5 Ways For Businesses to Stay Safe With Cross-Border Payments

Whether you’re an SME or a multinational corporation, connecting with business partners, suppliers, and customers around the world can leave you vulnerable to several risks. These include fraud and cybersecurity threat, financial crime compliance risk, sanctions risk, operational risk, currency volatility risk, and reputational damage risk. 

According to a report by CyberEdge, 73% of UK organisations experienced a cybersecurity attack, closely following South Africa businesses at 82%. Equipping your team with the necessary technology and information can keep your business protected and reduce this threat.

Here are five ways to keep your business safer when transferring money globally:

1. Use a secure payment method: Don’t risk sending or receiving money through unsecured payment methods such as instant messaging or WhatsApp. Instead, opt for methods like digital wallet transactions or transfers using reputable payment rails. At Verto, we use secure payment rails like SWIFT when money is transferred internationally and allow for real-time tracking so you can see the status of your payment. Our multi-currency wallets are designed to create even safer cross-border payments as funds can be transferred between wallets instantly and securely via the Verto platform. Remember, avoid taking risks and speak to our support team for any security questions.

2. Watch out for signs of fraud: Feeling under pressure? Or unclear of who you’re communicating with? Make sure you get the appropriate and necessary information you need from all parties you’re sending payments to. Cyber threats such as phishing can cause data breaches, losses, and reputational damage to businesses, so always be vigilant on anything which can compromise security. At Verto, we prioritise data security and our robust compliance system across our website and platform so you’re confident that your business is protected.

3. Record all transactions: Keep all your transactions securely recorded and monitored for any signs of fraud. This includes sender and beneficiary names, money received and sent, as well as the dates of all transactions. We keep all this information stored in the Verto platform and with our real-time tracking, if there are any issues or disputes that need to be raised, you can attend to them quickly and efficiently.

4. Know your sender: Ensure you get all necessary details of your sender’s identity, whether you’re receiving or sending funds, as it’s important you know where that money is ending up. With Verto, all businesses we onboard go through a diligent financial crime compliance and KYC process where official documents are checked, and their risk rating is assessed and evaluated. This ensures the Verto ecosystem is safer and more secure for all businesses who use our platform and make cross-border payments.

5. Use a trusted payments provider: When sending or receiving cross-border payments, it’s imperative to use a payments provider that values your security and takes the necessary measures to keep your business safe. This enables you to mitigate the risk of fraud, ensure you’re dealing with compliant businesses, and protects you from reputational damage. At Verto, we make sure we meet regulatory and compliance standards for every market we operate in, so you won’t get caught out and risk facing fines or penalties for not adhering to AML/CFT regulations. We also have a team of experts on hand for any questions regarding your payments, our security, or using our platform so we can help you along the way with collecting payments, currency conversions, or paying out. By partnering with Verto as your cross-border payments provider, it further can enhance your credibility with customers, suppliers, and partners as it shows your business opts for a trusted platform that’s engineered for safer cross-border payments. This helps to give peace of mind to your network and team members that you’re motivated by making cross-border payments safer and more secure.