When we set out to find the best money transfer operator, we come across ads that typically discuss rates and fees, special promotions, and fun features. While these are all important elements that we should definitely look into, an excellent remittance service is, first and foremost, safe and secure.
In a world that deals with cybercrime on an hourly basis, it should come as no surprise that many users are concerned with their online financial service provider’s ability to protect their data. Almost half of EU citizens, for example, state that their main concern when using the internet is the security of online payments, and they are 100% correct. The data on digital financial platforms is extra sensitive. While other online services might eventually lead hackers to our most prized possessions, financial services have a direct link to our bank accounts.
A safe service provider:
- Protects your data from possible breaches and leaks
- Isn’t gathering sensitive and unnecessary information on your personal preferences
- Would never trade the data you provide
- Doesn’t collaborate with questionable businesses or individuals
So, assuming we would hate to miss out on the many benefits offered by money transfer services, it is up to us to examine whether the service we’re interested in is secure enough. Sounds complicated? Follow these steps, and you’ll soon realize it’s easier than you think.
The safest way to send money overseas is by following these guidelines:
- Only work with fully regulated businesses: Avoid using unauthorized banking services that may actually be involved in certain illegal activities themselves. Trusting criminals with your money is not the best idea, to say the least. Only choose digital financial service providers who follow the rules and take full responsibility for their work and your finances.
- Research the company’s data protection history: Unfortunately, some banks and digital financial service providers have already suffered breaches and leaks that made headlines. Conduct quick online research to reveal whether the service you’re after is on that list.
- Protection of Privacy Law and Privacy Protection (Data Security) Regulations
- Supervision of Financial Services (Regulated Financial Services) Law
- Prohibition on Money Laundering Law, Counter-Terrorism Law and Ordinance to Prohibit Money Laundering – which includes new and progressive legislation in the field on Anti-Money Laundering for Money Service Businesses
With a little research and care, you can make sure that your hard-earned money will stay protected. After all, your financial service provider’s job isn’t just to transfer money between accounts but also to offer you the peace of mind in knowing that you’re in good hands. Stay safe!