These are the steps you need to follow to keep scammers at bay
The interest rate increases have not deterred many from applying for a loan. This can be attributed to the easy availability of online loans that banks and fintech organizations have availed to inclined borrowers. The propensity to apply for loans online continues as the craze for online shopping as people find it easier to submit their claims online than going to various bank branches and filling out countless loan applications.
Most lenders now allow applicants to fill in their details using loan apps or directly online to entice more people to take out loans from them. Be it mortgages or personal loans or others, today’s online loan offers are alluring and hard to resist. However, this also means that now more people are exposed to being scammed online or to being scammed for the money in their savings accounts. The following are some suggestions to keep you protected from online fraud while applying for any type of loan.
Vigilance is the key to safety
Having thorough knowledge of online loan scams is the best way to protect yourself from them. Any loan offer you receive must be double-checked and your contact information should be verified to ensure it is genuine.
To get an idea of the user experience, learn more about the lender and look for reviews of their services. You can also visit the Reserve Bank of India (RBI) website to see if the lender is recognized. increase. If you apply for a loan through an app, download a legitimate app from a legitimate source.
Log out of websites after check-in
When you log into online banking or a lender’s website, log out before you leave. Protect your financial information by keeping it private. By keeping your financial documents safe, you can prevent identity theft.
Look for the app or website’s antecedents
Refrain from using unsecure websites as it exposes you to phishing attacks, thereby giving fraudsters easy access to your specific financial details. This problem is most often faced by those who use internet services in public spaces. This involves how using public Wi-Fi in establishments including shopping malls and restaurants can also put sensitive information at risk as fraudsters can intercept your data and use it to steal your financial information, which if compromised can lead to easy losses your money.
Ignore phishing calls, suspicious emails or text messages
A phishing call, text or email should be something you are aware of. To do this, use an identity verification app that displays the caller’s information. Fraudulent phone numbers are usually classified as spam and reveal who is calling you. If you come across a similar number, be sure to contact the authorities.
Secure your computer and mobile against snooping
Mobile phone and laptop operating systems need to be updated regularly as they include new features for increased security. Also update any anti-virus programs you may have installed.
Do not allow external access to electronic devices
Regardless of how much care you take with your computer, laptop or mobile, the biggest risk is trusting strangers and giving them remote access to your electronic devices. These scammers usually claim to remove the virus from your computer and thus seek access to software to remove it. The dangerous part is when they gain access to your computer, which means they can unlock it and make your data inaccessible unless you’re willing to pay them some extra money for the service. The worst case scenario could be when you pay with your card, thus giving them details of your financial information and enabling them to wipe your hard-earned savings from your bank account.
Use strong passwords
Passwords are like gateways to your financial information or email, and therefore require you to make sure they are strong. You can do so by using a combination of numbers, alphanumeric characters and alphabets. Also, make sure your password contains special characters, numbers, upper and lower case letters, and contains at least eight characters. Apart from using birth details or anniversary dates in your passwords to avoid your accounts being hacked.
Fraudsters can easily trick people into parting with their money and personal information thanks to the internet. However, a little caution and adequate caution can help you get rid of unjustified attacks on your finances, especially when applying for loans online.
These are remedies for victims of online fraud.