How To Stay Safe When You Are Sending Money to a Friend Online

by Josh Biggs in Finance on 2nd July 2021

Whether you have to share funds urgently or you just wish to surprise someone by taking care of a bill for them, exchange of money online carries one solid rule: SAFETY FIRST! 

Where the internet and its online features have made lives easier, they have also introduced some security issues. In fact, many customers have pointed out that they have either experienced or heard about online privacy breach more in the past couple of years than ever before. 

Therefore, when it comes to helping your friend in need, there are some points that you should bear in mind to avoid inconvenience later on. 

First Thing First: Send Money to Accounts That You Personally Know 

This one is important. There are always some chances that you might end up sending the wrong amount or you need money back for some other reasons. 

If the exchange was with someone you know then you can request them to transfer back the money that you had sent. This is because with many money transfer apps and even online bank accounts, there is no way to cancel a transfer once it has been put in action. 

Avoid Using Public Computers or Devices 

Computers at public places are always a red flag. You can not trace how many people have used these before and what kind of software exists on the device. 

Nowadays, it is really very simple of hack into an online account simply by using the information that you leave behind while browsing the internet on any device. This becomes all the more stressful when we are talking about bank accounts and financial apps. 

For users who have no other choice but to complete the transfer with a public computer, it is best to never save your credentials or login details and remove history once you are done. 

Moreover, even when you are using your own internet network, look for devices that have connected without permission such as Mysimplelink and work to remove them before use. Although these don’t generally pose a threat, the more careful that you can be, the better!

Check For Terms and Conditions Before Making Any Money Transfer 

With so many apps being introduced with every passing day, you have to make sure that you understand well the one that you are using to send and receive money. 

Some banks track transactions while others don’t. Similarly, some services will allow you to cancel a pending transfer while others host no such feature. 

The best way to avoid ambiguity is to stay on top of all their rules and regulations before you opt for money transfers. 

Moreover, if you are using a debit card to send or receive money, make sure that you have sufficient funds deposited on it beforehand. You should also use a reliable guide to help you activate cash cards or debit cards online to save time. 

Lastly, keep in mind that money transfers can incur extra charges such as processing fee, instant transaction fee, etc. These would be deducted from your funds in addition to the money that you are sending. 

Wrap Up 

There is honestly no rocket science behind the art of staying safe when using online portals. You just need to be smart enough to take a few risks into consideration and minimize them when working on the internet. 

The take-home message is that, besides keeping your personal information safe, always prefer working with trustworthy bank services and money transfer apps. These provide good customer support service which means you won’t be left alone in case a mishap takes place. 

Good luck! 

Categories: Finance