How to Pick a Safe and Secure Money Transfer Service

It is now possible to send money to the Philippines in minutes,or to transfer money to other far off locales while sipping coffee in your pajamas. But staying safe and secure while doing so has become an increasing concern.Increasingly, the number of total losses from financial fraud continues to grow. Money transfers are an area where one can easily fall prey to scammers. Therefore, it is vital to choose a money transfer servicewith many safety measures in place.

Here are 5 security elements to look for in a money transfer service:

1. Look for data encryption and storage.

At the very least, the service you are considering should encrypt all information collected on their site. Which includes your personal information, financial transaction information, etc. Check the security page of the firm you are considering, to see if they encrypt all users’ information.

2. Two factor authentication and notification services.

Two factor authentication is a means by which the user takes two steps to sign in and access their online account. Often it comes in the form of a password, plus a security card, or a series of changing numbers with coordinates by a card provided. Two factor authentication is credited with reducing identity theft, phishing, etc.You also want to look for a money transfer service that will let you know when your account password has been reset. Or when other suspicious activity occurs in your account. Call the customer service hotlineof the institution you are considering. Ask if the service provides notification of suspicious activity to users.

3. Ability to call in or otherwise terminate use on a device.

Do you use a mobile app transfer service, such as Venmo or SquareCash? Being able to terminate a device’s access to your accounts is essential. Make sure the app you are using has an online account settings page that allows you to revoke access to your credit card and bank. This will come in handy if you should ever lose your phone, or if suspicious activity occurs.

4. Some protection coverage.

In the case of fraud or an account hack, you want to know that the firm you have chosen will have your back. Take a look at the security page of the firm in question and assess what type of protections they offer. Not all protections need to be scamming related. Say you purchased something, but it does not match what you wanted, some transfer firms will allow you to file a claim to get your money back. Mainly, however, you want the protections to state you are not liable for unauthorized transfers or purchases.

Another way to look at the scope of what kind of protections money transfer services provide is to look at how they have dealt with difficult issues. You can do this by looking at reviews for the firm in question, or look at their issue resolution page.

5. Look for good customer support.

One of the most important aspects of finding a firm to entrust your money to is that of customer support. Suspicious activity can happen at the most inconvenient times. Holidays, weekends, off hours… But if you have to wait until business hours to get your issue resolved, that could be too late. Look for a service that provides a 24/7 hotline. And make sure to read what past and current customers have to say about the firm you are considering. Reviews provide a good snapshot of the type of service and care you can expect to receive yourself.

Every money transfer service will have strengths and weaknesses. The first steps are to make sure the transfer service you choose has enough security measures in place to warrant your trust.  The rest is up to you to protect yourself by being astute and don’t fall for scams that tell you to cash checks or send money to strange places.