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Is BOSS Money safe?

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BOSS Money Content Team
Written by BOSS Money Content Team Reviewed by Ilia Govorkov - Content Strategist
• 4 min read
Yes. BOSS Money is a legitimate money transfer service operated by licensed U.S. money transmitters.1 

Two entities run it: IDT Payment Services, Inc. and IDT Payment Services of New York LLC. Anyone asking, “Is BOSS Money safe enough to trust with a real transfer?” can check both directly. IDT Payment Services, Inc. is listed under Nationwide Multistate Licensing System (NMLS) number 935577. It uses identity verification, fraud-prevention checks, and encryption to help protect transfers. 

However, none of these measures cover scams that happen outside the app. Once you unknowingly send money to a scammer, those protections may not be able to recover it.

Sending only to people you know and can verify is still your best protection.

Is BOSS Money a legitimate company?

Yes. BOSS Money runs through IDT Payment Services, Inc. and IDT Payment Services of New York LLC. Both are licensed money transmitters under IDT Corporation, a company that trades on the NYSE under the ticker IDT and files annual reports with the SEC.2

Those filings describe BOSS Money in concrete terms: as of July 31, 2025, it reached 50 countries through roughly 1,800 disbursement partners and more than 250,000 cash payout locations worldwide. 

Money transmitter licenses are generally issued by individual states, which is why BOSS Money lists its applicable licensed entities:

Entity

Coverage

License

IDT Payment Services, Inc.

States where it holds a license

NMLS #935577; MA license FT9355773

IDT Payment Services of New York LLC

New York

Licensed by the New York State Department of Financial Services

That NMLS number is searchable on NMLS Consumer Access, the public database regulators maintain so people can verify a company's license status themselves.

How does BOSS Money keep your money safe?

Identity verification

Before releasing a transfer, BOSS Money may:

  • Verify who you are
  • Confirm the transaction and recipient details
  • Check that information against third-party databases
  • Flag anything that looks unauthorized

U.S. law requires money transmitters to verify sender and recipient details1 to help prevent fraud and money laundering.

Transaction monitoring

A “pending”4 transfer can mean BOSS Money is still:

  • Verifying the recipient's details
  • Confirming the payout method
  • Running standard security checks

These don’t necessarily mean that the money is stuck or gone. It may simply still be processing. 

Secure technology

On the app itself, BOSS Money uses:

  • Face ID and passcode locks for account access
  • Built-in anti-fraud alerts for unusual activity
  • CVV and billing-address checks to help prevent unauthorized payments5
  • Its terms1 also commit to protecting personal information, securing transfers, and preventing fraud on the back end

Is BOSS Money safe for international money transfers?

Yes. International transfers involve more moving parts, including currency exchange, cross-border delivery, and local payout networks. BOSS Money runs them through the same licensed setup and security measures covered above.

Here's the short version:

Licensed money transmitter.
BOSS Money operates through licensed U.S. money transmitters.
Identity verification.
Sender and recipient details are checked and cross-referenced against third-party databases before release.
Fraud monitoring.
Transactions get flagged for review when something looks unusual, sometimes showing up as a pending status.
Secure technology.
Encryption, Face ID and passcode locks, and CVV checks cover the app and card payments.
Transfer tracking.
The app shows live status updates on where a transfer stands.5
Refund protection.
Eligible transfers can be canceled for a full refund before they’re picked up, delivered, or deposited. They’re refunded within three to seven business days.1

FAQs

Is BOSS Money regulated?

Yes, through IDT Payment Services, Inc. (NMLS #935577) and IDT Payment Services of New York LLC, licensed separately by New York's Department of Financial Services.

Does BOSS Money protect against fraud?

It does. BOSS Money uses identity verification, fraud monitoring, and encrypted processing to help reduce fraud risk. 

Can BOSS Money refund a transfer?

Yes, for eligible transfers canceled before the funds are picked up, delivered, or deposited. 

Sources: all third party information obtained from applicable website as of September 18, 2026

  1. https://www.bossmoney.com/en-us/terms-of-use-for-boss-money
  2. https://www.sec.gov/Archives/edgar/data/1005731/000149315225016071/form10-k.htm
  3. https://www.bossmoney.com/en-us/security-page
  4. https://www.bossmoney.com/en-us/blog/money-transfer-pending
  5. https://www.bossmoney.com/en-us/blog/boss-money-review

This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.

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