Security in Digital Money Transactions

Security in Digital Money Transactions

Nowhere else in the world moves more money using mobile phones than Sub-Saharan Africa. The region is responsible for an astonishing 45.6% of global mobile money —an estimated $26.8 billion in transaction value in 2018 alone—this figure excludes bank operated solutions.

Accra, Ghana, 2nd November 2019: Sub-Saharan Africa is also spearheading another major trend – the ‘cashless’ or ‘cash-lite’ society. With mobile money accounting for a large proportion of transactions as well as the increasing usage of debit and credit cards.

With the advent of digital money transfers, payment systems have become more secure against, identity fraud, security risks and data theft, because thorough personnel identification occurs, and an audit trail of money sending is recorded.

However, the idea of sending money in a virtual online system can lead online-users to be reluctant to embark on digital transactions without being familiar with a digital payments provider and confident in their security procedures.

At WorldRemit, we work hard to ensure that we protect our customers and that we keep you and your hard-earned money safe. As an entirely digital service, WorldRemit can enforce higher standards of security than traditional agent-based money transfer firms in checking and documenting money movements.

We send all money digitally, delivering a convenient, secure, cost effective and fast method to send money home. We make sure that our transactions start at a bank account, and that our customers have verified channels and processes with their financial institution.

Before a transaction is accepted, our systems ask senders to verify their identity using a global standard called Know-Your-Customer. Our transactions leave a digital audit trail for tracking unusual patterns, spotting potential fraud and ensuring efficient data sourcing to fulfill regulatory requirements.

6 Reasons to trust WorldRemit

1. Secured & Encrypted

All connections to WorldRemit through our website and mobile app are secured and encrypted so that information exchanged between your browser and our site is not
accessible to any third party.

This means you can enter your password, account details etc. without worrying about any prying eyes. Our systems allow us to screen transactions and look for signs of suspicious activity.

2. Reliable & Secure Payment Systems

At WorldRemit we use payment systems which are secure for debit/credit cards to various payment service providers. In addition, our website and mobile app uses 3D Secure technology which protects your payments when using Visa, Mastercard and Maestro. 3D secure is designed to confirm that it is you, who is using your card – so once you have entered your card details – 3D secure is a pop-up on the screen which only yourself and the card issuer can see and not us at WorldRemit.

3. Well Regulated

WorldRemit is a fully licensed international money transfer service. Operating as an Authorised Electronic Money Institution, we are regulated by the Financial Conduct Authority in the UK. When we send money internationally, we also have to meet the requirements of global regulatory bodies. By adhering to follow each countries regulations we further protect our customers against fraud and safeguard your money.

4. Security Team

From Compliance to Security teams, we are continually monitoring transactions and looking for signs of suspicious activity. If something doesn’t add up, we take immediate action to protect your account, sensitive details and money. And it’s not only fraud we protect you from – we are also familiar with the latest trends that scammers use.

At WorldRemit we continuously review all accounts and transactions to ensure they’re not being used for the wrong purposes. If we suspect that someone knows your password, we’ll temporarily freeze your account and reach out to you to help you secure your account.

5. Here for you!

We know one of the most frustrating things whilst using an online platform (or any company as a matter of fact) is when you cannot get to speak to somebody in your time of need. We are here for you, 24/7 to answer calls and emails.

6. Reputable company

Our final, but definitely not least important point is that we are a reputable, award winning company with over 4 million customers globally, trusting us with their money.

We take pride in being a trustworthy and secure money transfer service, supporting Africa’s initiatives in driving digital transactions for a cash less/lite society.

About WorldRemit

WorldRemit has disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost.

We currently send from 50 to 150 countries and operate in 6,500 money transfer corridors worldwide. On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit’s headquarters are in London, UK with a global presence including offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

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