According to a report by the RBI, digital financial transactions increased by 30% in 2021, but online fraud increased as well. The increasing use of smartphones and the subsequent use of instant loan apps to access financial services have increased the potential for online fraud.
As online banking puts you in control of your money, there are inherent risks associated with it. However, these security challenges should not deter you from using instant personal loan apps. All you need is little caution in your approach while using internet/mobile banking. That is where the actions suggested below can help.
Precautions to Take When Applying for a Loan Online
It would help if you took some of the precautions when utilising an instant loan app to ensure a safe and secure experience.
- Choose Financial Apps Wisely
There are multiple loan apps available now in the Google Play Store and Apple Store for you to download and use. However, before opening these applications, you should verify their legitimacy. In addition, only registered financial apps should be downloaded.
It would be best to read the ratings and security guidelines before downloading the financial app. In addition, you must conduct thorough research as unregistered apps have security flaws or are not updated on a regular basis, which can lead to data theft.
If you intend to utilise instant loan apps for banking, it is best to use your bank’s official app. Additionally, be very cautious with whom you share your mobile banking information.
- Check The Web Address
Most customers use digital banking sites for varied purposes, such as apply for personal loans or others, as they are convenient and safe. However, before submitting payment information on any web page, ensure that the website is secure. Some of the ways to check the site are listed below.
- A padlock icon must appear in the browser window of the banking site when you attempt to register or log in.
- Even with the padlock icon, there exists a probability that the website is a scam. To avoid any surprises, always check for a site URL that begins with https://. The’s’ in this case stands for the secure site.
- Set Strong Password or PIN
This may sound apparent, but your password choice might provide an opportunity for hackers even if you are unaware of it. Hence, always use strong, one-of-a-kind passwords. Also, use different passwords or PINs for each account or website.
Additionally, for added security, update your banking site password on a regular basis. By changing the passwords, hackers find it more difficult to decrypt them. Finally, never reveal your PIN or password to anyone and keep it secret at all times.
Many people choose instant personal loans online because the process is paperless, and the time required to secure funds is shorter. However, banks use several security procedures to protect their consumers online. No silver bullet will keep you safe from every internet security threat. To use your online banking services without worry, it is necessary to follow simple safety advice such as not using public Wi-Fi or utilising biometric locks on your digital devices, in addition to the guidelines mentioned above.
