Money Remittance Safety Tips
To prevent fraud when sending money, you need to be diligent and use secure networks. Online money transfers are generally affordable and fast, but they’re not always secure. In fact, the explosion of the remittance industry has been something of a double-edged sword for customers. On one hand, the proliferation of new technologies and remittance support services are making it easier for people to support friends and family back home. On the other hand, the success of the industry has attracted some less than ethical companies.
If you need to complete a secure money remittance, follow one main rule: don’t ever send money to a person you don’t know.
Many costly scams derive from scammers who ask you to transfer money in exchange for goods or services that are never delivered, for example, people contacting senders for investment opportunities, prizes, sweepstakes and lotteries. Other scammers pretend to be relatives asking for monetary help. One relatively minor and constrained study found that just these two types of scams alone cost a group of customers $84 million over a 4 year period.
To avoid potential problems, follow these guidelines:
- Always double check the details of a request for money;
- Make sure you know every party involved in the transaction;
- If you’re confused about any aspect of the transaction, ask questions. Write down the answers you get;
- Even if you are using a respected money wiring company, you are the one responsible for verifying the identity of the party with whom you are exchanging money. The wiring company is only the vessel through which the money exchange takes place. Do not rely on the company to vet third parties for you.
If you follow simple safety precautions, money-wiring services can be a convenient and useful way to sending money.
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