International Money Transfer: How to Protect Yourself from Fraud & Scams
International Money Transfer refers to the process of sending and receiving money across borders. With the development of technology, the process of transferring money internationally has become faster, more efficient, and more accessible than ever before. International money transfer can be done through various methods including traditional bank transfer or digital remittance services. These services provide secure and convenient money transfer which allow users to send money to support their families abroad or to conduct business transactions across different countries. In the context of Nepal, it plays a vital role as large groups of the working population are involved in foreign employment. The migrant workers living abroad send money back home to support their families and contribute towards the economy.
In today's globalized world, international money transfers have become increasingly common. The inflow of remittance in Nepal has increased exponentially as more and more people are moving toward foreign countries for employment opportunities. The inflow of remittance also makes up a significant portion of Nepal’s GDP and plays a crucial role in supporting the country’s economy. International money transfer services, both through traditional banking channels and digital remittance platforms, have become more accessible and convenient which allowed Nepalese individuals and businesses to securely send and receive funds across borders.
Esewa Money Transfer, a digital first remittance company in Nepal, has introduced a formal channel for sending and receiving remittances which have been eliminating the risk of illegal money transfers. It allows users to receive money through cash pickup, bank transfer, and wallet deposit. Whether you're sending money to support your loved ones or conducting business transactions across borders, it's essential to be aware of the potential risks associated with such transfers. Fraud and scams targeting individuals during international money transfers are on the rise, making it crucial to take necessary precautions.
Challenges Faced by International Money Transfer in Nepal
While International Money Transfer services have made sending and receiving money more convenient and accessible, there are still many challenges in the context of Nepal. Being a landlocked country nestled in the Himalayas, presents unique challenges and opportunities to Nepal, when it comes to international money transfers. Due to geographical constraints and regulatory frameworks, sending and receiving money from abroad can be a complex process. In Nepal, a significant portion of the population remains unbanked or underbanked, which poses challenges in facilitating international money transfers through conventional banking channels.
Nepal's rugged terrain and difficult transportation infrastructure make it challenging to establish efficient and widespread banking networks, especially in remote areas. In addition to this, high transaction costs and fees associated with international money transfers can be a significant concern, particularly for individuals from lower-income backgrounds.
To overcome these challenges, Esewa Money Transfer has played a pivotal role in providing international money transfer services in Nepal. Not only has it cut down the high fees involved while doing international money transfers, but it has also provided a fast and convenient way to receive money from abroad. Moreover, the recipient gets money in real time when sending money through digital platforms like bank transfers and wallet deposits.
In addition to this, there are more than 13,800 dedicated remit agents, 100,000+ cash pick-up enabled wallet agent locations of Esewa Money Transfer across the country where receivers can easily pick up cash sent internationally. Thus, people living in the remote part of Nepal can also receive money easily by visiting the nearest Esewa Money Transfer agent.
How to Protect Yourself from Fraud & Scams:
While international money transfer services have made it convenient to send money across the border, it also raises significant risk of fraud and scams while using these services. The consequences can range from financial loss to compromised personal information. With the advancement of technology and the ease of conducting financial transactions online, fraudsters have found new ways to exploit unsuspecting individuals. The increasing number of reported cases of international money transfer fraud highlights the need for proactive measures to protect ourselves.
The convenience of online transactions comes with its fair share of risk. Cybercriminals often target individuals using phishing emails, fake websites, or malware-infected links to gain access to their financial information. By staying informed and adopting secure online practices, you can significantly reduce your vulnerability to such attacks. Let's explore some effective strategies to ensure the safety of your transactions to protect you from fraud and scams.
1. Research and Choose Reliable Service Providers
When it comes to international money transfers, selecting a reputable service provider is paramount. Conduct thorough research and choose a service provider with a solid track record and positive customer reviews. Choose established institutions or well-known online platforms that offer secure transfer options. Check for contact details and credibility of service providers and look for official address and phone number to reach out and double check before sending money from the operator. Esewa Money Transfer has partnered with numerous certified and trusted international money transfer operators. Thus, you can easily choose a reliable money-sending platform to send money to Nepal.
2. Double-Check Website Security
Before entering any personal or financial information on a website, ensure that it is a secured web portal. Look for the padlock symbol in the address bar and check if the URL begins with "https" instead of "http." These indicators signify that the website has an encrypted connection, protecting your data from interception.
3. Avoiding Phishing Emails and Websites
Be cautious of phishing attempts that aim to trick you into revealing your personal information. Avoid clicking on suspicious links or opening email attachments from unknown sources. Verify the legitimacy of websites before providing any sensitive information.
4. Verifying Recipients and Addresses
To avoid sending money to the wrong recipient or falling victim to invoice fraud, it's crucial to verify recipient information and addresses. Before initiating a money transfer, double-check the recipient's details, such as their name, bank account details, and address. Small errors in the provided information can result in significant financial losses.
5. Using Strong Passwords
Create strong and unique passwords for your money transfer accounts. A strong password typically consists of a combination of uppercase and lowercase letters, numbers, and special characters. Avoid using easily guessable information such as your name, birthdate, or common phrases.
6. Secure important information such as Transaction ID number
Always ensure that you do not share the transaction ID number with unknown people. It is the unique identification number generated by the operator to trace and process the transaction. There are chances of fraudulent activities in case such transaction ID information is acquired by fraudsters.
International money transfer provides convenience and support for individuals and businesses worldwide. However, it also comes with risks related to fraud and scams. By implementing the strategies and practices outlined in this article, you can protect yourself and your finances from potential threats. Remember to choose reliable service providers, safeguard personal information, practice safe online practices, verify recipients and addresses, conduct thorough research, and stay informed about the latest scams. By taking these precautions, you can confidently and securely conduct international money transfers.
Related Blogs: