18 January 2022
Highlight: Cyber frauds are steadily increasing thanks to a majority of people shifting to online banking. But the question is, can submitting personal banking statements lead to cyber fraud?
There’s plenty of instances in life where you might encounter a situation that requires you to submit your bank statements. For instance, you have to submit bank statements to a company for an instant loan. The question is, how do you know whether submitting bank statements is safe and not prone to cyber fraud? Most of us are hesitant before submitting our banking details due to the steep rise in cyberbanking scams over the last few years.
Online banking is great, but it has also contributed to an increase in the number of cyber frauds such as credit card frauds, e-money laundering, spamming, spoofing, phishing, identity theft, etc.
This increase in cyber fraud has created a strong sense of fear among individuals, even if it’s legitimate loaning companies such as EarlySalary. The queries around online Instant loan apps are often all related to safety concerns about submitting bank statements.
If you are applying for loans, then the most crucial document you need to submit is your bank statement, typically for the past 6 months. With the help of your bank statements, the lending institution determines whether you are eligible for an Instant Loan. However, there are few things that you need to be careful about before you submit your bank statements on any website.
It is crucial to understand that you should only submit the bank statements to apply for loans, rental services, etc. Therefore, only rental companies, banks, or lending institutions will ask for your bank statements. For instance, Instant loan apps such as EarlySalary will ask for your bank statement for the following reasons.
Hence, these are the reasons why any lending institution will ask for your bank statement. However, with the frequent instances of cyber frauds out there, you should always keep in mind the safety of your banking details while filling forms online.
This question is always there when it comes to sharing bank statements online. Prevailing cases of cyber fraud often make us skeptical about sharing our banking information with websites easily, and rightly so. Here are a few ways to ensure your submission does not fall into the wrong hands!
There are always chances of cyber fraud and scams when submitting your banking details online. However, 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.
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