Advances in technology mean that we’re able to send money online in a matter of seconds, and all with a couple of taps on a smartphone. However, as with anything tech-based, the benefits always have to contend with security issues, as cybercriminals are constantly searching for ways to wreak havoc. Luckily, there are actions you can take to make sure your identity and funds are kept safe in transit – find out more below.
Explore Blockchain Solutions
Blockchain is an online digital ledger that’s almost 100% hack-proof, and it’s the infrastructure sitting behind cryptocurrencies and smart contracts. The most well-known example of blockchain tech is Bitcoin, which has been the most valuable currency since it emerged in 2009.
If you’re looking to send money online, blockchain technology is a fantastic way to keep your money secure, as transactions are added to the chain, encrypted, and can never be altered. You will need to open a digital wallet to send cryptocurrency, but setting one up is extremely easy.
Naturally, Bitcoin and other cryptocurrencies are extremely volatile, which is why it likely isn’t a good idea to transfer into Bitcoin, send the money, and then transfer back to the other side (the value may have changed considerably). Instead, buy PoundToken and send your funds in this currency, as it’s tethered to the live value of the pound. Alternatively, you can use this list of stablecoins to find other crypto pegged to fiat currency.
Research Transfer Providers
If you’re using a remittance provider, you need to carry out research to make sure it’s legitimate. A great place to start is searching online for customer reviews. Then, you can do some reaching into the background of the company. For example, if you choose to send money online with Ria app, you will find that the company is well-established because it’s been around since 1987.
Watch Out for Phishing Emails
The majority of email providers have pretty impressive spam filters, but that doesn’t mean the odd phishing email won’t seep through the cracks. Phishing (which sounds a lot like “fishing) emails are sent out in mass by cybercriminals in attempts to trick them into giving away personal details. Whenever you receive an email asking for your personal details, whether it looks like it comes from your bank, a retailer, or anyone in between, always treat it as suspicious and contact your supposed source to verify whether it’s real – or not.
Check and Double-Check All Details
When you’re sending money through a payment provider, you have to make sure that all details are 100% correct, and then check one more time for good measure. If you input details incorrectly, your money could end up anywhere, and there’s often no means of having it returned. The same does for sending crypto – you must ensure you have the target wallet address typed 100% correctly.
Sending money online makes life much easier, but users need to practice common sense and follow a few basic principles to avoid losing out.
