Easy security measures for safe money transfers

In the old times, the only way that people steal money from us was through stealing or robbery, but now that we are doing most of our transactions online, more methods of stealing money have been introduced which has made many people wary of fully diving into online banking. 

During the earlier months of 2022, digital payments experienced a sharp increase in growth. Making a payment transaction using an e-wallet like Paxum seems to be the new thing nowadays. Of course, crooks also had to keep up with current trends in order to take advantage of clueless people. But thankfully, every risk of stolen money online can be mitigated by these security measures so you can apply for safe money transfers.

Do not share your OTP

One feature introduced by digital wallets is the OTP, or one time pin which is another layer of security whenever you try to access your account or send some funds to make sure that you are the one doing these transactions. These are for one-time use only so once these expire, you need to request for another one to be sent to your phone number. 

Sometimes, some hackers or phishers attempt to acquire your OTP by sending you messages posing as official employees of the bank and claim that in order to help you in your issues, you need to share your OTP number. When you encounter these, never ever share your OTP. Only input the numbers on the app, not on any messaging sites or calls that these crooks attempt to reach you in. Make sure that you made the money transfer yourself. If you did not make any money transfers, ignore any OTP scams that come to you. 

Credit card on laptop.

Change your password often

In every site that you join in, you are required to create a password, so the same is also needed when you enroll in digital wallets. As much as possible, your password should be different from your social media passwords in order to avoid being a victim of social engineering. You can also heighten your security by adding in random characters in your password such as numbers and other punctuation marks. In order to avoid any future cybersecurity issues, you should change your passwords every three months. You can write this down in your notebook that only you know where to find, or in an encrypted file in your phone or laptop. 

Always remember that your bank will not ask for your login details in any unofficial site or any social media platform. Only share your details in the official application or website.

When in doubt, visit the bank personally

If you are still unsure as to how to approach the use of online banking and digital wallets, you can visit your bank personally for any money transfer transactions. Or if you have any issues in your account, your best bet is talking directly to the customer service representative in your bank to avoid any phishing problems.

In conclusion

Any transactions which involve money are really tricky even if there are many safeguards in place. So to be sure, you should be always alert and in the know of new security measures that you can practice to be cyber secure. If you have any recurring problems but afraid to use online platforms in contacting your bank, you can personally visit your bank so you are assured that your information is safe.