Technology has enabled various new modes of money transfer. And, since these new innovations also seem to attract fraudsters like flies to trash, it is important that you be vigilant to avoid getting taken in.

We’ve listed out some measures that will, hopefully, help you transfer your money safely:

Tips for Secure Money Transfer

Digital transfers have become the most prevalent means of transferring money. Keep the following in mind before you execute one:

1. Choose a financial institution after sufficient research of its track-record, the background of its promotors, its policies especially those regarding “lost” and undelivered transfers and the robustness of its security systems.

2. Use service providers who have a multi-layered authentication process to ensure that money goes to the intended beneficiary.

3. Opt for mobile and email alerts at every stage of the transfer process, so that you are constantly aware of the movement of your money.

4. Keep your passwords and PIN codes secure. Do not write them down and change them regularly. If you fear that your password has been compromised, immediately notify your service provider.

5. Phishing, vishing, smishing, etc are all old cons in newer, digital-age forms like emails, SMSes, calls etc. Learn to recognize them for what they are.

One very plausible scam is to send you a rather large cheque and ask you to transfer back a portion. Wait till the cheque clears before you initiate the transfer.

6. Be doubly careful before you transfer money or release your personal or financial details to a complete stranger. Check, double check and then, check again!

7. Use secure systems (whether PCs, laptops, mobiles or Tabs) to execute a transfer. Failure to do so may result in identity theft.

8. If you are using an ATM to initiate a transfer, choose an ATM that is located in a public, well-lit location free of shrubbery and decorative partitions or dividers.

9. Always keep records/track of your transfers and/or financial activity. Most service providers send free SMS and email notifications regarding activity/transfers. Don’t delete these notifications till you are completely sure that the transfer has gone as intended.

10. Physical transfer instruments are still in use today; if you are using one, avoid drawing out bearer cheques or banker’s drafts; fill in the recipient’s name accurately and if possible, include the account number as well. Also, remember to cross the instrument. This ensures that even if the instrument gets into the wrong hands, it cannot be encashed.

Fraudsters seem to keep churning out newer and more innovative ways to part you from your hard-earned money. Educating yourself in fraudsters’ evolving ways is a continual process and will help you adequately safeguard your money.

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