How We Protect You

We take the security of your personal and account information seriously. To ensure we provide you with a safe and secure service we have a number of security measures in place to protect you online.

identity protection

Identity Protection

We take care to gather the right information from you, to protect you from identity theft and fraud.

Passwords, security questions and automatic time-outs are in place to keep your account safe.

fraud protection

Fraud Prevention

We use sophisticated technology to monitor registrations, logins and transactions to identify suspicious activity.

Our fraud system utilises a multi-layered approach to detect and prevent fraud by detecting phishing, malware and fraudulent apps that are targeting our product and customers.

SSL encryption

SSL Encryption

To protect your information from being intercepted, our site’s Secure Socket Layer (SSL) encryption creates a secure connection with your browser when you register and login into our online services.

How To Protect Yourself

We are committed to researching, developing and adopting leading digital security technologies to provide you with a safe and secure service. 
  • Keep your passwords and security details safe, so no one else can access your online accounts.
  • Secure your personal documents at home, at your work, and when you travel.
  • Download security updates and use anti-virus software to protect against attacks from new viruses.
  • Identify and delete hoax emails. Filter and delete spam (emails from a source you don’t trust).
  • You should also avoid using unsecured Wi-Fi networks for secure transactions, like banking or online shopping.
  • When using social media, adjust privacy settings to control what you share. Be careful how much personal information you post or reveal.

Is it safe to wire money?

Wire transfers are one of the most efficient ways to transfer money overseas, but is it safe to wire money? The simple answer is yes. Usually.

The biggest risk to your money could be you

The risks associated with wiring money are, in part, a result of the efficiency of the method for sending funds. Wire transfers can often be completed within one business day by providers like OFX. But once the funds are received by the overseas party, it’s very difficult to retrieve them if you discover a problem. 

How can you stay safe when wiring money?

You can increase the safety of your money wire by following some simple guidelines:

  • Avoid wiring money to someone you’ve never met in person.
  • If you need to pay people you’ve never met like overseas suppliers, verify their business credentials through phone calls, online reviews and other means. This is to ensure you are dealing with the company itself and not an imposter pretending to be your supplier.
  • Be especially cautious when wiring money to someone who first contacted you via email or dating service.
  • Choose a money transfer provider with a dedicated fraud prevention team like OFX.
  • If you are wiring money for an investment, check with the local securities commission to see if the investment company is regulated. You can check who regulates them by going to the IOSCO (International Organization of Securities Commissions) website. Then, you can contact the appropriate overseas regulator or search its website to ensure that a company of that name is registered or licensed.
  • Be careful when donating to independent charities who may lack the oversight of larger organisations and who may not be what they claim. Do some research before you give. Check the organization’s identity and tax status before you donate. 

Why should I choose OFX to transfer money?

OFX is a smarter way to transfer. We offer:

  • Great exchange rates – for both personal and business transfers, customers can save money.
  • 24/7 customer service – we have 24-hour dedicated expert service and the latest technology that in most cases enables our customers to start a transfer instantly.
  • 55 currencies (and counting) – you can make a transfer with all the major currencies along with a wide variety of exotics to over 190 countries.
  • A trusted global network – we have an extensive, highly regulated global network of bank accounts (115 to be exact) that allows for swift and safe transfers. We have more than 1 million customers worldwide and have transferred over €90 billion. We are ASX listed.
  • A range of fast and secure ways to transfer – a key OFX difference is that we allow you to lock-in exchange rates before you transfer money.
  • Specialised business and currency management transfer options – for business customers we also offer our great rates and no OFX fees. We provide a range of options to help our customers manage foreign exchange needs.

What are the warning signs of wire transfer fraud?

Know how to recognize the warning signs of wire transfer fraud:

  1. Someone that you have never met in person is asking for money. This is the biggest red flag for fraud. If you’re in a long-distance relationship with someone you’ve never met in person, be wary of possible fraud, if they start asking for money. The reality is: fraudsters are professionals and they’ll do whatever it takes to get their hands on your cash. When it comes to that new love, overseas inheritance or investment opportunity, it’s worth the cost of the plane ticket to ensure it’s legit. If you can’t meet them in person, you should think twice before sending your money.
  2. You receive an email that claims you’ve won a jackpot but you have to pay fees before you can receive the prize. The reality is: the fraudsters are the ones hitting the jackpot. If it sounds too good to be true, it probably is.
  3. You see an ad online for a great deal, but you’re required to transfer the money right away to receive the product. The reality is: the product doesn’t exist and they just want your money. While many people use wire transfers to pay for luxury items, it’s worth checking the reputation of the seller, if you’re transferring a large sum.
  4. You get a job as a mystery shopper but they send you a check for more than what you’re owed. You’re asked to send the excess funds back via wire transfer. The reality is: this is just a clever way to steal your cash, as the check is probably fake.
  5. You receive an email from someone pretending to be your bank or other service provider saying you need to update your security info. The reality is: as soon as you click the link, you’re vulnerable to malware. Phishing emails that try to steal your information or get you to wire money will often contain a lot of spelling and grammatical errors. The email might not address you by name, and it comes from a suspicious and unrecognizable source. It will probably ask you to provide financial information or to verify it, but if you hover over a URL, you’ll see that it will take you to a suspicious and unknown website. Don’t click on any links within these emails; instead, just delete them and block the sender.  
  6. You receive an email or a phone call that claims the IRS wants you to pay back taxes, and you need to transfer your money or you’ll be arrested. The reality is: the IRS will formally contact you by mail rather than by phone, and they won’t be asking for your payments by credit card or by wire transfer either. 

What not to worry about 

When you see a warning signs for wire transfer fraud, the good news is that you can protect yourself by being alert to typical scams and taking some simple self-protection steps. If you do need to wire money overseas, using a reputable provider like OFX will get your money where it needs to be safely and securely.

At OFX, we’ve taken a multi-layered approach to your security because we don’t want you to fall victim to scammers. A combination of SSL encryption, fraud prevention, and identity protection means you can enjoy the benefits of our services while resting easy. So tell those scammers to scram because you’re too smart to be fooled by their tricks.