Digital loans: What they are exactly
What's the story
Digital loans in India have become an easy way to access funds, but they also come with a host of security risks. With the growing number of cyber threats, it is imperative for borrowers to stay aware and protect their personal information. Here are five important security tips that can help you keep your data safe while applying for and managing digital loans.
Tip 1
Use secure networks
Always use secure networks when applying for digital loans. Avoid public Wi-Fi networks, which are often unsecured and can be easily hacked by cybercriminals. Instead, use a private network or a virtual private network (VPN) to encrypt your internet connection. This reduces the risk of unauthorized access to your personal information.
Tip 2
Enable two-factor authentication
Two-factor authentication (2FA) adds an extra layer of security to your online accounts. By enabling 2FA on platforms where you manage digital loans, you ensure that even if someone gets hold of your password, they won't be able to access your account without a second form of verification. This could be a code sent to your phone or email, making it harder for hackers to get in.
Tip 3
Regularly update passwords
Regularly updating passwords is key to keeping your online accounts secure. Make sure your passwords are strong, consisting of a mix of letters, numbers, and special characters. Don't use the same password across multiple accounts and consider using a password manager to keep track of them securely.
Tip 4
Monitor account activity frequently
Regularly checking your account activity helps you detect any unauthorized transactions or suspicious behavior early on. Set up alerts for any changes made to your account or transactions over certain amounts. If you notice anything unusual, report it immediately to the lender's customer support team.
Tip 5
Be cautious with personal information sharing
Be mindful of how much personal information you share online when applying for digital loans or interacting with lenders' websites and apps. Only provide necessary details required by the lender, and avoid sharing sensitive information like Aadhaar numbers unless absolutely necessary for verification purposes.