In 2021, instances of online fraud went up by 25% more than in 2020.
More people are choosing the convenience and accessibility of internet banking and sending cash online. So, more people are falling victim to the dangers.
But like everything in this world, there are always pros and cons. Going to college is great for educational reasons but it’s also very expensive, for example. And if you arm yourself with the latest online security advice, you can lessen the chance of any negative repercussions.
Follow this guide to find all the secure and safe cash transfer tips you need!
Use Reputable Cash Transfer Services
A safe and secure cash transfer starts by using the best banks and apps with good reputations. If you want to send money to another local account, your national banking website or app is almost always the best choice when sending cash online.
But if you are sending money overseas or in different currencies, you might want to use another service. Here are some reputable financial companies and apps for you to perform these transactions through:
- PayPal
- Wise
- Send wave app
- Monzo
They will all have different exchange rates and fees, so make sure you compare them all before you choose a service.
Create a Strong and Secure Account
Whether you decide to opt for online banking or use an app, make sure your account is as secure as possible. Choose a strong password made up of letters, numbers, and symbols that does not have any meaning. And do not use this password for any other account other than this one.
If you struggle to remember passwords, use a browser extension like LastPass to store them all.
All good secure money apps offer 2FA. This stands for two-factor authentication. If you switch on 2FA, this means that the app will use a password as well as another method of authentication before giving you access.
They may send you a text or an email with a code or a link to click to check if it is you. Some banking apps are now using biometrics like fingerprints, and this is a great option if your smartphone has the capabilities.
Only Send Cash to People You Know
There are so many online financial scams and that can be very scary. But as long as you only send money to people you know, there is no reason to think you will fall for one.
If a family member contacts you through a new phone number or email, be wary. Only trust existing methods of communication and try to contact them another way to be 100% sure it’s them. Always trust your gut.
Never send money through a link in an email, even if it looks like it is from your bank or financial app. Almost all emails and unsolicited emails, texts, and calls asking for money are scams.
Stay Safe When Sending Cash Online
Sending cash online is far easier than having to visit your bank, and the convenience is often worth the risk. And as long as you follow these tips and don’t make any hasty decisions, you will keep your money and your identity protected.
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