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How to Protect Yourself From Fraud While Taking Out an Online Loan

The world of online payments has grown rapidly over the last few years. Many of us prefer paying our local shops, malls and markets digitally because that allows us to get some fantastic cashback while shopping for our favourite products. Getting loans has also become easier because of the digital revolution. Personal Loans can be applied for online from the comfort of one’s home with minimal documentation.

The internet is great for many people, but it has also led to the development of online scams in our country. Therefore, here are some tips that will ensure that you stay safe from fraud while taking out a Personal Loan online.

  • Always sign out of websites before leaving

Sign out before leaving the site whenever you log in to online banking or a loan website. Make sure you keep your financial records private and take care of your credit card information. Keep your financial documents safe and secure because doing so can help you prevent identity theft.

  • Always remain vigilant for potential scams

The best way to stay protected from Online Loan and Credit Card scams is by having complete information on them. You must double-check every loan offer you receive and verify their contact details to see if they are legit.

Get more info on the lender and check for the reviews of their service to get an idea of the user experience. You can also visit the RBIs website to see if the lender is legal. If you plan to apply for a loan through the App, make sure you download the legit app from the official sources.

  • Never transfer funds without verifying the identity

As the title suggests, you should never transfer funds without verifying your identity. Banking authorities usually don’t ask you for a lot of confidential information on a call and hence if someone needs too many details, make sure you verify their identity. Make sure you transfer the funds using a secure private connection instead of using public WiFi.

  • Make sure the app or website is safe

Using an unsecure website can lead to phishing attacks, and it can also give easy access to your personal information to the scammer. Using Public WiFi in places like Shopping Malls and Restaurants could also put your confidential data at risk because scammers can intercept through it and steal your card details. The card details include your PIN and private information, so you can easily lose money if that gets leaked.

  • Verify That The Website You’re Visiting Is Secure

When a website is secure, you’ll see that it uses HTTPS:// rather than just HTTP://. You can check this easily on any web browser on your laptop or mobile.

  • Be Wary Of Phishing Calls, Sms, And Emails:

You must be aware of any phishing calls, SMS or emails you receive. To do this, you can use Identity verification apps that show you the details of the person who is calling. Fraud numbers are usually marked as spam, and they will give you an idea of the person who is calling you. If you encounter any number like this, make sure you report it to the authorities.

  • Update your computer and mobile security

Make sure you keep getting regular updates for the operating system on your phone and laptop because it brings in new security updates that help you to stay safe. If you have any antivirus software installed, make sure you update them as well.

8. Never share your sensitive personal information

As mentioned earlier, banking authorities won’t ask you for your sensitive personal information via Phone, Email or SMS. Therefore, you shouldn’t share your personal information with strangers using these mediums or on any social media websites.

  • Don’t respond to calls asking for remote access to your computer

Talking with a stranger and giving him the remote access to your computer is the most dangerous thing you can do. These types of scammers usually say that there is a virus on your PC, and they want access to some software that can allow them to fix it. Once they have access to your computer, they’ll probably lock your computer or make your data inaccessible.

You are then asked to pay a ransom, and if you do not, you lose all your data and computer access.

  • In case the security of your bank details has been compromised

Many people often end up losing their debit card or credit card, and in situations like this, you should immediately get your card blocked. You can do it directly from the bank account’s app or call the customer care executives to help you.

  • Read the site’s privacy policies

While reading the privacy policy can be a long and tedious task, it can give you information on how the site protects the data and personal information it collects. If you aren’t satisfied with the privacy policy, search for another provider to get a loan.

  • Set strong passwords

Having a strong password can easily help you keep your financial information secure. Make sure your password has more than eight characters, including uppercase and lowercase letters, numbers, and special characters.

Leaking your financial information can cause a lot of problems, but you can easily stay protected from online fraud when you take the right steps.

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