Is OFX safe in Australia? What you need to know

In a world where online transactions have become increasingly the norm, concerns about security and reliability are paramount. With so many providers and services out there, it can be hard to distinguish what really sets one apart from another in terms of safety.

This article will explore OFX, an Australian based corporation and what sort of security safeguards they have in place for when you want to send money abroad from Australia.

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Who is OFX in Australia

OFX is an Australian global financial company that specialise in international money transfers and foreign exchange rate services. OFX was started in 2001 and has since grown to have offices across 8 countries, transferring over 50 currencies to 170 countries. OFX became a publicly listed company in 2013 in Sydney.¹

Is OFX safe in Australia?

OFX is safe to use in Australia. As an internationally recognised provider for money transfers, OFX has built a network of global partners and banks. OFX is also regulated and holds the necessary licences to operate in various countries including Australia.²

How is OFX regulated in Australia?

OFX is regulated by the Australian Securities and Investments Commission (ASIC). ASIC requires OFX to hold an Australian Financial Services Licence (AFSL) which is licence number 226 484.

OFX is also regulated by the Australian Transactions and Reports Analysis Centre (AUSTRAC). Outside of Australia, OFX is regulated by different bodies in Singapore, Hong Kong, United Kingdom, United States, the European Union, New Zealand and Canada.¹

How is your money kept safe at OFX?

There are three overarching ways OFX works to keep your money safe when using their services. These include measures for³:

Identity Protection

OFX collects accurate identity information that is used to protect its users from identity theft and fraud. Some measures include strong passwords, multi-factor authentication (MFA), additional security questions, and automatic time-outs.

Fraud Prevention

OFX constantly monitors the registrations, logins, and transactions of all account holders to identify and address suspicious activities. There is a multi-level fraud system designed to detect and prevent phishing, malware, and fraudulent apps on their systems.

Cybersecurity

OFX integrates various cybersecurity tools to mitigate any incoming security risks. These are supported by implementing international cybersecurity frameworks into their policies and processes. OFX states they continually work to enhance their security controls to keep up with any evolving cybersecurity threats or scams.

Holding large amounts with OFX

As an international money transfer provider, OFX is mainly used for moving money rather than holding large amounts in the account. However, there are no limits when using an OFX account to transfer money from Australia. However, receiving countries may impose government regulations on how much can be transferred into accounts in their country.⁴

What about scam protection at OFX?

Outside of their cybersecurity controls, OFX offers a myriad of information on how customers can protect themselves from scams on their website. This includes general information on the types of scams out there, how to identify each scam type and how to contact OFX if a possible scam has taken place.⁵

Data protection at OFX

All information related to how your data is protected is found within the OFX privacy policy. The main ways that OFX Australia protects your data is through electronic encryption, physical risk reduction processes, and strategic policies to ensure only staff that have authorisation can access certain types of data.⁶

How long is your data kept at OFX

All personal information and associated data is kept for up to 7 years as required by Australian law. Sometimes this timeframe may be longer depending on business purposes.⁷

Requesting deletion of your data at OFX

As mentioned, all data must be kept for 7 years by OFX to meet their legal obligations. After this time, OFX will delete any data that is no longer required to be kept. If you do have a question or a complaint, you can contact OFX for information about how your data is collected, stored and managed by email or phone.⁷

What are the protection systems in place for your OFX account in Australia

OFX utilise these protection systems to keep your OFX account secure⁸:

• Data encryption on transfers and personal data
• Tools to block malicious actors and bots
• Secure coding practices
• Conduct regular security assessments
• CAPTCHA and MFA access control measures
• Ongoing training and awareness for staff

Despite these behind the scene protections, not every system is foolproof and implementing personal protections for your OFX account is the best way to keep your account as safe as possible.

Transferring money with OFX and security measures

When making international money transfers, you always want to make sure where your cash is going to be a legitimate recipient.

Here are some things to do to make sure every transfer with OFX is going to where it's meant to⁹:

• Avoid sending money to people you haven't met
• If sending money to businesses abroad, check their credentials in any way you can
• Verify the identity of a person before wiring money to anyone who approaches you through unsolicited emails or dating services
• Before investing in anything, confirm the company's regulatory status
• When sending money to charities, research the identity and tax status to make sure its real

The best way to ensure your transfers are protected is through using trusted services like OFX when moving money abroad that have integrated fraud and security management processes.

Tips to help you keep your account safe at OFX

One of the most frustrating and costly things that can happen is if your account is compromised. Although OFX do have security tools and systems in place to try to mitigate access into their systems, you still have due diligence to keep your account details secure.⁷

Here are 10 tips tips to do that³:

1. Create complex passwords and reusing the same one for different accounts
2. Keep your personal documents safe at home, work, in the cloud, or during travel.
3. Download security updates and use anti-virus software
4. Check your account frequently to monitor transactions
5. Delete phishing emails and be cautious before clicking links or downloading attachments.
6. Avoid unsecured Wi-Fi networks for banking or online shopping.
7. Always verify any received communications through your account
8. Adjust your privacy settings on social media and minimise the sharing of personal information
9. Set up multi-factor authentication for your account log in.
10. Avoid sending money to someone you haven't met in person.

Getting to know what sort of cybersecurity scams or tricks are out there is also a way you can be ahead of the curve when it comes to keeping your OFX account safe.

Contacting OFX

You can contact OFX as a personal customer by:

• Calling 1300 300 424 within Australia
• Calling +61 2 8667 8090 from overseas

If you are a business customer you can:

• Calling 1300 300 524 from within Australia
• Calling +61 2 8667 8091 from overseas

All other contact methods can be found on their contacts page including global office locations and localised numbers here.

The Wise Account

The Wise Account enables you to store over 40 international currencies and get local account details for a number of different countries, including AUD, NZD, EUR, USD and GBP. You can use these to easily transfer your money to Wise or get paid by others.

You’ll also avoid high international transaction fees and get access to the mid-market rate on all conversions and money transfers. The best part — you can open and manage your Wise account completely online.

Safety is super important at Wise and it’s regulated wherever it operates. In Australia, it is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 513764). On top of this, Wise has dedicated compliance teams and systems working around the clock to keep our customers’ money safe.

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Sources:

1. OFX About
2. OFX Money safe
3. OFX security
4. OFX Large amounts
5. OFX Scams
6. OFX PDS
7. OFX Privacy
8. OFX Cybersecurity
9. OFX wire money

Sources checked on: 10 February 2024