Is it safe to manage currency transfers on your phone?

Online banking apps allow the user to monitor their account balance, read digital statements, transfer between accounts and send payments in just a couple of taps.

Now some leading currency brokers are offering their own currency transfer apps, making it quicker and easier to send money overseas 24/7.

Some of these apps allow you to see live exchange rates, track your transfers, view your transaction history and set rate alerts.

They also allow you to move as little as £100 abroad fee-free and at bank-beating exchange rates – meaning you get more for your money on top of benefiting from the convenience of being able to move money overseas on your terms. 

However, with threats to cyber security making headlines on a regular basis, you wouldn’t be blamed for wondering whether it is safe to make major financial transactions on your handset.

So, is it safe to manage international currency transfers on your phone?

The answer is yes, as long as the transfer app you are using belongs to an established, reputable currency broker. 

You should also always aim to use the services of a currency broker that’s authorised by the Financial Conduct Authority (FCA).

Currency brokers authorised by the FCA have to adhere to stringent compliance and security standards, and this extends across all of their service offerings.

As with online banking apps, when you use a currency transfer app you should be logged out and prompted to log in every time you close and reopen it. 

The verification process can vary and could be a mixture of any of the following; submitting a username and password, inputting a security pin code or using biometric verification (typically a fingerprint scan).

With these measures in place you should be able to rest easy in the knowledge that no one can access your account but you.

You can also contact the currency transfer provider you are using directly should you wish to talk through your transfer requirements or confirm any changes to your account details.

Of course, it is also always advisable to give your phone an additional level of security in the form of a passcode or fingerprint lock. 

If your phone is lost or stolen, having a passcode or fingerprint lock means that none of your personal information can be accessed.

Daily Express :: Personal Finance Feed

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