When malware is a threat to your mobile banking

You might be aware of the basic fraud prevent steps such as not clicking on suspicious links or even downloading any unknown apps. After all it may lead to installing a threat on your phone which can compromise your data. But what if the malware threat comes pre – installed on the mobile device itself?

Recent research has indicated that certain malware has been detected on brand new phones' software. They have been planted deep within the device and designed to steal information and display ads. Furthermore, the malware would attempt to gain full system privileges, wherein which, it would corrupt or delete data, erase the storage or steal personal information. It would even hijack the screen and spam contacts. Some would even block the usage of the device until a ransom was paid. The alternate solution here would be to erase everything through a factory reset.

This development underscores the fact that malware threat to your mobile is very much in existence, even before you operate it. Imagine you using your device regularly for mobile banking where you need to access your card details or even your bank account. Such systems can easily compromise your finances and put them at risk for fraudsters.

Here is how you need to be aware of malware:

Fraudsters Follow the Money: Cybercrime brought on by malware, is very much about funds. What was once a trivial measure of pinging online portals in search of vulnerabilities to exploit, has now exploited to an organised enterprise that focuses on stealing data and funds. In fact, with the aid of technology’s speed, power and storage facilities, malware can be easily penetrative in every aspect of a user’s life, which also includes mobile banking. Since most mobile platforms are still developing their security protocols, it represents an attractive target for most money targeting fraudsters. For example, a few apps were known to be infected with the XcodeGhost, a malware designed to turn the device into a botnet, creating a zombie-like a network that disperses spam or any other activity as commanded by the controller.

Rooting targeted OS: Targeted attacks are often sophisticated and most concerning, especially for mobile banking facilities. They target the vulnerabilities in the phone OS platforms, and root the victim’s device and begin spying. It would include accessing messages, calls, emails, logs, and more from apps including Gmail, Facebook, Skype, WhatsApp, Viber, FaceTime, Calendar and Line along with other mobile banking apps. One of the most notable malware of this functioning was Pegasus that attacked the iOS vulnerabilities. With the root access, malware provides the relevant leverage over a device. It is concerning for any person or business wanting to protect sensitive data, such as their bank details.

When should you use traveller’s cheques when travelling abroad?

Traveller’s cheques have been one of the most oldest and traditional forms of money exchange, as an alternate to physical currency. This cheque is similar to a normal bank cheque, as it receives a unique check number or serial number. In the occasion the cheque is lost or stolen, the provider can cancel the cheque, and get a new one.

Travellers normally use these cheques, specifically for vacations in foreign countries, as it was one of the safest ways to take a currency overseas. While plenty of individuals have moved onto banking cards and other forms of money transfer, these cheques are still in use in selected locations. Given below are a few instances where you can use the traveller’s cheques:

Locations where ATM’s are sparse: While the forex, debit or the credit card may be popular options for international travellers to access funds when abroad, it is convenient only if ATM’s are available. Even if the most isolated of destinations have a few financial institutes or banks, they will accept the traveller’s cheques. While it may take the time to complete the transaction, it is a better option that being completely cut off from any funding you may have.

When you are concerned about travel safety: Before the introduction of the ubiquitous ATMs, there was another reason why travellers opted for cheques. The main reason was safety. If you had a physical cheque, it could be cashed only if you penned a signature that matches the one where you wrote when you got the cheques. Unless your signature is copied to perfection, you need not worry about your funds being stolen. The same goes if the cheques have been lost or stolen as you can always cancel the cheque.

In the case of a true emergency: While there are plenty of benefits when it comes to traveller’s cheques, in the end, it boils down to one thing. It is safety, especially in the case of emergencies. In the case of the banking cards, the PIN can be stolen, your password changed, or even your card details compromised through a skimming device. Even more, your cards could be stolen and misused.

Eventually, you will be left with the little resource in finding your home, on such short notice. This is one wise reason why you should carry an emergency stash of traveller’s cheques. This will guarantee that funding will always be there, and it can be replaced quickly.

While there are several other financial options you can consider when travelling abroad. But when it comes to the traveller’s cheques, these are some of the important points you need to remember when you are looking for funding when travelling abroad.

What is the difference between the NRO and NRE fixed deposits?

The financial savings of local Indian residents and NRI’s are vastly different. For one, NRI’s will be earning in their local foreign currency. At the same time, they may or may not also be earning a small substantial amount from India through rent or dividends. Keeping these factors in mind, the government has set up a banking system that caters to the needs of these individuals. This is where the NRI bank deposits come into place.

The NRI deposit systems has been divided into two different accounts, namely the NRO and the NRE fixed deposits. They function similar to the local fixed deposits. These accounts offer a host of benefits such as repatriation, tax benefits, currency flexibility, etc. that make them the preferred choice for NRIs.

However, there is a considerable difference between the two deposits. They include:

Interest rate: In most cases, the investing bank will have different rates for each account. You will need to check the available rates, to know what the highest returns will be for you.

Taxation: When it comes to taxation of fixed deposits, the NRO is taxed. Any interest that is earned from an NRO FD is taxed, according to the Income Tax Act, 1961. This attracts around 30% of the income, which is comparatively high when compared to FD tax rates. On the other hand, the NRE fixed deposits do not attract any taxed on any income earned. This factor alone makes the NRE fixed deposits favourable over the NRO deposit.

Repatriation: NRO fixed deposits does not offer repatriation on the principal investment. In fact, the interest earned from this deposit can be transferred to a foreign account. NRE fixed deposits offer the option for full repatriation of funds, which includes both the principal and accrued interest to a foreign account. These accounts simplify the process of transferring funds earned from a local Indian account, making it a great deal.

Joint accounts: An NRI can opt for another NRI joint account holder, for the NRO or the NRE joint account. However, an NRI can only opt an NRO account jointly with an Indian resident. NRE fixed deposits cannot be opened with any Indian resident, even if the said individual is a member of one’s direct family.

Withdrawal and deposits: Only funds that have originated from India can be used to open and invested an NRO account and fixed deposit. This is not applicable for funds earned abroad. Funds from the NRE account be transferred into an NRO account for the purpose of opening a fixed deposit. However, funds from the NRO account cannot be transferred to the NRE account. Any withdrawals that have to be made from either account will need to be done only in INR currency.

Interest rates
The rate of interest in NRO and NRE accounts may vary according to the bank you are applying in. As such, it is imperative that you check the available rates to find the option with the highest returns for you. Typically, an NRE or NRO FD is offered with maturity between 1-20 years.

What are the benefits of using the Remit 2 India service to transfer funds?

When it comes to transferring any money, there are plenty of choices you can opt for. Some of the popular options include wire transfer, personal checks, online transfer and much more. Depending on one’s requirement, location and the urgency of the transfer, you can transfer the funds through the channel that is most appropriate to you.


But amongst the upcoming money transfer services, the remit2india is one such option. Through this money transfer service, you can avail the following benefits:

Get the best exchange rates and low charges: One of the main concerns about money transfer is exchange rates and charges. In most cases, the exchange rates will reflect the then rates in the financial market. During peak transfer seasons, especially around festive times or end of the months, the exchange rate can increases, causing you to spend more on the conversion rate more than the actual amount to be transferred. The same applies to the service charges. If the demand for money transfers are high, the service charges will also increase, especially if it calculated in percentage off the funds being transferred. Remit2india offers the best exchange rates and low charges, for any money transfer occasions.

Quick money transfer services: You may be accustomed to sending funds on fixed date on a monthly service, based on the speed of the transfer. However, in the case of financial emergencies, you will need to opt for a quick money transfer service. Most money transfers do offer a quick transfer but at a higher price. However, remit2india offers a money transfer service, which will not only make money transfer quick but also at an affordable price. This makes it an excellent option for those who want to make a quick money transfer, especially during any financial emergency.

Prompt transfer alerts: Making a money transfer will require two parties, namely the sender and the receiver. However, when you as a sender makes a money transfer, both parties need to be aware of when the money transfer is being made. At times, the money transfer service does not have the appropriate transfer service, leaving either party unaware of the progress of the transfer, causing them to either miss out on the money transfer or be unaware of any possible delay. Remit2India offers prompt transfer alerts every time a transaction takes place so that each party is aware of the transfer process in progress. You can set up alerts for custom transfers or even your regular payments.

The extent of money transfer services: Plenty of individuals make money transfers from over 24 countries. This means, they also have to transfer funds in different currencies. If the choice of foreign currency is not available, one would need to transfer it in the next approved currency. This would lead to further extra conversion charges, once the funds have been withdrawn in the local foreign currency. Remit2India offers a wide range of money transfer services, in over ten different currencies, making it the ideal choice for money transfer for your needs.

4 mistakes you need to avoid when making a telegraphic transfer

The telegraphic transfer, also known as the wire transfer, is a process that transfers funds from one institute to another. This has been a traditional form of money transfer from one bank account to another bank account.

Even today, making a money transfer through a telegraphic transfer can be quick, effective and cheap. However, any mistake you make can cost you time, resources and money. Here are some of the mistakes you need to avoid when making a money transfer through this medium:

Getting your account details wrong: As a part of the wire transfer process, you would require the bank account and routeing numbers, for the both the sender and the recipient. However, theses bank account numbers will have different formats that vary from country to country. If you are making an international money transfer, you need to be aware of the code and the bank account you will be transferring to. Any wrong detail in the account number will reject your transfer, or send it to the wrong account number.

Failure to convert the currency into the local one: When you make a telegraphic transfer, you begin the process with your currency, and expect the right currency to arrive at the recipient’s account.

However, not many are aware that the currency conversion also matters. If you are not aware of the currency conversion or even skip it, two possibilities can occur. Either the transfer will be rejected, or the bank might be converted the funds at a higher exchange. Either option will put a strain on the recipient, especially if it results in a delay of the delivery, or the funds transferred is lower than expected.

Being aware of the upfront fees only: There are two primary costs when it comes to sending funds on an international basis. The primary charge is the service fee that the institute will charge for sending money. The second cost is what you will end up paying, in order to change the dollars into the local foreign currency. These costing will change depending on the two currencies, and the provider itself. Most of the service providers generally mark the exchange rates for customers to make a profit on the transfer. You need to be aware of this.

Failing to check the estimated delivery time: Each provider will have a different transfer speed, especially if it has to be done overseas. Furthermore, some of the transfer options will have different payment methods, which will affect your delivery option, which in turn will impact the speed of your money transfer. Normally, paying with a banking card will usually speed up the delivery. However, it can be expensive when compared to the direct withdrawal from the bank account.

Tips to remember when participating in investment banking

Investment banking focuses on a specific division of banking, which is related to the creation and formation of capital for government, companies and other entities. Investment banks, in particular, provide the relevant advice and assistance in large and complicated financial transactions which includes acquisition, merger, or even a sale. They may also, if the need arises, issue securities as a means of raising funds for client groups or create the necessary documentation for a company to go public.

If you are planning to join the industry of investment bankers, here are a few tips you need to keep in mind:

Constructive greed is definitely good: While this may seem odd, or even badly misquoted, this is actually a crucial tip when it comes to investment banking. However, the key focus in this statement is the opposite of moderation, as the means to be greedy. You should be greedy for knowledge, for money, for life and for love, only if it is constructive to your investment planning and strategy. Else it will just result in bad decisions and high loss.

Constant vigilance: When indulging in investment banking, you really need to keep your eyes and ears constantly open. You need to be on constant vigilance, in order to know what’s happening in the market and whether you can make a quick buck investing in a particular company’s stock or lose out on one of your investments. If you think of opting for lunch meetings to get the investment gossip, be prepared to lose out on some great investment opportunities.

Don’t rely on emotion when investing: Sure, you will have a passion to invest, earn or sell. But don’t get too caught up with the power and promise this investing will give you. In fact, don’t let your persona life get to involved with investment business deals, for it, the backlash will leave you with more than a bitter taste in the mouth, it can leave you without as much as a single rupee from your savings.

The most valuable commodity is information: As previously mentioned, you should be greedy for information. With the right tools and sources, you can get the best details and the fastest information to essentially stay ahead of the competition. Anything else should be the second preference.

Do the opposite of what others are doing: This may seem something odd, after all, if there is a mass selling, wouldn’t it be odd to be the only individual to be purchasing? However, you can outsmart the competition, but you must be armed with the appropriate information of course.

Invest in the best cell phone technology: What better way to stay connected to the fast paced investment industry than by investing in the best cell phone technology? Not only will you stay updated with the latest information, but you can also get a good preview of what to expect with investing and thus base your investment decision on it.

Private banking versus wealth management: All you need to know

When it comes to finances, it is not only about earning, but also investing in the right sources. As a high net worth individual, earning in big amounts may seem convenient enough to be lax it at the earning stage and not go beyond that. However, the full financial potential of the earnings will not be utilized. Furthermore, financial protection will also not be put into place, risking the income and whatever minimum savings one has invested in. Furthermore, it will put family members who rely on this wealth at risk for their financial future.

As you can see, it is crucial that you invest in the right source, not only for yourself but also for your family. The available choices are private banking and wealth management. But what is the difference between these two options?

Given below are the differences:

Private Banking:

• In the general term, private banking normally involves a financial institution that provides financial management services to specific target audiences. These individuals normally include high net worth individuals, who have an asset value of a particular number. This banking normally tends to be exclusive, normally reserving their service for clients who already have a substantial amount of cash and other assets that can be deposited and invested in an account.

• They provide investment related advice, aiming to address the entire financial profile of each of their clients. This includes aiding clients in protecting and growing assets, providing individualised financing solutions and also help them plan and save for their retirement. They also create a structured plan to pass on their accumulated wealth on to family members or any other intended beneficiaries.

• As a part of their service, they also provide considerable perks to these individuals, in order to obtain them as clients. The larger the account, the more enviable rates and concierge-based services are guaranteed to them. They even have instant access to employees who are working with their accounts through a single call. Through this, they can easily contact their lead advisor on their accounts and make a transaction or transfer funds without any lengthy processing.

Wealth Management:

• Wealth management advisors focus on helping with financial planning, management client portfolios while providing a variety of different financial services in accordance with the client’s private financing choices.

•  Clients have access to an educated and experienced individual, who is well equipped in solving financial problems or even enhancing the client’s overall financial status. They also help them achieve any financial goal.

• They take the time to under the client’s stipulations or restrictions in regard to their investment of their assets. They create and develop investment strategies to help meet the client’s requirements. They continue to manage the client’s funds and utilised investment products that match the client’s stipulations.