagate action that may lead to loss of funds or scams that can either become harmful for the customer or the remittance company itself.

Nevertheless, some false news is merely the result of urban legends or messages that change as they circulate from person to person. And, because many individuals do not examine the source of internet content before sharing it, misinformation or disinformation may spread swiftly. Some people purposefully say that completely factual news is fake news because they disagree with it or detest it.

Where Do People Get Their Information from?

The figure is taken from “pew research centre’s” research on news sources regarding remittance industries. Generally, young people acquire their news from internet sources and rely primarily on mobile platforms for communication. According to Pew Research Center, 55% of smartphone owners get news notifications on their smartphones. And nearly half of those who receive notifications go through to read the story.

People may increasingly tailor information distribution to their specific tastes. For example, subscribing to fraudulent news sites that advise you to send money for free may appear legitimate, but they may lead to fraud. However, there have been many changes over time regarding the news sources. An online money transfer may be prone to hacking attempts, but choosing a reliable and authorised service provider such as ACE Money Transfer will help you remain safe.

Real and Fake News – How to Identify It?

You may consider the following steps if you do not want to be a victim of such fraudulent information:

• Consider whether this is something that would indeed happen. Approach what you read or hear objectively, analysing why it was published, whether to alter your mind, sell something, send you to another website, or just startle you.
• Is anybody else reporting a similar story? Check to discover if other reliable newsfeeds and websites have reported the news you've seen.
• Investigate the source. Learn more about the publication, whether it is a reputable, typically dependable source or an individual's personal blog. Check to see if you can uncover any neutral evaluations of the source.
• Double-check for facts. Official statistics, polls, and earlier, comparable instances of the reported phenomenon are frequently used to back up genuine news. Often, it is evident that the news is anecdotal or invented.
• Examine the photographs. Photos or graphics accompanying fake news are frequently edited to emphasise the claim, and this is typically done poorly. Also, use Google to run a reverse image search to discover whether the image was stolen from another source.
• Use your intuition. Remember that if anything seems too bizarre, surreal, or strange to be genuine, it probably is.
• The best way to not be a victim of remittance fraud is to contact your remittance company as soon as you are informed about something. Remittance companies have a specific helpline which is operatable 24/7.
• Report the scam to your financial institute and keep the evidence. Evidence can be in the form of a screenshot, message, or anything that can be presented physically or virtually. Remittance companies like ACE Money Transfer do not back out in helping their customers anytime.

Select Your Service Provider Wisely

Whether you transfer your money through a bank or a money transfer service, you must weigh your options carefully and find the best way to transfer money online. Similarly, ACE Money Transfer offers the most excellent services to its valued consumers with no hidden fees.

ACE Money Transfer has been in the remittance business since 2002, serving its customers with the best remittance services. No fake news, no misinformation! This is the reality of ACE Money Transfer.

So what are you waiting for? Now is the time to join ACE Money Transfer!