Six ways to prevent fraud when availing an online loan

With everything in the world going online, right from shopping to entertainment, why should banking be the one left out? These days every kind of banking activity, including availing online loans, can be done online. Though this makes the process highly convenient, it also increases the risk of fraud. So, here are six ways for you to prevent fraud.

1. Do not use public Wi-Fi and shared computers:

Online banking in public places and shared computers might make you the victim of online fraud. The fraudsters can easily take out information present on your e-mail ID and other financial details if the ‘auto complete’ feature of the shared computer is on. Thus, even if you use a shared machine, make sure to delete the browsing history, temporary files and cache after use. Remember to log out after you apply for loans and do not leave your device unlocked.

2. Access through official apps and secure portals:

There are fake sites that look similar to your banking institution. These can be masked to give an authentic feel and look. So, ensure that you access only the official or authentic portal of the lending institution or bank when looking for a loan online.

Ideally, you need to type the official bank URL in the browser’s address bar. All secure sites have a valid SSL certificate. Are you looking for ways to ‘check my loan status’? Do not use any link shared as a text message or e-mail ID. You can end up being a victim of smishing or phishing. Fame e-mails that are sent out to trick users are called phishing, while smishing is its text form.

3. Upload documents and make payments carefully:

When you check Personal Loan eligibility or apply for a loan, you might need your Aadhaar Card or PAN Card. These are crucial documents that can be misused by miscreants.

At the same time, be careful when you download documents like a loan application form. It is better to install a licensed antivirus or firewall on your device and get it regularly updated. At the same time, when asked to pay money as processing charges, make sure the charges are genuine before you make the payment.

4. Do not fall for fake promotional messages or calls:

Nowadays, calls from different telemarketers or voice-recorded calls offering loans are pretty common. While some of them might be genuine, most of them are fake and want to steal your valuable data. So, whether you want to know about Personal Loan interest rates or eligibility, try to contact the bank directly to know about it.

5. Register the e-mail ID or phone number with your bank:

It will help you receive timely updates about the financial transactions. Also, you will get to track the loan application status on time. If there are any discrepancies, contact your bank right away to avoid frauds.

6. Keep the passwords and PINs strong:

Make sure your password is uncommon, unique and has a combination of numbers, capital letters and special characters. Do not set passwords that can be easily related to you, such as your phone number, birthday and so on.

As much as possible, use two-factor authentication because it enhances the security measure. Strictly do not share your passwords or PINs with anyone, regardless of how close they are to you.

Keep the points mentioned above in mind when you try to avail of an online loan. Contact your Relationship Manager at ICICI Bank to know more about loans or apply for the same through the mobile app.

Terms and Conditions apply.