01 Aug 2022
Sending money across borders has become so convenient that $64,173 million were digitally transferred in 2018. With a probable 15.9% increase, the number is expected to hit $ 143,096 million by 2023. Easy-to-use mobile applications and the simplest global money transfer methods drive more people daily towards digital transactions.
Transferring funds to your family and friends from abroad isn’t a big deal anymore. You can instantly send money home within a few clicks or taps on your mobile screen. However, with such convenience, several risk factors are also associated, which you can avoid by knowing and complying with effective strategies. Continue reading to learn about how you can avoid the risks and benefit the most from your online transactions.
Following are some of the most common yet critical risk factors you must know and avoid to remain safe with your transactions.
The online money transfer process is pretty convenient for every user since it demands no complexities. However, it can often prove highly risky if you are unaware of the vulnerability of your information.
Do you know that almost 2200 cyberattacks are recorded each day globally? If you use insecure or unauthentic mediums to make a transaction, you put your privacy at an irresistible risk. Many hackers and scammers are present online who might steal your information and impose an unbearable loss on you using your information.
But, you need not worry and be stressed out! You don’t require going through any complicated procedure to secure yourself online. You simply need to ensure that the money transfer service you use is registered, authentic, and offers fully secure solutions. With a secure platform, your privacy remains unbreakable, and there remains no risk of losing your information.
The famous saying, “all that glitters is not gold”, perfectly fits in the digital money transfer world where fake calls and emails drive users’ attention towards fascinating rewards. But, the fraudsters and scammers actually trick the unaware users through these attempts to steal their data and information and extort undue benefits.
Every authentic service provider complies with regulations and policies that inform users about their promotions through official channels. If you receive a call or email from an unknown or unofficial channel, you may simply ignore or report it but never follow whatever it demands.
One of the common risks, especially for new users, is inputting wrong information while making an online money transfer. You cannot possibly revoke the funds transferred to the wrong recipient by mistake and ultimately face irreparable loss.
You can simply avoid such issues by closely checking all the information whenever you make a transaction. Never proceed to complete a transfer without properly checking and confirming that the details of your desired recipient are correct. Remember that even if you have saved the information, checking it at the time of each transfer will keep you safe from an unexpected loss of money.
Mobile applications are the most convenient and smooth source to instantly transfer money to your family. However, you can lose your money and information if you aren’t using the official mobile app of your service provider.
You can possibly come across but can’t identify imposter apps while installing them from Playstore or App Store since they look the same as the original apps. Hackers create such apps intentionally to break into your personal information and take away funds from your online accounts.
You can stay safe from this type of risk simply by installing the applications found on the official channels of your service provider. You can ask their customer support representatives for help to find and install the correct and authentic money transfer app only.
One of the most common risk factors linked with mobile applications and general internet usage is that you remain vulnerable to malware attacks. You never know when malware has entered your mobile device or PC and started hacking your personal data.
You must use a robust antivirus software application on mobile and PC that may keep checking and protecting your devices against the virus programs. These programs can stop any malware from entering your device and remove any existing viruses in the device.
Phishing gives complete control to hackers to make as many transactions from your account as possible. In such an attempt, you get a call that looks like coming from your trusted institution, such as your bank. The hacker on the fake call, seemingly the bank representative, will ask you to provide sensitive information such as your login details. To acquire these details, they pretend the matter to be quite severe; you get anxious and worried as much as you decide to give them the details they demand.
Remember that your authentic service provider must never ask you for secret information on a phone call or email. Instead, if there arises a situation where they need your credentials, they’ll request you to visit the nearest branch or physical office to complete the procedures. So, you must never respond to a phishing call or email so that you may remain safe when sending money abroad to your family.
If you choose ACE Money Transfer, it is the best way to transfer money internationally since the company provides secure and legally regulated remittance solutions.
Now, let’s look at the factors you need to consider while sending money online.
Following are the most critical factors you must consider before sending money online.
It is the most crucial factor that you must consider. Many companies keep their currency exchange rates static to extract maximum benefit from the remitter. Currency rates keep fluctuating; therefore, the service providers must ensure updated exchange rates for the customers according to the market rate variations.
ACE Money Transfer is one of the few online money transfer companies that offer its valued customers the best currency exchange rates. And to do this in the simplest way, the company has linked the currency exchange rates with the international market. It enables the customers to choose a time of their liking when the rates are at their highest.
Many companies charge a high fee for the services they offer. Of course, if the service quality is excellent, the customer does not mind paying for it. But, it is double-trouble for the customer if they pay a high fee in exchange for compromised service quality.
Even many companies extract benefits from the exchange rates they offer alongside charging a high fee. Realising this trouble of the expatriates, ACE Money Transfer has set a minimal fee for its valued customers. ACE's service charges are so low that they sometimes become negligible. And that is not it. Such a low fee in exchange for the best service quality! It is a luxury score other companies simply cannot afford.
It is another essential factor that you must consider. You would definitely have heard and read about online money scams. Many factors invite this trouble. But, the primary one is the weak security of the company you choose to send your remittances through. It is one of the main reasons that many people still prefer to transfer remittances through the banks despite that they are sluggish with high fees. ACE Money Transfer’s security of transactions is one of the world’s best and trusted by millions of expatriates worldwide.
Imagine if you have to travel long distances to collect or send your remittances and pay for travelling. It will not serve the purpose financially because a large chunk of what you are earning is consumed by travelling to send and collect your remittances.
Now, contrast this scenario with a company that has a 24*7 online availability and a wider network. This enables you to initiate a transaction right from the middle of your comfort zone, allowing the recipient to collect the funds from nearby collection points without travelling long distances.
It is another critical factor you must consider. Your service provider must have a secure mobile application with unbreakable security. With the help of ACE’s user-friendly smartphone app, you can send money smoothly in a few clicks by just selecting the recipient, the desired amount, and finally by hitting send!
Digital money transfers have eased human life with smooth and convenient solutions. You can instantly transfer funds across borders within a few clicks without requiring any troublesome procedures. Nevertheless, certain risks are associated when you go online, where you can probably lose your money and secret information if a data breach happens. If you ensure the strategies mentioned above, you can have great peace of mind with no risks when you send money online to your family.
