Safe Money Transfer
What technological methods help us in safe money transfer? Read about them here in detail and know how they can help. Money management has become relatively easy in the last few decades due to technological advancements.
Safety measures are stronger than ever due to the smart tracking system that facilitates immediate action in case something goes wrong. A big concern of people is about the money transfer. Whether they send the money or receive, it should reach the destination safely.
Here are several tech ways used by individuals as well as finance companies for the safe fund transfer –
Scanning method – Strength of scrutiny
Scanning is among the best examples of advance technology for safe transactions because of its accuracy. Identification of signature, financial details etc. is flawless and speedy, which further facilitates instant transactions without any fear.
The depth of detail that the scanning method captures is stunning, and in a few seconds, you can complete big transactions. The business owners especially find it useful to fulfil their daily tasks quickly through scanning technology. The commercial activities include frequent needs of money transfer that are well-served through scanning.
Apple Pay systems – Handy and smart
This system is popular due to its efficiency and versatility. The security system is backed-up with artificial intelligence. During the transfer of money, you do not need to worry about the hacking of any personal or financial data. It can be used in iPhones, or Apple watches for making the payments. Isn’t it so convenient? Yes, it is. You can transfer money from your watch while waiting on a red signal in your car.
While making a payment, your bank account number or credit/debit card number does not show on the other end. iPhone or iPad needs Touch ID/Face ID/ Passcode, which adds another layer of security. Not to mention that we may see new chapters of progress in the coming days.
Mobile wallets – Personalised assistance
Also known as M-wallets, mobile wallets are the new generation ways of fund transfer. They can connect to your bank account. From making payments of bills to sending money to the mobile wallet of your friends and family, every task is easier.
All the needs of instant transfer can be fulfilled in a few blink of eyes. You can keep the money in virtual cards and can use it whenever required. The time-to-time advancements in technology make mobile wallets even more speedy and reliable in performance.
Cryptocurrency transactions – Intangible digital currency
Despite the countless issues and controversies, it is true that cryptocurrency transactions are considered among the predictable ways of money transfer. The network of blocks in the blockchain does not let the currency slip into other accounts.
The factor of anonymity makes your currency transfer more secured. Prompt transactions enhance the user experience. It is not an exaggeration if we say that the finance world may get addicted to the cryptocurrency fund transfer.
Banking applications – Reliable and relieving
People create a connection with their banks through their bank accounts. For years, they use the account for every small and big financial decision in life. This relation becomes better through mobile applications. For the convenience of the customer, banks facilitate the application of small loans.
Banking apps do not inspire any discrimination. Even if you apply for loans for bad credit with no guarantor you can get the funds with no fees on instant decision. Isn’t that amazing? Money reaches to your account in a short while without a physical presence in the bank office.
SOME SAFETY RULES FOR MONEY TRANSFER
Let the technology do its job and offer you comfort at the time of money transfer. You follow your safety rules. Sometimes the carelessness happens from our side, and for that, we cannot blame technology –
Here are several preventive measures for safe money transfer –
- Always use a strong password for payment accounts
- Always change the password from time to time
- Do not let anyone else transfer money from your account
- Add only close friends and family members as the beneficiary to your bank accounts
- Keep the notifications ‘ON’ to detect any unwanted transaction at the right time
- Try to keep as less number of banking applications in your mobile as possible
Caution is the best precaution against any threat at the time of fund transfer. However, the technology is doing best in providing preventive measures against any issue, but the tricky minds are there.
New platforms of sending and receiving funds are there, such as social media and chat apps are also enhanced with this feature. ‘Whatsapp’ is the latest player in this field, and the news of financial transactions is prevalent. However, safety measures should always be there because technology offers us convenience but also demands a patient use.
Conclusion
Technology is going to get better with time and add more innovations. The emergence of FinTech concept is the best example of how significant is the technology in our life. Money transfer is an essential aspect of it. However, it is also necessary to follow the safety rules at the time of fund transfer.
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