Six ways to send money more safely

Especially for global citizens with faraway family and friends, money transfers are a fast, simple way to send money. This same speed and simplicity make it extra important to take some precautions, just how you would when transacting in cash. 

1. Only send money to people you know 

The safest money transfers are transfers to recipients you know and trust. A stranger online, even one who seems friendly and honest – even one for whom you might have romantic feelings – could be a scammer.  

2. Always verify recipient details 

Just like cash, a money transfer can be very difficult to retrieve if it is sent to the wrong person. This is true of scams, but also mistakes. (Ask anyone who has confused two similar usernames on a payment app.) Taking a moment to double-check that all recipient details are exactly right is time well spent. 

3. Protect your accounts using multi-factor authentication 

Choosing strong passwords is one great way to protect your accounts with financial institutions and payment apps. But what if your password is hacked or compromised in a data breach?  

With multi-factor authentication (MFA), your password is just the first layer of security. Your accounts are also protected by one or more other credentials, such as a random security code or biometrics. This way, even with a hacked password, there are obstacles to stop criminals from signing in to make unauthorized transfers.  

4. Resist attempts to pressure you 

Scams fail when you act calmly instead of emotionally. A money request that makes you feel rushed or fearful is likely a scam. And the person requesting money should never ask you to keep the transfer secret. Taking a moment to research the request or discuss with someone you trust can help protect you.  

Also remember that US government agencies will never ask you to wire money or pay them using a payment app. You can ignore requests like this that appear to come from the US Internal Revenue Service (IRS), for example, or US Customs.  

5. When in doubt about a transfer request, contact the recipient through official channels 

Scammers who impersonate someone else are counting on you not to follow up. You can thwart their plans by contacting the other person or business using channels you know to be legitimate. For example:  

• If someone calls claiming to be from your electric company and demanding payment, hang up. Call the company using the number printed on your bill instead.  
• If you receive an unexpected email with new closing cost instructions for your home purchase, call your attorney to confirm before making a transfer.  

6. Keep a record of all your transfers 

Make note of to whom you sent money, how much you sent, and when. This can be very helpful in the event of a dispute, or an issue with any of the institutions involved.