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Choosing the ‘Most Secure’ Online Money Transfer Service

30 May

Online money transfer is easy these days; there are services- like Square Cash, Venmo etc- that make it quite easier for you. At the same time, there are some that make it somewhat tough for you to get your own money. So, what kind of service would you choose for online money transfer? Stop and ponder on a few points before giving an answer or rather before making a choice next time…

Some very critical security lapses in Venmo were found and discussed recently. These security holes included Venmo not alerting customers when passwords were changed or when new devices were connected. All this when Venmo, owing to its ease and convenience, has gained such an amount of popularity that people sort of now use Venmo as a verb, as in “Why bother, just Venmo me!”

Well, these “easy” and “fast” money fast transfers do use SSL Certificates; they do ensure encryption of personal data and some of them even claim to be PCI compliant. But still hacks happen and money is stolen, fraudulent transactions are made and much of damage is done. The basic reasons are that most of these ‘easy’, ‘convenient’ services don’t have basic security features like two-factor authentication, or the alerts that should come when passwords are changed or reset or when new devices are added to accounts. Paypal, which is Venmo’s parent company, and Google Wallet could perhaps be seen as the most secure among online money transfer services. Paypal has two-factor authentication and alerts you when passwords are changed and when new devices are connected to accounts. Paypal offers information on how they secure accounts and how accounts can be protected and also guides you on how to file disputes, chargebacks etc. Google Wallet too is among the safest of services and provides enormous amounts of information on how to stay safe using their service. Putting in your money and making purchases is easy, but Google Wallet, and PayPal too, makes it really tough to access the money that’s sent through these services. This is good since others can’t access and get away with your money that easily; at the same time this could be termed bad too, since you yourself would find it a bit tough to get your own money. Now, don’t be misled to think that PayPal and Google Wallet are hackproof; they have also been hacked. It’s just that these are safer, or rather, the safest of the online money transfer services.

So, what’s the solution? How to choose the most secure online money transfer service? Or is it better to send money through banks’ mobile apps or websites?

Well, in today’s world, living without online money transfer would be rather unthinkable for most of us. So the best thing to do would be to do the following things, in addition to checking for SSL certificates and PCI compliance, when you choose to go for online money transfer…

  • Enable all security features available.
  • Watch, carefully monitor your transactions.
  • Keep your notifications turned on.
  • Keep the number of devices connected to your account low.
  • Choose services that have two-factor authentication.
  • Choose services that send alerts when transactions and changes are made.

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Posted by on May 30, 2016 in Internet Security, SSL

 

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