15 Aug 2024
According to recent data from the IOM UN Migration study, in 2023, approximately 284 million migrants were working in countries other than their own. These individuals migrate primarily to earn livelihoods and send financial support to their families back home through regular money transfers. As of 2023, migrants constitute about 3.63% of the global population, reflecting their significant presence and impact on global economies and remittance flows. This underscores the crucial role migrants play in both their host countries and their countries of origin, contributing to economic development through their work and financial contributions to their families and communities through regular money transfer.
One of the most critical components of protecting your money transfers is to keep your internet accounts secure with strong passwords. This tutorial will teach you the value of strong passwords, how to generate and manage them, and the best practices for keeping digital security as an expat.
Despite the incorporation of cutting-edge technology and AI (Artificial Intelligence) into the global remittance sector to improve the experience, migrants continue to face one challenge, especially when it comes to transferring funds across borders. Well, you are responsible for the safety of the devices you use to carry out the operation. And what better way could be to safeguard them than strong passwords?
When you connect to the internet for whatever reason, you connect to thousands of other individuals and networks. While present online, you prefer to reveal your personal and general information, which online fraudsters can compromise using various tools and methods. So, online safety refers to ensuring that the information you choose to share online remains secure, as well as being aware of the methods used by fraudsters to steal your data and prey on you.
As an expat, you are frequently viewed as a prime target for hackers. Why? Because you often access your financial information online from several places, you are more vulnerable to assaults. Cybercrime is on the rise worldwide, and without strong passwords, your sensitive data might be jeopardized.
Imagine waking up to send money online but discovering your bank account just got emptied. The financial repercussions of such breaches may be severe, resulting in not only immediate cash loss but also long-term effects such as credit score damage and the time-consuming process of recovering stolen assets.
Simply explained, a password is a string of characters used to validate your identity throughout the login process. Passwords are often used with usernames and should only be known by the user. You can get access to a device, application, or website using the password that you generated. Passwords vary in length and may comprise letters, numbers, or special characters. Passwords are sometimes known as passphrases, passcodes, or passkeys.
Creating a password is simple. The method is straightforward, but when creating stronger passwords, you must exercise caution because a strong password improves security. Specific organizations and businesses, on the other hand, use password policies to develop strong passwords and adhere to best practices for managing login credentials to improve the overall security of the company's online presence.
There are a few strategies to prevent these frauds. Especially with a unique and strong password. If you wish to establish a solid and unique password, consider the recommendations below:
A strong password is not merely a random string of characters. It should be both extensive and challenging. Aim for at least 12 characters, including uppercase and lowercase letters, numerals, and special symbols. The more diverse, the better.
Passwords with special characters (such as @, #, and $) and numerals are substantially more difficult to crack. For example, instead of choosing a basic password like "ACE123," try something like "@Ce123!!" for enhanced security.
Avoid passwords that are readily guessable, such as "password123" or "qwerty." Also, refrain from using personal details like birthdays or names. Cybercriminals can readily obtain such information from social media or public sources.
The Ponemon Institute found that individuals need to take caution and care while maintaining passwords. Even migrants, for whom online security is crucial, particularly in their daily money transfer back home, are sometimes cavalier. This might make individuals vulnerable to remittance transfer scams and fraud.
Two-factor authentication provides an extra degree of protection by requiring not just your password but also another form of verification, such as a text message or an authentication app code. This means that even if someone obtains your password, they will still require the second factor to obtain access.
Setting up 2FA is typically simple. Most online businesses and financial institutions offer explicit instructions for enabling this option. It usually entails connecting your account to your phone number or an authentication tool such as Google Authenticator or Authy.
Most online platforms and financial institutions provide clear, step-by-step instructions for setting up 2FA within your account settings. It's essential to follow these instructions carefully to ensure proper implementation. Connecting your account to a trusted phone number or authentication app helps prevent unauthorized access, even if your password is compromised.
By setting up 2FA, expats can significantly reduce the risk of unauthorized account access and protect their financial assets while managing funds from overseas. This proactive measure not only enhances security but also provides peace of mind, knowing that sensitive information and transactions are better safeguarded against cyber threats and fraudulent activities. Take the time to enable 2FA on all eligible accounts to fortify your online security posture and preserve your financial well-being wherever you are in the world.
Many expats rely heavily on online banking. To keep these accounts safe, use strong, unique passwords and activate two-factor authentication. Monitor your accounts regularly for odd activity and promptly report any inconsistencies.
When making foreign transactions, always utilize safe and trustworthy banking services. Avoid utilizing public Wi-Fi networks for these transactions, and instead use a Virtual Private Network (VPN) for enhanced protection.
If you have forgotten your password, you can regain it using the following options:
Forgotten passwords are a regular problem that may be efficiently controlled. Most services have recovery alternatives, such as giving you a reset link via email or answering security questions. Keep your recovery information up to date and safe.
To eliminate the inconvenience of lost passwords, try utilizing a password manager that interacts with your browser or mobile device. In this manner, your passwords are constantly at your fingertips, limiting the possibility of lockout.
In the digital era, secure passwords are your first line of defense against cyber risks, especially for expats who manage their funds from overseas. Following the measures indicated in this guide—using strong, unique passwords, using password managers, and setting two-factor authentication—will greatly improve your online security. Stay attentive, use strong passwords, and preserve your financial well-being no matter where you are in the world.
If you are looking for a safe and secure way to send money, then use ACE Money Transfer. Your safe remittance partner from anywhere around the world!
A strong password is at least 12 characters long and contains a combination of uppercase and lowercase letters, numbers, and special characters. It avoids using popular terminology or providing information that might be easily guessed.
Using a password manager allows you to securely store and manage all of your passwords, requiring you to remember only one master password.
Yes, two-factor authentication provides an extra layer of protection, making it far more difficult for hackers to get access to your accounts, even if they know your password.
If your password manager is compromised, reset all of your passwords immediately. Use the manager's recovery tools to protect your accounts, and consider moving to a different, more secure password manager.
It is advised to avoid utilizing public Wi-Fi for internet banking owing to security concerns. If required, utilize a VPN to secure your connection and data.
