Sending money online is a convenient and free option for people who want to send money to family and friends, or to buy something. The increasing adoption of online remittance has paved the way for many companies that offer the remittance service at a very low cost and in a quick session.
Although convenient, it’s important to remain vigilant online so that you can keep your details safe and not fall prey to any scams. If you are looking for ways to stay safe when sending money online in 2023, keep reading.
Do Your Research
Before using a new app or website, make sure to do your research and ensure that the company you are sending money through is legitimate. Unfortunately, there are many fake websites out there that replicate real websites.
To send money online in a different currency, use a reputable source and look out for the padlock symbol beside the website name. This means the website is secure. Always check the website name too, and search for reviews of the website before using it.
Be Mindful of Scams
It can be difficult to put your trust in real sellers when you know that scammers are all around. Even people who seem genuine could be part of a scam, so never send money online to someone you haven’t met or spoken to before. If you are buying something online and the seller is asking for a bank transfer or to use an app you’ve never heard of, this is a big red flag.
If you do want to send money to buy a resale ticket or something else, ask the seller to use a ticket resale site. You can also use sites like PayPal Business, which will hold your money until you confirm that you’ve got the item or ticket.
If you get emails from a company asking you to pay for something that you’re unaware of, check the email name. Scammers often pretend to be companies, but the email will be different from the company email. In any case, if you aren’t sure, it’s best to contact the company for advice.
Keep Your Data Secure
To prevent anything happening to your money when sending it online, make sure that you use unique and complicated passwords for each website and app. If you use the same password, even if it’s complex, you have a higher chance of being hacked, even when you do use a reputable website.
If someone hacks into your social media and you have the same password for everything, they will start trying other websites, such as mobile banking or PayPal. If any website or app offers to set up two-factor authentication (2FA), make sure you do that too. This is another level of security for your money.
Global Remittance Value 2023:
The estimated global value of remittances in 2022 reached a whopping $630 billion. This represents an increase of 4.2% from 2021. In 2023, the figure is expected to touch $840 billion.
India was the top recipient of remittances in the world, receiving an estimated $83 billion in 2022. Mexico, China, and the Philippines are the other top recipients.
Keeping your money safe when sending online is simple if you follow these tips. Always do your research and stick to apps and websites that you know. Be mindful and aware of scams and err on the side of caution if you don’t know. Keep your data secure by using complex passwords and never share your information with anyone online.