When carrying out international transfers, there are a number of things that you need to take into account to make sure everything goes smoothly.
Above all, though, you should focus on the importance of security in international transfers.
Security matters above everything, and for an example of why, you – oddly – need to cast your eye back to Bangladesh. Specifically, Bangladesh on February 4th, 2016.
Breaking the Bank
Cyber crime has been a problem for decades now, but on this February, global awareness shot up.
In what’s widely believed to be the first ever cyber central bank heist, a series of wire transfers in February 2016 nearly saw a billion dollars taken directly from the Bangladesh Central Bank and sent to commercial accounts in Sri Lanka and Philippines.
What was alarming was that it took two full days for the bank to even notice the transactions, and all the payments went through without interruption.
Fortunately, the US Fed did cotton on and blocked the majority of the payments. That didn’t stop the thieves walking away with $81 million dollars.
In other words, one of the biggest bank heists in history happened online.
Raising Awareness – The Threat to your Money
Since this heist, cyber security awareness has shot up. Understandable. Statistics around cybercrime make for troubling reading:
- 62% of businesses experienced phishing or social engineering attacks in 2018
- Data breaches exposed 4.1 billion records in the first six months of 2019
- Hackers have been known to make 2,244 attacks a day – every 39 seconds, in other words
- Data breaches cost companies $3.92 million on average
- Equifax lost an estimated $4 billion as a result of being hacked
And in the first year, GDPR fines reached a total of $63 million.
In other words, a security breach could mean huge fines. And that’s before you consider the risk of having capital stolen!
Top Level Security
When you’re planning to transfer money abroad, you want to know that the company responsible for handling your money understands and takes risk very seriously.
That’s why, at Privalgo, we’ve emphasised security first and foremost.
With over 25 years working within FCA authorized and regulated firms, our senior management team has developed a reputation for guaranteeing the highest possible security levels.
We insist on total scrutiny on our security and compliance processes, which is why we regularly undergo audits from an external compliance consultancy. We leave no stone unturned to guarantee our compliance to all regulations and best practices.
On the first day we opened for business, Privalgo were regulated by the FCA as an Electronic Money Institution under the Electronic Money Regulations (2011).
FCA Firm Reference Number 900887.
We go above and beyond the ‘minimum’ requirements. As we are adhering to the strict prudential rules of the FCA in ensuring we maintain adequate capital separate from client money, we follow the voluntary industry code of practice, the global FX code.
Don’t settle for anything less than the best possible service.
If you’re planning to make an international currency transfer and want to know that your FX broker will go above and beyond, get in touch with Privalgo today.
We’re always here.