Highlight: Cyber frauds are steadily increasing as a majority of people shift to online banking. But the question is, can submitting personal banking statements lead to cyber fraud?
Is it safe to share bank statements? This has become a common question due to the steep rise in cyberbanking scams. To answer the question, yes, it is safe, provided you are careful and take the required measures to ensure you submit the details to the right person or institute. For instance, you have to submit bank statements for an instant loan or a credit card. So, make sure the institution you are applying to is registered and legitimate.
So, read on to know why you need to submit your statements and how you can protect yourself from bank statement frauds.
Generally, rental companies, banks, or lending institutions will ask for your bank statements. You may need to submit them to apply for loans, rental services, etc. For instance, instant loan apps such as Fibe will ask for your bank statement for the following reasons:
The primary purpose of your bank statement is to determine your loan eligibility in terms of repayment, as Fibe will check your total income and other transaction activity on your account.
Your banking statement will also give an insight into your saving and spending habits, which will play an important role in deciding whether you will be able to repay your loan amount and the interest.
Another thing that the lending company will look for in your bank statement is whether there are any existing monthly payments for any other ongoing loan. Any existing ongoing loan may reduce your chances or will make you ineligible for a personal loan as you may not have enough income to manage payments for a new loan.
While submitting your statements in important, frequent instances of cyber fraud make it pertinent that you keep in mind the safety of your banking details while filling out forms online.
Prevailing cases of cyber fraud often make us sceptical about sharing our banking information with websites easily and rightly so. That said, here are a few ways to ensure your details do not fall into the wrong hands:
The first thing that you should check is to confirm whether the loaning body providing the instant loan or any other type of loan is legitimate or not. One way to do this is by asking around or checking for online reviews of their service.
Another is to ensure they use the latest security measures to protect your data. Fibe, for example, encrypts all customer data and operates on the HTTPS protocol.
If any illegal or unknown organisation asks you to submit bank statements, then you must immediately count it as a red flag.
When a loaning institution asks you to submit bank statements, you have every right to ask them questions regarding the safety measures taken by them to address any concerns regarding the safety of your information.
For instance, Fibe has a separate FAQ page where you can go through your doubts by reading the answers to similar concerns by other customers.
While there isn’t a foolproof way of protecting yourself from cyber fraud and scams when submitting your banking details online, these points will help you lower the risk. Ultimately, it is in your hands to keep your banking data secure by making sure the lending institution is legit and has good reviews over the internet.
Fibe is a leading lender with the best security measures. You can get an Instant Personal Loan of up to ₹5 lakhs with a simple online application and adequate safety. Download our Personal Loan App or log in to our website and get started!
Yes, it is generally safe to submit your statement for credit and other financial purposes. However, keep these points in mind:
Submitting fake bank statements is illegal and can lead to serious consequences, which include fines and imprisonment.
Yes, it is safe to submit your bank statement for verification. However, check the legitimacy of the financial institution to avoid any bank statement fraud.
