Considering the increasing cases of financial fraud, we all need to be careful when shopping online, especially during the festive season. Experts recommend being careful during the festivities to protect your hard-earned money.
There are a few ways to be careful when borrowing digitally.
1) Be careful
Be careful with financial decisions and shop online only from reputable and trustworthy e-commerce platforms. “Be careful and research lenders thoroughly, verify licenses and user reviews,” said Anuj Arora, Co-Founder and COO of SahiBandhu, India’s Largest Gold Loan Aggregator Platform.
2) Watch out for special offers
Holiday periods bring special campaigns and discounts on various financial products.
Kuhoo Marketing Manager Apurva Kaushik said festivals in India coincide with the exam and admission season for MBA in India and the Fall season for Overseas.
“Festive seasons bring special offers and discounts on various financial products, but digital education loan products cannot offer special rates or discounts, unlike credit card or personal loan offers, due to the nature of the product,” said Apurva Kaushik.
Students and parents should be careful if they receive any calls or messages with special offers. He added that it is best to double-check lenders’ official websites for such offers and avoid falling for scams.
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3) Strong password
Stay financially strong this festive season by creating strong and unique passwords for your online accounts, including banking and credit platforms, and updating them regularly.
“Install antivirus software on your mobile phone and computer and update it regularly to protect against malware and phishing attempts,” said Pramod Kathuria, Founder and CEO of Easiloan.
4) Beware of phishing
If you receive any suspicious links or messages regarding loans or financial transactions, report them to the appropriate authorities, such as the cybercrime department.
By following these tips, you can protect yourself from digital credit scams and enjoy a safe and secure festive season.
Disclaimer: The opinions and recommendations expressed above are those of individual analysts and not Mint. We advise investors to consult certified experts before making any investment decisions.
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