When you want to be sure that the amount you send and your sensitive information is kept safe, there are easy ways to do so. The assurance is there when you deal with a trusted money transfer service. When you do so, you are backed by the money transfer company, because even if they are robbed, your transaction remains unaffected and be completed.
Malware used in a bank heist
In 2016, a malware called Odinaff was used for the largest online bank heist in history. The target was SWIFT, a banking institutions’ payment network for transferring funds. The malicious tools sent infected messages to the Central Bank of Bangladesh. The character strings for the payment transaction codes got suppressed. Then, these codes got intercepted for it to fail to be recovered by the recipient. After around $81 million got stolen, the bank successfully stopped over $200 million more worth of the fraudulent transaction of these cybercriminals. This cybercrime targeted the bank’s customers, but none suffered from the loss as it is backed by the assurance of the network that transactions are protected.
Legitimate money transfer services
When you use legitimate money transfer services such as that of banking institutions, certain wire transfer services, and money service providers with peer-to-peer transactions, even when the hackers attack, their payment system will ensure that your funds are protected while it is under their wing. The problem is, many fraudulent transactions occur outside the safety net of a money transfer company.
Level up online safety
You can level up online safety and prevent becoming a victim. Though there are cybersecurity measures integrated into reliable websites and apps for money transfers, it is the end-user that has to protect themselves. Take note, as nowadays, there are more online payment transactions, those cybercriminals will try to attack individuals as they are easier prey.
Beware of phishing sites
There are phishing websites. To make sure you are not walking into a trap, check the site, look for the certificate. These certificates are color-coded, like red, meaning that it is erroneous, out of date, or invalid. If it is yellow, it means that the certificate authority is unverified. If the certificate is white, the communication between the website and the browser you are using is safe because it is encrypted. If it is green, then the website’s certificate has an extended validation, is encrypted, and it is confirmed to be legal.
Own virtual card
When you own a virtual credit or debit card, it is an additional safety measure. You don’t have to use your primary credit card for online transactions. You can even get a virtual card for a one-time purchase, as it can have a limited balance. However, it is also possible to use the new virtual card for a long time to make online payment transactions, as it gets rid of the hassle of getting a new one each time.
Be on top of the situation
By keeping track of all your payment transactions, and being in the know of the funds that you receive in your bank accounts, e-wallet, and other accounts such as a debit card, you get to secure your financial situation. If you get to immediately check the transactions, such as with an online payment services app that gives you notifications, you’ll be able to see right away if there is a fraudulent one. Taking immediate action when your account has been compromised can help you stop cybercriminals in their tracks.