Prevent Online Fraud in International Transactions

Here are 5 tips to help you prevent online fraud in international transactions.

When it comes to transacting online especially during an International transaction there can be many fraudsters across the globe who are trying to steal your money. Whether you’re a consumer or a business owner, everyone is at risk of online fraud. This is proven to be a big problem as research conducted by the Insurance Information Institute suggests that high-profile data breaches continue to threaten businesses with losses and consumers with exposure of their personal data. Many online safety precautions that apply to consumers can also protect businesses.

It is also important for businesses to implement a company-wide security plan in order to ensure employees help protect their sensitive company data.

If you are someone who wishes to send money overseas you must ensure the medium you wish to transact through has a strong data security policy in place, for instance WSFx is an ISO Certified ISO27001 company and ensures the highest measures of data protection.

  1. Financial data should be kept seperate

When it comes to business users you should use a dedicated platform to perform all company banking transactions. If you would like to conduct other non-banking related transactions, then it is suggested that you use another computer to access the internet as a safety precaution. When you have to give up the computer that was used to access the transactions of the company, then make sure that you have a backup of all the data and erase the hard drive before recycling it.

Likewise, for users who wish to transfer money abroad online, it is important that you transact directly with a body that is authorized, licensed and trustworthy.

  1. Credibility

If you didn’t know, banks don’t send emails or text messages that ask for personal information such as account and/or social security numbers. They will also never require you to verify account information in this manner. Always be careful when sharing personal information online via email or text, especially when it comes to ID numbers, account numbers, OTPs or login and password information. Make sure you use a secure email account within the bank’s secure online banking system if you need to communicate sensitive information with the bank via email.

Another fraudulent trend that is on the rise are emails to businesses that appear to be from suppliers. Similar to fraudulent banking emails, these emails may look legitimate but will ask you for sensitive financial information. Always make sure you call the bank or supplier before sharing any information online.

  1. Never share your passwords

Always make sure to keep your password a secret and do not leave any documents that contain access to financial information in an unsecured area. Always change your passwords regularly for better security, using a combination of letters, numbers, uppercase and lowercase characters when possible. Keep changing your Wi-Fi password, do not broadcast your SSID and consider using encryption on your network.

  1. Beware of phishing scams

In a scheme known as Phishing, ID thieves trick people into providing their social security numbers, financial account numbers, PIN numbers, mothers’ maiden names, and other personal information by pretending to be someone they’re not. They send emails or messages which are designed to prompt you to click links provided within the email to verify or change your account in some way. Often, the links included in the email are methods for fraudsters to install malicious software (also called Malware) onto the computer or device you used to click on this email or message. This Malware is used to obtain personal information stored on your devices.

  1. Protect your Computer

With cyber-crime on the rise, it’s more important than ever to install antivirus software on your computer or network. Make sure you also ensure that you are regularly running and updating this software to prevent viruses from infecting your computer. Over and above that, installing and enabling the following software programs will help you combat malicious cyber activity:

  • Anti-spam software: Helps prevent spam and junk email from entering your inbox, which helps guard against phishing emails
  • Firewall: Helps prevent unauthorized access to your computer through viruses and malware
  • Anti-spyware software: Blocks the installation of spyware on your computer, which can monitor or control your computer use and send you pop-ups or redirect you to malicious websites
  • Anti-virus software:

Why choose WSFx for International Transactions?

As the internet banking environment keeps evolving, WSFx is committed to protecting your personal and business information while doing online international transactions. WSFx has dedicated digital platforms for various customer segments and a superior digital and secure infrastructure that lends added protection to customer data and privacy.

With over 30 years of experience in the forex industry, WSFx has emerged as a vibrant and trusted forex companion for travelers across sectors in both the B2B and B2C arenas. WSFx is transforming the very business model of forex with innovative digital solutions designed to streamline the process of exchange. 

WSFx offers comprehensive forex solutions like outward remittances for students who wish to pay their education fees to universities abroad, tour remittances, medical treatment and a host of other categories permitted under the Liberalized Remittance Scheme (LRS).

WSFx also harbours strategic alliances with leading banks and travel partners like Thomas Cook to name a few, that aid in seamless transactions for outward remittances, Guaranteed Investment Certificate (GIC), living maintenance purposes, gift remittances and other payments with ease and security.

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