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Transferring Money

There is an increasing number of services which enable you to transfer money to other people using your mobile phone number – without needing to exchange bank account details. 

Although the app to send money is available only on smartphone platforms, anyone with a mobile number can register to receive money via the service. Notification of transactions on such services is usually made by text message.

The Risks

  • Sending money to the wrong telephone number (for example, that you have entered incorrectly).
  • Phishing emails or texts claiming to be from your mobile money service but in fact sending you to a fraudulent website or telling you to send money to an alternative mobile number. 

    Transferring Money Safely

    The service itself is as secure as any other online banking transaction, and is protected by a user-specified five-digit passcode on the app itself. 
    We recommend that you observe the following safety precautions: 

  • Ensure that your passcode for the app cannot be easily guessed, so avoid birthdays and anniversaries, ascending or descending numbers (for example 54321 or 12345), duplicated numbers (such as 11111) or easily recognisable keypad patterns (such as 14789).
  • Do not store your passcode on your mobile phone, even in your contacts.
  • Protect your mobile phone with a secure unlock feature (such a PIN).
  • Double check you have entered the correct phone number before you confirm a transaction.
  • Take extra care not to mislay your phone. Physical security is important too.
  • Be wary of imitation apps from non-reputable sites.
  • Be aware that fraudsters are likely to try and send text phishing attempts.
  • If your phone is lost or stolen inform the bank as soon as possible.
  • Ensure that any public or private wireless network you are using is secure prior to registering for or using the service.
  • Be careful who is watching over your shoulder whilst either registering for the service – or sending or receiving money.
  • Remember to log out when you have finished using the app.
  • However small the amounts of money you are transferring, keep a tally of totals sent to ensure you stay within your limit. 

 

transferring-money

Get started...

  • Choose passcodes carefully, keep them secret and do not store them on your device.
  • Double check the phone number that you are sending money to, before confirming payment.

See also...

 

Passwords
Choosing and using passwords correctly is very important.

Online Payments
Everything you need to know about keeping online payments safe and sound.

Physical Security
Some great tips for looking after your smartphone or tablet.

Banking
Simple advice on how to keep online banking safe.