Financial services are moving online faster than customers can catch up. Almost every service once offered at a bank branch can now be availed online. Digitalization of financial services has made it possible to make payments, open bank accounts, and even avail of online personal loans. And even though online financial services are convenient for everyone, they have increased the risk of fraud.
Fraudsters are always on the lookout for consumers unaware of the risks of online financial services. Therefore, before using any online financial service, especially before availing of an online personal loan – it is essential to make yourself aware of the risks involved. Here is a look at ten ways to avoid fraud when taking an online personal loan –
Upload Documents & Make Online Payments Carefully –
When you apply for an online personal loan, such as an Aadhaar Card loan, the website or app may ask you to upload documents. If your documents fall into the wrong hands, they may get misused. Always upload your original documents only to the official link given.
Similarly, check the link carefully before paying when making payments online for processing fees and other loan-related services.
Use Verified Apps Only –
When using Aadhaar card loan apps or other financial services apps, verify thoroughly before accessing. Not every app you install on your phone may be able to keep your personal data 100% secure. Install only the official/verified apps on your phone to secure your personal information.
Browse Authorized & Secured Websites Only –
Authorized and secure websites for financial services usually have a domain name that begins with www and ends with .com or .in. Check the URL twice before using a link for payment, upload, or download of documents to avoid non-secure websites.
Operate Secure Internet Connections –
The internet connection you use for your financial transactions should be password-protected. Using public wi-fi connections to access your bank account or to fill out an Aadhaar cash loan application may lead to cyber fraud.
Be Aware When Using a Debit or Credit Card –
Debit or credit cards are vital to your financial security. Never let it out of your sight when using a debit or credit card for payments at a restaurant, shop, or ticket window. Never write your pins or passwords down, and check the ATM machine carefully before inserting your card.
Update Your Mobile or Computer Security –
Ensure that all your devices have installed the latest version of high-quality antivirus software. Protect your devices with passwords that you should periodically reset. Avoid using easily guessable passwords and clever combinations of upper- and lower-case alphabets, numbers, and special characters to make strong passwords.
Do Not Respond to Spontaneous Calls, E-mails, or SMS –
We receive numerous promotional calls, e-mails, and messages. Even though most of them are genuine, it is wise not to respond spontaneously to such communication. Sometimes these calls and messages could be fake, and your response may send your valuable data to fraudsters. Especially beware of calls that offer unrealistic services like an instant loan on Aadhaar Card or other such offers.
Never Allow Remote Access to Your Computer or Smartphone –
Genuine telemarketers or customer service agents will never ask for remote access to your computer or smartphone. Do not respond to people asking you to download remote access apps or share your passwords or OTPs.
Register Your E-mail ID and Phone Number with Your Bank –
Registering your e-mail ID and phone number with the bank has many advantages. It enables you to receive timely updates about your transactions. If there is any abnormal activity with your account, credit card, or debit card, your bank can notify you immediately.
Use Strong PINs and Passwords –
Don’t choose passwords and PINs that can be easily related to you. Try different combinations of dates, names, and phrases that not many know about you. If your password is uncommon and unique, it will offer robust and reliable protection for your data.
Many financial apps offer the feature of two-factor authentication for added security. You can choose to avail of such a feature for your bank or loan account. Keep the above points in mind, and you can securely avail of online personal loans and eligibility and safely transact online.