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Why Digital Money Transfer is Riskier Today Than It Was 30 Years Ago

There is no question that modern digital tools and the Internet have made it extremely easy to send money around the world today. However, because of that ease, modernity has also raised the risk of money being stolen easily as well. Is it any surprise these days that the biggest money thefts happen online or with orchestrated digital attacks?

Why Digital Money Transfer is Riskier Today Than It Was 30 Years Ago

Computers work extremely fast and, with the right programming, can move significantly large sums in seconds, minutes at most. As a result, the money transfer industry has also seen a commensurate increase in the amount of regulatory restrictions consumers have to worry about as well. This is most vividly seen in certain countries being blocked altogether as destinations to send money to.

There are Alternatives, But They Aren't Safe

While technically money can be transferred now between two geographic locations, as long as both points have the necessary technology and tools, that doesn’t mean every opportunity should be used. For example, cryptocurrency is very popular, but there are no safeguards or recovery if one makes a mistake typing in the wrong address or leaves their digital wallet open for a third party to tap into it electronically. Government regulators aren't fond of money moving outside of normal channels, which crypto is, so many new rules are being written to clamp down on this behavior.

Working With a Trusted Provider is Smarter

Instead, people looking to transfer money today should start with a trusted payment provider. These are money transfer service providers who are registered and licensed in all the countries they operate in, and they provide safeguards for transactions so that the above nightmare doesn’t happen in the first place. It also means when they can provide a connection, the legality of the channel is already taken care of. Secondly, trusted money providers don’t have automatic access to customer bank accounts or digital wallets. The money amount transferred is limited up front to the payment itself, so there is no possibility that a third party can get to the rest of one’s funds. The same can’t be said for cryptocurrency.

Services like Ria Money Transfer and others help ensure that people, families, friends, and those wanting to help others can transfer funds safely and fast through international money transfer tools designed to protect the consumer from the start. Parties are confirmed on both ends, so there is no risk of the payment ending up accidentally in the wrong hands.

Some Personal Awareness is Always a Good Thing

The above said, even the best of transfer systems are only as good as the user protecting him or herself. Too often, people are duped into sending money through transfers to parties who promise all sorts of things and never deliver. One of the most famous was the “Nigerian money transfer scam,” involving wiring some small amount with the promise of being paid a big amount later. It never happened to anyone who fell for the scam, but a small number of hundreds of dollars was lost as well.

Secondly, the computer one uses for connecting to a money transfer app as well as the Internet connection should be secure. If you have to connect in a public place, do not use the available public wi-fi. Instead, opt for using a secure VPN connection that automatically encrypts your communications. Your computer itself should be regularly checked and cleaned with virus and malware checkers. No money transfer service can do these things for you; the responsibility is on the customer to protect themselves.

The World Today is Easier and More Dangerous Financially 

Again, sending money is technically very easy, which also makes it very easy to be stolen as well. Working with a trusted service provider like Ria Money Transfer or similar helps eliminate much of the middleman risk in the transfer process, but customers should still remember to protect themselves with their own personal tools and choice of digital connection. Open trust simply doesn't happen in the financial world of the 21st century.

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