4 Simple Safety Tips for Sending and Receiving Money Online

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Sending money online has become a normal part of most of our lives. Online money transfers are an easy way to send somebody a gift, help somebody out, or repay somebody for something.

However, it’s important to remember that there is always a risk whenever you are sending money online. Cybercrime is on the rise, and there are hackers who will go to great lengths to get access to bank accounts and other financial information. Because of this, it’s important to always keep these safety tips in mind when sending money to anybody online.

Use a Trustworthy Transfer Option

These days, there are more options than ever before available when it comes to sending money online. Because of this, it’s important to do your research into the one that you are using and make sure that it’s trustworthy, reputable, and secure. If you send a lot of money to family or friends abroad, for example, then you need to be able to send money online using a service you can trust. Look for security seals such as approval by the financial regulating body in your country, SSL certificate and two-factor authentication login.

Only Send to People You Know

Before you send any money, it’s a good idea to make sure that you verify the recipient. If you receive a request from somebody asking you to send them money, then spending a few minutes to get in touch with them and make sure that the request is actually from them can save you a lot of trouble in the future. Phishing attacks, where hackers pretend to be somebody you know to request money from you, have become more and more common in recent years.



Use a Secure Connection

One of the best things about sending money online is that you can easily do it from anywhere. However, it’s important to make sure that your connection is secure before you log into an online banking app or payment wallet app to send money to somebody. Public Wi-Fi, for example, might be handy for staying online when you are out and about but it is not always the most secure option as it is easy to hack into, so it’s best avoided. Download and use a VPN on your device or use your cellular data instead if you’re using a smartphone.

Watch Out for Common Scams

Buying or selling a product online is a common reason for sending and receiving money. However, there are a few common scams to look out for if you are buying or selling a product online. If you’re selling, then one scam is to get an email from the buyer saying that the money has been sent and will be released when they receive the item. Or if you are buying, be wary of sellers who request money upfront and do not want to use a secure payment method that offers protection to you as the buyer.

Sending and receiving money online has become a normal part of our lives these days, but it’s important to know how to stay safe when making online transfers.

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