Tips to Keep in Mind When Doing International Transactions: Stay Safe and Secure
20 August, 2024
Synopsis
Inform your bank of your international travel plans to prevent your accounts from being flagged for suspicious activity.
Set international transaction limits on bank cards to minimise losses resulting from potential fraud.
Use secure banking channels, be cautious with ATMs and card usage and educate yourself about common international banking scams.
International banking has become more accessible. Whether you are exploring new countries or shopping on an international e-commerce platform, it is vital to be aware of the potential fraud associated with international banking. We rely heavily on our Credit Cards, ATMs and online banking services while purchasing abroad or through e-commerce platforms. Therefore, it is crucial to stay vigilant against potential fraud and keep yourself prepared. So, let us explore the essential banking tips when travelling abroad or making international purchases from home.
Notify Your Bank About Travel Plans
If you are planning to travel abroad, it is essential to inform your bank of your travel dates and destinations. By doing so, you can prevent your accounts from being flagged as a result of suspicious activity while you are away. Providing your bank with advance notice also enables them to monitor your account more effectively and offer assistance in case of any issues or emergencies.
Use Secure Banking Channels
When banking abroad, it is crucial to use secure banking channels to protect your financial information from fraudsters. Here is what you can do:
Avoid conducting transactions over public Wi-Fi networks or unsecured internet connections while banking abroad. Unsecured networks can be easily compromised by cybercriminals.
Use Virtual Private Networks (VPNs) to encrypt your data and enhance online security.
Opt for banking apps or websites that offer two-factor authentication (2FA) for added protection. 2FA requires a second form of verification, such as a unique code sent to your mobile device, in addition to your username and password.
Be Cautious with ATMs and Card Usage
When travelling abroad, follow these banking tips for international banking at ATMs to minimise the risk of falling victim to fraud:
Choose ATMs Wisely: Use ATMs located in secure, well-lit areas, such as inside banks or reputable establishments. Avoid standalone ATMs in secluded or poorly monitored locations, as these may be more susceptible to tampering by fraudsters.
Inspect the ATM: Before inserting your card, inspect the ATM for any signs of tampering or unusual attachments.
Protect Your PIN: Cover the keypad with your hand or body when entering your PIN to prevent anyone from observing or recording it.
Monitor Your Account: Keep a close eye on your bank statements and transaction history for any unauthorised withdrawals or purchases. If you notice any suspicious activity, report it to your bank immediately.
Educate Yourself About Common Scams and Fraud
To protect yourself against international banking fraud, it is crucial to familiarise yourself with prevalent scams:
Phishing: Watch out for deceptive emails, texts or calls that request sensitive information. Avoid clicking on suspicious links or sharing personal details.
Skimming: Be vigilant for attachments on ATMs or card readers to stop skimming attempts.
Imposter Scams: Verify the identity of individuals claiming to represent legitimate organisations before providing any information or payment.
Imposter Scams: Be wary of individuals claiming to be officials or from well-known organisations asking for money or personal information. Verify their identity before taking any action.
Currency Exchange Scams: Be cautious when exchanging money. Use official exchange services and avoid street vendors who may give counterfeit bills or charge exorbitant fees.
Stay Vigilant, Stay Prepared And Prioritise The Safety of Your Financial Assets
Being proactive and informed about potential risks associated with international banking fraud is essential for any traveller. By implementing the strategies outlined in this article, you can significantly reduce the risk of falling victim to financial fraud while abroad.
Join Vigil Army, where Vigil Aunty will decode various frauds and give people a heads-up on the dos and don’ts of combating frauds online. To join the Vigil Army, send ‘Hi’ to her via WhatsApp number: 7290030000.
*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
