When it comes to money, we like to keep it safe. And with the rise of online banking and bill payment services, accessing your funds has never been easier. But, this ease comes with security risks as well. Keeping your bank account or money transfer service details safe is a challenge for most of us – let alone if you’re dealing with virtual money. Fortunately, there are some easy ways to ensure you’re safe when transferring money online. This article discusses some security precautions that everyone should take when transferring money online:
Always Sign out Of an Account when you’re Done Using It.
You’re probably aware of this rule, but it’s important enough to mention twice. When you’re done using a particular online account, always sign out. This prevents someone from logging onto the account without your permission. Anyone else logging onto the account will still be logged onto the account as if you’re logged out. This is an essential security precaution, but it’s important. Even if someone can enter your account and manipulate your balance, they won’t be able to withdraw or transfer anything.
Limit Who Can Access Your Online Accounts
Online accounts are highly vulnerable to hacking. Someone with knowledge of your password and your login details could access your account. This is a hazardous move to make as tempting as sharing your account details with family and friends. You would only be able to reach out to the person with your login details and password, but if they know the person, they could access your account and transfer money. This is a dire and concerning situation.
There are a few ways you can limit who can access your accounts. You can create a unique password for each account you have. You can also take advantage of two-factor authentication. This is a security feature that requires you to enter a code that is sent to your phone, which increases your security. You can also opt for multi-login accounts, with each account linked to a different email address.
Only Use Reliable Money Transfer Services.
International money transfer services are the ones that let you send money to anyone. Most, if not all, of the popular online payment methods, such as Google Wallet and Venmo, are MTOs. While they sound easy enough, you should take some vital security precautions when using an MTS.
First, do your research. Research the money transfer service and ensure you send money to a trustworthy person or business. Ensure that the person or company you send money to has an excellent online reputation—double-check their name and address. Second, avoid sending large amounts of money. The most reliable way of protecting your money is by sending small amounts of money at once. Remember, there is a high risk of financial fraud victims.
Don’t Sacrifice Security for Convenience.
While it’s tempting to sign in to your online account when you’re finished for the day, you should log out of your account first. This will prevent anyone else from accessing your account. If you choose to sign out of your account, don’t open any new tabs or windows on your computer or smartphone. This will ensure that you don’t accidentally open a new tab, which could allow anyone to access your account.
Use A VPN.
A Virtual Private Network (VPN) secures your online accounts by creating a secure connection between you and your server. This prevents anyone from intercepting your data as it travels over the internet. VPNs can be used to securely access your online accounts, transfer money, and browse the internet. You could use a VPN to log into your online accounts anonymously, keep your activity and activity history private, and encrypt your internet traffic. Some VPNs provide unlimited access to multiple services, while some focus on one service, such as streaming Netflix or watching sports.
Use Two-Factor Authentication.
Two-factor authentication is a way to increase account security by requiring you to provide two different pieces of information to make a transaction. This could be your login details, passport number, or fingerprint. This way, even if someone breaches your login details, they would have to have the second factor. Several apps provide two-factor authentication, such as Authy, Google Authenticator, and Duo Security. You could use these apps to log into your online accounts, such as your bank or credit card account.
Banking and money transfer services may seem like a hassle, but they can be helpful. And they can be beneficial when you use them securely. Before sending money back home, you must look for a guide to transfer money abroad. The best way to keep your information safe is to protect your computer with a firewall, encrypt your files, and follow our tips to keep your password simple.