protection of personal data
At a time when personal data is considered a digital currency, it is not wrong to consider its security. Any leak of personal information, be it KYC documents or banking details, can be catastrophic. The level of security of your data depends on the authenticity of the instant loan app and the security measures taken by the loan provider.
Authenticity of instant loan app
The first step is to choose a genuine loan provider to ensure that your personal information is secure. You have to make sure that the lending institution is a certified institution and no one is tempting you by promising higher loan amount at a lower interest rate. Here are a few ways you can verify the validity of the online loan portal. You confirm the information of those apps. Their contact/address details should be noted from their website to verify their authenticity. You will also get to know whether the company exists or not or it is just a fake company run by fraudsters. If necessary contact on the given number to ensure the validity of the company.
Check out the important nuances on their website
Always remember – every company’s website reflects its intentions as a business. If a website is secure and encrypted, it shows that it is a genuine portal. However, if your browser lists security concerns, it more or less gives you the picture you can expect. Next time you visit an online loan website, take a look at the address bar. If you see a ‘lock icon’ next to the web address and the URL begins with ‘https’ instead of ‘HTTP’, the website is encrypted and secure.
You may come across many such tempting deals that you may find almost unbelievable. Be on the lookout for scams like asking for pre-processing payments, or giving loans directly to you without a background check. It may sound exciting but always think twice before proceeding on this. Loan portal may look like a real unit, yet you will be on the radar of data theft if they do not have the necessary security features.
Talk to Loan Portal
Do research on portals and technologies in use
Make it a habit to always read community reviews–both good and bad. This will give you an idea of the shortcomings of the portal. If many people have raised the issue of data theft and security concerns, it is probably best to look for alternative options available. Check if the company includes any third-party units that provide loan services to you. Find out what information is being shared with these companies and also verify if they are genuine. It is usually at this point that the exchange of data takes place and is often monetized.
A few more steps to secure your data
Since, this information is available in the public domain, scammers have access to study it and learn from it. Because of this, it requires both vigilance and awareness on your part to ensure that your data is in safe hands. Take note of all the red flags (objections), if any, raised by the instant loan provider. Also, don’t hesitate to ask about the security measures they have in place as a company.