scorecardresearchOnline loan scams: These are the steps to follow to keep fraudsters at

Online loan scams: These are the steps to follow to keep fraudsters at bay

Updated: 14 Mar 2023, 11:29 AM IST

Online frauds are pervasive though the news of scammers attacking accounts and siphoning savings is not new. However, with new security features and added information on the web, securing from unwanted fraud is not difficult.

Escaping online frauds

Escaping online frauds

The interest rate hikes have not deterred many people from seeking loans. This can be attributed to the easy availability of online loans that banks and fintech organizations have been availing to inclined borrowers. The propensity to apply for loans online continues as the craze for online shopping as people find it easier to submit their requirements on the web than go to various bank branches filling in myriad loan applications.

Most lenders now allow applicants to fill in their details using loan apps or directly on the web to lure more people to take loans from them. Be it home loans or personal loans or any other, today’s online loan offers are alluring and hard to resist. However, this also means that now more people are prone to being scammed online or being defrauded of the money in their savings accounts. The following are some suggestions to keep you protected from online fraud while applying for any kind of loan(s).

Vigilance is the key to security

Having a thorough knowledge of online loan scams is the best way to protect yourself from them. Any loan offer you receive must be double-checked and your contact information should be verified to ensure it is genuine.

To get an idea of ​​the user experience, learn more about the lender and look for reviews of their services. You can also visit the website of the Reserve Bank of India (RBI) to see if the lender is reputable. increase. If you apply for a loan through an app, download a legitimate app from a legitimate source.

Log out of websites post check-in

Whenever you log into online banking or a lender’s site, log out before leaving. Protect your financial information by keeping it private. By keeping your financial documents safe, you can prevent identity theft.

Check for the app’s or site’s antecedents

Refrain from using unsafe websites as it exposes you to phishing attacks, thus, giving scammers easy access to your specific financial details. This problem is faced most commonly by those using internet services in public spaces. This implies how using public Wi-Fi in establishments including shopping malls and restaurants can also put sensitive information at risk as fraudsters can intercept your data and use it to steal your financial information, which if compromised can cause you to easily lose your money.

Ignore phishing calls, suspicious emails or text messages

A phishing call, text message, or email should be something you are aware of. To do this, use an identity verification app that displays the caller's information. Fraudulent phone numbers are usually classified as spam and reveal who is calling you. If you come across a similar number, be sure to contact the authorities.

Secure your computer and mobile against snooping 

Mobile phone and laptop operating systems must be updated on a regular basis as they include new features for enhanced security. Also, please update any antivirus programs that you may have installed.

Disallow remote access to your electronic devices

Irrespective of how much care you take care of your computer, laptop or mobile, the greatest risk is trusting strangers and lending them remote access to your electronic devices. These scammers usually claim to remove the virus from your computer and, thereby, seek access to software to remove it. The dangerous part is when they gain access to your computer, which means that they can lock it up and make your data inaccessible unless you are willing to pay them some extra money for the service. The worst scenario can be when you pay using your card, thus, allowing them details of your financial information and enabling them to wipe off your hard-earned savings from your bank account. 

Use strong passwords

Passwords are like gateways to your financial information or emails, thus, mandating you the need to ensure that they are strong. You can do so by using a combination of numbers, alphanumeric characters and alphabets. Also, ensure that your password contains special characters, numbers, uppercase and lowercase letters, and contains at least eight characters. Apart, refrain from using birth details or anniversary dates in your passwords to avoid your accounts getting hacked. 

Scammers can easily con people into parting with their money and personal information thanks to the internet. However, a little care and adequate caution can help you be rid of unwarranted attacks on your finances, especially, when you are seeking a loan through the web. 

These are the remedies for victims of online frauds. 
First Published: 14 Mar 2023, 09:42 AM IST