How to Safeguard Your Money Transfer?

Answer 1

A money transfer can amount to a lifesaver if you have to get money to a loved one quick in emergency situations. Money transfers also have the potential to add a great deal of convenience to your busy life by allowing you to auto-schedule payments to satisfy all of your monthly bill requirements. However, with computer fraud and identity theft running rampant, it is important that you take steps to safeguard yourself while utilizing money transfer services. Three basic guidelines will help you to stay safe while transferring funds via money transfer services. First, make sure that all of you account information is kept appropriately privatized. Second, do a background check on any prospective money transfer service to make sure they are above board. Third, check your monthly bank statement to make sure that exactly the right amounts were transferred out of or into your bank accounts.

Keep Information Private

Your money transfer service does not need to know your entire life history in order to perform a simple transfer of funds. While you should be prepared to supply your bank account number and routing information and basic information on your recipients’ bank account, any information requested outside of the usual should be considered suspect. Information such as social security number, passport ID and the like is highly privatized for a good reason; it can be used to steal your identity. If you feel uncomfortable supplying any information requested by your money transfer service, you would be wise to refrain and use another service.

Background Check

A good money transfer service should be able to provide you with a proven record of accomplishment with previous customers. The Better Business Bureau (BBB) is a third-party watchdog organization that will provide you with unbiased information - both positive and negative - regarding each of your prospective money transfer services.

Check In

You would be wise to check in with your monthly banking statements each month in order to ascertain whether the correct amounts are being appropriated from your account and if they are being transfered on time. This will give you peace of mind, knowing that your finances are secure and that no late payments are accumulating.