Many people need to send money home to help loved ones. Unfortunately, sometimes this hard-earned money does not reach the right person. Fraudsters love money transfer transactions because it gives them a quick and easy way to make money. Read on to learn some tips about how to make sure your money is safe and that it gets into the right hands back home.

Here are some general tips about keeping your money safe:
• Never give out personal info such as your social security number, account numbers, or bank information to unsolicited callers or anyone via text or email.
• Make sure electronic devices are updated and secure.
• Ensure the internet connection you are using is safe.
• Never wire money to someone you don’t know.
• Check financial statements regularly so you catch
suspicious transactions.
• Banks and credit unions ask questions to protect the sender, so it is safest to honestly answer any questions you are asked.

Here are tips about different remittance options:
Wire transfers at your financial institution: Credit unions and banks can help you transfer money with wire transfers, person-to-person applications, and more. Bank and credit union transfers are very secure because the funds are transferred from one bank to another, with built-in layers of security. Senders need to confirm which routing number to use and sometimes banks have a different routing number for transfers, such as a SWIFT code. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, which means the code is like an international routing number.

Wire transfer companies: These companies (like Western Union or MoneyGram) help users exchange currency and send money, both domestically and internationally. Most of these services are very serious about fraud prevention and have a section on their websites dedicated to educating their customers to keep them safe.
Phone apps: Apps like PayPal, Google Pay, and Venmo are easy to download and can be used to send money to friends. They are convenient and fast, and usually free, but it is easy to make errors and send money to the wrong person. There are very few dispute options in the event of a mistake or fraudulent transaction.

Bank account for money transfers: Some people set up a second bank account, separate from their regular bank account, just for money to send home. At first, this takes extra work, but once the system is set up, it keeps the money in your regular account safe. If there is fraud, the scammers won’t have access to all of your money.