subject: Are Online Money Transfer Methods Secure? [print this page] Are Online Money Transfer Methods Secure?
Money transfers worth more than USD 390 billion will be conducted in 2010 and experts believe that next year the global money transfer market will exceed USD 400 billion. This is a huge amount and many unscrupulous people are tempted to filch your money during a money transfer process. Moreover, in addition to online money transfer providers some financial institutions offer the so-called e-mail money transfers, which sounds like a very convenient way to send money abroad. However, the money transfers are not only about moving money but about security too and the matter in hand is whether these services are safe.
Setting up an online account is relatively easy while everybody has an e-mail address these days. The very fact that many people are accustomed to use online and e-mail accounts every day and to use them to pay bills, for instance, makes us feel relaxed and forget about possible security breaches. A money transfer involving a security question, like the e-mail money transfer, relies on the human factor to great extent. If you have not protected your e-mail software against malware, it is easy for someone to steal your correspondence with the recipient including the security question and answer.Many security experts suggest being very cautious in banking on your home computer or laptop. If you have not secured your PC, a password-stealing virus can compromise your computer and steal all your passwords including passwords for online banking and other online financial services. Another bad piece of news is that some of the most dangerous computer password-stealers, called Trojan horses, usually hit computers before anti-virus detection tools are able to recognise and quarantine them. Thus, your account can be compromised and emptied in half a minute.
You can avoid these types of troubles using the services of companies whose core business is transferring money. Of course, double-dealers and imposters have managed to swindle even reputable banks but the odds are in your favour in a money transfer arranged by a specialised company. It is extremely hard for someone to break the SWIFT inter-bank messaging system while the Forex brokers who provide money transfer services use state of the art secure connections to communicate and execute orders and transactions. Moreover, they keep records of all transactions and keep your ID details in secrecy; therefore, it is a tricky piece of work for an outsider to steal your identity.
Very often people jeopardise their hard-earned money by choosing an online transfer method that seems convenient but forgetting about the risks related to the online banking and all the pitfalls in the online digital world. Ask yourself, is it worth risking being out of cash because your laptop has been compromised or someone has stolen your password. There is no need to become paranoid but considering safer options for your money transfer is a clever move. The companies engaged in money transfers invest billions a year in security and safety measures to protect not only their business but their customers too so why not take advantage of their expertise.
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