What are the security risks of overseas remittance? What should be done?

In today’s increasingly globalized world, overseas remittances have become a part of daily life, and both overseas workers and students need to face remittance issues. However, there are various security risks involved in the remittance process, and a slight mistake may cause huge financial losses. Do you understand these risks and hidden dangers? And what can be done to avoid them?

Common hidden dangers

Identity theft

Identity theft is a serious security issue. Scammers may deceive users into providing personal information and bank account details by creating fake bank websites or sending phishing emails containing malicious links. This may not only cause direct financial losses, but also lead to long-term identity theft issues.

To prevent identity theft, everyone should conduct bank transactions on strictly verified official platforms. For received emails, verify the authenticity of the sender and avoid clicking on unknown links.

Illegal access to accounts

Hackers may exploit software vulnerabilities to invade personal devices and obtain sensitive banking information and personal data. To prevent illegal access to accounts, you can install reliable anti-virus software and regularly update your operating system and applications.

In addition, using strong passwords combined with two-factor authentication (2FA) can greatly enhance the security level of accounts. The setting of strong passwords avoids the risk of simple passwords being easily cracked, while two-factor authentication adds an additional verification step during login, so even if the password is stolen, the account will not be easily accessed illegally.

Mistakenly transferred to the wrong account

During the remittance process, if you enter the wrong account info, it may result in the funds being transferred to the wrong account. Once such errors occur, the recovery process of the funds is complicated and may not be successful.

Therefore, before performing any remittance operation, it is necessary to carefully check the recipient’s account info. If necessary, a small test remittance can be conducted first to confirm that the funds have been correctly received before making a large remittance.

High costs and unfavorable exchange rates

Some remittance services may hide additional fees or offer unfavorable exchange rates. Therefore, before choosing a remittance service, it is important to compare the fees and exchange rates of different service providers in detail and choose a cost-effective service. In addition, it is also very important to understand all possible additional fees, such as intermediate bank fees.

How to do it?

In addition to the above hidden dangers that need attention, there are other protection plans that everyone needs to understand.

Choose a reputable service provider

Choosing a reliable service provider is a basic guarantee when making overseas remittances. It not only provides convenient and high-quality services, but also ensures the safety of our funds. We recommend an international wallet for global multi-asset transactions, BiyaPay, which supports real-time exchange rate queries and exchanges for more than 20 legal currencies and more than 200 digital currencies. You can make overseas remittances anytime, anywhere in most countries or regions around the world, with fast arrival speed, low handling fees, and unlimited amount. BiyaPay has high security and has obtained financial licenses in the US, Canada, US SEC, and New Zealand. It has complete KYC certification and professional and legal offshore accounts, which can effectively achieve secure remittances and ensure the safety of your funds.

Cyber security literacy

If you don’t know much about common security risks, it is quite necessary to have some knowledge reserves in security. You can learn about the latest security threats and protection strategies by participating in relevant educational courses provided by banks and financial institutions.

This knowledge can not only be used to protect remittance transactions, but also applied to our daily online activities, helping us effectively prevent identity theft and online fraud.

Regularly monitor account activity

Develop the habit of regularly monitoring your account, setting up account activity reminders and reviewing every transaction to promptly detect and respond to abnormal activities.

In summary, by adopting the above measures, everyone can more effectively protect their financial security and personal privacy when conducting overseas remittance transactions.

Finally, remind everyone to always remain vigilant and take proactive protective measures when trading in order to protect their own rights and interests.