The use of mobile phones for financial transactions has skyrocketed in India. The increase is more noticeable among millennials who use banking services on the go. In addition, the convenience of applying and instant disbursing loans at low rates is a significant attraction. As a result, loan apps providing a host of financial services online are becoming popular. All you have to do is download the app from the App Store or Google Play Store.
You can use the digital financial platform to access an array of services ranging from bill payment to mortgage financing from the comfort of your house. However, with an increase in the use of lending apps, the threat of cyber-attacks has also increased. Cybercriminals are always looking for new ways to attack and steal sensitive information. As a result, data and, in some cases, money from the user’s account are lost. Continue reading if you are a loan app user seeking strategies to secure your loan app against cyber threats.
Some strategies for protecting yourself from digital fraud are listed below.
Use a Secure Mobile Phone
As a loan app user, you must first use a secure mobile phone for financial transactions. There are some precautions you should take to avoid threats, such as:
- Apply the most recent anti-virus and firewall software. Keeping all the apps and your phone up to date is also critical.
- Never utilise public Wi-Fi or open networks to access any financial account on your mobile device. Always connect to a secure network.
- Never share your personal or financial information on dubious websites or social media.
- Use strong passwords and change them periodically for better security.
Never Share Financial Details
When you research for mortgage loans on the internet, you may begin receiving emails, texts, and phone calls in response to your enquiry. It is critical to remember that no responsible bank or financial institution will request your personal financial information. As a result, never provide your debit/credit card number, OTP, account number, or any other critical information over the phone. Fraudsters use such methods to get your data, putting your financial security at risk.
Report the Fraud Immediately
It is critical to review your financial statements frequently to detect any fraudulent charges or other suspicious activities. If, despite your best efforts, you become a victim of cyber fraud, report the incident to the appropriate authorities as soon as possible. Every loan app has a redressal system in place to attend to client inquiries/requests. It is crucial to get your account blocked to stop any transaction and report it to the police for further action.
Loan apps are a great way to secure funds for your planned and unplanned expenses. Whether you are on the lookout for a new car or need a loan for home renovation, digital financial platforms are very efficient in loan disbursal. The loans are generally for the short-term with flexible tenure. You can search for the best loan apps before settling on the one that meets your requirements.