Sending money online is now easier than ever. Apps like Coins.ph have not only made money transfers easier, but also practically instantaneous and low-cost. One thing that makes people wary of finance apps, however, is the issue of security.
Finance apps like Coins.ph have safety measures built in the system, so you don’t have to worry about transferring funds within the platform. However, there are certain precautions that you can take to further secure your money. If you want peace of mind with the ease of online fund transfers, here are our 4 best tips to send money securely online.
1. Use a strong password and keep it to yourself
Perhaps the most obvious tip is to use a strong password. And no, birthdays or anniversary dates don’t count. Make sure that your password is as long as you can possibly make (and remember), has at least 1 upper case character, 1 lowercase character, 1 number, and 1 special character.
After you make your password, NEVER share it with anyone. The more people who know, the more chances of someone using your account without your permission. (Read: Tips to Make Your Account More Secure)
2. Send money only to people you know
Your Coins.ph wallet allows you to send money straight to other Coins.ph wallets for free. While this process is relatively safe, be wary of people you don’t know who are asking you to send them funds through the app. (Read: How to Avoid Investment Scams)
If possible, only send money to verified accounts of people you know. If you need to send money to (for example) an online seller’s account, be sure to research the business first to confirm that it is a legitimate seller.
3. Turn on 2FA
Whether it’s social media, banking, or other finance apps, turning on two-factor authentication (2FA) is a must to add an extra layer of security. When you enable this feature on Coins.ph, you get an extra authentication step every time you log in, send money, or cash out. 2FA requires entering a unique code sent every time you do one of these actions in your app. These codes constantly refresh which makes it difficult to hack.
Ready to enable 2FA? Check out our guide on how to enable 2FA on Coins.ph
4. Don’t open links from unknown sources
You’ve probably received emails from your bank asking you to update all your details, or a “debt collector” demanding money that redirects you to a web link of some sort to receive or make payments.
If you receive an email with a link that asks for financial details, even if it comes from a seemingly legitimate institution, make sure to double-check through calling. A two-minute call (or 30-minute call if you’re on queue) is worth your peace of mind when you want to send money securely online.
