How to Transfer Money Safely

In the past, transferring money between bank accounts usually involved physically visiting your bank branch to initiate the transaction. If money was being transferred to an account owned by someone else at a different bank, the process often involved a lot of paperwork and could take quite a while to complete.

These days, money can be transferred between accounts and between different individuals quickly and easily using digital technology. Using a money transfer app, you can send and receive funds, and these funds can be transferred to a bank account with the push of a button.

Another benefit of using a money transfer app is that some allow you to pay for things online using funds that haven’t been sent to your bank account yet. This added convenience allows you to make purchases faster instead of waiting for a transfer to be completed.

Safety is Key

While transferring money may be easier and more convenient these days, security is more important than ever. Because so many transactions take place digitally, the threats of hacking and identity theft are very real. Below are some steps you can take to protect yourself and your money:

• Never send money to someone you don’t know
• Make sure any connection you use to transfer funds is encrypted
• Don’t share passwords or account access to enact transfers
• Only transfer funds on secure networks

Thankfully, most banking institutions have very strict digital security in place to prevent theft and fraud. If you’re concerned about the safety protocols used by your bank or any money transfer apps you use, contact the proper administrators.

Be Aware of Scams

When transferring money, be aware that scammers are out there, and they may try to use unscrupulous means to get you to transfer funds. One example of this is where a scammer may offer to buy something from you online.

When you receive the funds, the amount may be in the form of a money order that is made out for more than the agreed-upon price. The scammer may then ask you to send back the overage. The scam here is that the original money order is fake, so you’ll be sending out your own money to the scammer.

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