(ARA) – As criminals get smarter, we all need to watch our money and personal information even more closely. Something as simple and seemingly secure as wiring money to your family is highly vulnerable to financial fraud, depending on the service you use. If you are planning to transfer money in the future, make sure you are protecting yourself.

Wire transfer businesses are often smaller mom-and-pop organizations that are very common in larger cities or areas with high ethnic populations. These businesses are often used by immigrants to send money back to their home countries, also known as remittances.

Worldwide remittances amount to more than $126 billion and have become a considerable force in the economy of many countries, U.S. Immigration Support estimates. Last year alone, Mexico received more than $17 billion in remittances through America-based workers, the highest of all countries.

Panda Security, a leading provider of security software for consumers and businesses, conducted a multi-year study in order to see how secure these types of businesses were. The results are alarming. Panda found that these businesses, numbering approximately 66,000 in the United States alone, are at extremely high risk for cybercrime like personal identity breaches and theft.

Surprisingly, the computers present in more than 300 offices audited by a team of researchers are typically basic computers with very few enhancements or software additions. In repeated visits over the past two years, Panda Security consistently found that trial antivirus software on these machines had long since expired and any kind of proactive security measure was almost always viewed as an unnecessary business expense. In addition, employees at these businesses are frequently minimum wage young adults who spend time chatting, using social networks and visiting chat sites on the very same computers that store sensitive data such as Social Security numbers, driver’s license records, tax records and credit card information. This results in highly vulnerable systems that are very easy for criminals to attack, according to the report.

Money transfers are a regular part of many Americans’ lives, so it’s important to make sure that you take steps to secure your transaction. Here are some tips that Panda Security suggests you follow if you need to wire money:

1. Ask the wire transfer agent what security measures are in place to ensure the confidentiality of your personal information.

2. Make sure you understand what anti-fraud measures are in place at the receiving location in order to safeguard your money.

3. Call your beneficiary immediately after sending money so that it can be picked up before interception is likely to occur.

4. Try to send remittances before common dates such as Christmas, Mother’s Day, etc.

5. Find out if there is any insurance if the transfer is intercepted. If not, consider using a service that provides this.

6. Be sure to ask around to determine whether a shop has a good track record before going there to complete your transaction.

7. If making the transaction yourself from a computer, visit “Infected or Not” (www.infectedornot.com) and run a free scan of the computer to ensure that it is virus and threat-free.

For all businesses geared towards U.S. immigrant money transfer, Panda Security recommends having an up-to-date anti-malware suite in place that is set to scan regularly. To get a complimentary security consultation from Panda Security or obtain a copy of their recent study, businesses can visit http://us.pandasecurity.com/criticalalert.

Courtesy of ARAcontent

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Be Careful When Choosing Your Broker

One of the biggest dangers of Forex trading is putting your financial future in the hands of an unethical or incompetent Forex broker. The good news is that with a little work you should have no problem find an excellent Forex broker who will help you make good choices; you just have to use some common sense. The first thing to remember when selecting a broker is to trust your instincts. Instincts are an important part of avoiding the dangers of Forex trading. If your gut is telling you that the broker you are talking to isn’t a good choice, follow them. Why would you give money to someone you don’t trust.

One of the best ways to find out if the broker you are considering is a good choice is to look at their experience. A broker who has a lot of experience is a good choice for two reasons; the experience tends to mean that they are the real deal, and the experience also means that the broker is better able to read the Forex’s subtle ebbs and flow and will be able to use this knowledge to increase your investment.

References are critical to finding out if the broker you are considering will be one who can steer you away from the dangers of Forex trading. Ask for references from past and present clients. While you are checking into the potential broker’s references also try to find out their level of success, a broker with a low success rate is one whose name you probably want to cross off your list.

Don’t Be Reckless

One of the biggest dangers of Forex trading is that people invest everything they have into it. This is fine if they are successful, and all that money goes on to turn into more money. On the other hand there is always the chance the money won’t go onto to make more and you could loose everything.

There is an old saying about putting all your eggs in one basket, if something happens to the basket you’ll loose all your eggs. A smart person who is wise to the dangers of Forex trading takes the money they have set aside for their Forex account and divides among several different opportunities. By doing this if one investment flops they still have other investment that will hopefully cover the loss.

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It might not seem that at first that working with an instant credit repair service is all that bad, but in the end it will be. Going into debt to a while, even though it might seem it did not, and getting out of debt will take some time too. Also, it will take some effort and cold hard cash to work out of it. The goal is to get out of debt, but staying out of debt in the future is just as important. Repeating the same mistakes over and over will be a never-ending cycle of poverty and stress. Learning how to manage money now is the overall goal for life.

Buying a new car or home is a thrill, just like getting a new credit card, but if credit scores are slashed by late payments or judgments there will not be many offers in the future. A lot of people do not realize how far reaching a negative credit score can be. Denial of insurances, mortgages, credit cards, loans for education, vehicles, checking accounts, rents are just a few of the ways that negative credit can hurt. The scammers are unscrupulous, and will use their tactics to get what they want – money.

One of the first warnings to look for with a fast slick credit repair scammer is that they will not say that credit repair can be done independent of their company. Legal rights are never stated, a say that by phoning, emailing or writing the three major reporting agencies of Experian, Equifax and Trans Union is silly. Usually they promote the idea that the companies are only just reporting agencies, and they cannot remove any inaccuracies anyway, so there is no use in talking with them. It is true that the agencies can not get rid of any negative true reports, so this ruse will does work, but it is just a lead in to there next tactic of scamming.

Next, all scammers will advise that to get a good one over on the reporting agencies, and to land some new loans and credit extensions on credit cards, is to just apply with the federal government’s IRS (Internal Revenue Service) for a EIN (Employer Identification Number). This is not legal for the ordinary Joe because it is creating a separate identity, and the Social Security number being used will no longer be used for identity purposes. New credit identities under false pretenses can get jail time and huge fines for trying it, and getting caught. 

There are so many ways to get into trouble with creating a false identity. If caught, prosecution charges will include mail fraud because of the use of the federal post office system, or even fraud of any wire transmissions too. Lies on any type of loan backed by a financial institution backed by the federal government will make a lot of hot water, as well as using an EIN under false reasons. It is just not worth the chance to nor is it morally right to lie just to get credit issues resolved.

Another favorite game of scammers of instant credit repair services is to ask for payment upfront without providing services first. They will state that services to do the work do require time and effort, and that they have to pay their employees too. All kinds of reasons will be given for payment of front, but do not fall for any of them. These are fly-by-night companies that will be here today and gone tomorrow with the cash. Many of them require payment of large sums of money, from a few hundreds to thousands of dollars for their supposed services. The best way to solve credit issues is to consult with a credit counseling service to see how to really fix credit problems and to work hard at getting the debt paid off.

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The problem: “File segregation” is illegal. If you use it, you could face fines or even a prison sentence.

If you have filed for bankruptcy, you may receive a letter from a credit repair company that warns you about your inability to get credit cards, personal loans, or any other types of credit for 10 years. For a fee, the company promises to help you hide your bankruptcy and establish a new credit identity to use when you apply for credit. These companies also make pitches in classified ads, on radio and TV, and even over the Internet.If you pay the fee and sign up for the service, you may be directed to apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). Typically, EINs — which resemble Social Security numbers — are used by businesses to report financial information to the IRS and the Social Security Administration.After you receive your EIN, the credit repair service will tell you to use it in place of your Social Security number when you apply for credit. They’ll also tell you to use a new mailing address and some credit references.

To convince you to establish a new credit identity, the credit repair service is likely to make a variety of false claims. Listen carefully; these false claims, along with the pitch for getting a new credit identity, should alert you to the possibility of fraud. You’ll probably hear:

Claim 1: You will not be able to get credit for 10 years (the period of time bankruptcy information may stay on your credit record).

Each creditor has its own criteria for granting credit. While one may reject your application because of a bankruptcy, another may grant you credit shortly after you filed for bankruptcy or successfully completed a bankruptcy repayment plan. And, given a new reliable payment record, your chances of getting credit will probably increase as time passes.Claim 2:The Company or “file segregation” program is affiliated with the federal government.

The federal government does not support or work with companies that offer such programs.Claim 3: The “file segregation” program is legal.

It is a federal crime to make any false statements on a loan or credit application. The credit repair company may advise you to do just that. It is a federal crime to misrepresent your Social Security number. It also is a federal crime to obtain an EIN from the IRS under false pretenses. Further, you could be charged with mail or wire fraud if you use the mail or the telephone to apply for credit and provide false information. Worse yet, file segregation likely would constitute civil fraud under many state laws.

This law prohibits false claims about credit repair and makes it illegal for these operations to charge you until they have performed their services. It requires these companies to tell you about your legal rights. Credit repair companies must provide this in a written contract that also spells out just what services are to be performed, how long it will take to achieve results, the total cost, and any guarantees that are offered. Under the law, these contracts also must explain that consumers have three days to cancel at no charge.Under the law, you also have the right to sue in federal court. The law allows you to seek either your actual losses or the amount you paid the company — whichever is more. You also can seek “punitive” damages: sums of money to punish the company for violating the law. The law also allows class actions in federal court: cases where groups of consumers join together in one lawsuit. If you win, the other side has to pay your attorney’s fees.

Many states have laws regulating credit repair companies, and may be helpful if you’ve lost money to credit repair scams.

If you’ve had a problem with a credit repair company, report the company. Contact your local consumer affairs office or your state attorney general (AG). Many AGs have toll-free consumer hotlines. Check with your local directory assistance.

You also may wish to contact the FTC. Although the Commission cannot resolve individual credit problems for consumers, it can act against a company if it sees a pattern of possible law violations. If you believe a company has engaged in credit fraud, you can file a complaint online at ftc.gov, or send your complaint to: Consumer Response Center, Federal Trade Commission, Washington, D.C. 20580.

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The first rule in protecting oneself is to steer clear of any forex investment opportunities that sound too good to be true.  Some companies are touting guaranteed returns of fifty to one hundred percent, but earning a return like this is just not likely in this day and age.  Think about it – if it were possible to guarantee this type of money making potential, everyone would be doing putting all of their money into trading currencies.  All of those mutual fund managers on Wall Street eking out gains of eight percent a year would immediately switch all of their billions of dollars in equity over to currency trading.  While it is definitely possible to make money by trading currency, investors with realistic expectations are the ones who are most successful and the least likely to be scammed.

One should also be wary of any company that guarantees a return.  Some investments are riskier than others, but all carry some chance of losing money.  There is a direct relationship to the amount of return possible and the risk involved, and this is known as the risk-reward ratio.  It is simply not possible for a forex brokerage to guarantee a positive return, and investors should avoid any company that does.  Although investors make money every day in the forex market, negative returns are indeed possible and consumers should be made aware of their possibility.

In addition, any firm that purports to trade on the “interbank market” should be looked at with suspicion.  By definition, an interbank market is created when banks trade currencies between themselves, or with other financial institutions, often at better exchange rates than can be obtained on the open forex market.  Some companies advertise that they are able to tap into this market to take advantage of the superior prices, but in reality it is unlikely that the company is able to do so, especially if it is an unregulated currency trading firm.

Finally, investors should avoid falling for the advertisements that tout account executive jobs at currency trading firms.  Often, poor ethnic minorities are targeted for these get-rich-quick schemes as they are offered high-paying employment opportunities with no experience necessary, often on late-night television infomercials.  But once the applicant is solicited to invest a lot of money himself, these “jobs” turn out only to be ways these forex trading firms use bilk money from the unsuspecting public.  And often, the job candidate is pressured to recruit friends and family members to the firm along with their hard-earned savings as well.  Any job advertisement from a forex trading firm that sounds too good to be true likely is, and one should try and avoid these opportunities.

By following these four tips, one can successfully avoid the web of scam artists in an otherwise fast-paced, rewarding industry.  There is a lot of money to be made in the forex market, and the savvy investor who trades with a legitimate brokerage house can find success in trading currencies.

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