People all across the world have argued that digitization has been both a blessing and a curse for them. A blessing for those who are able to make use of it, but a curse for others who are defrauded by fraudsters as a result of it. This has been especially true for business owners that require a business loan to fuel their operations or meet their working capital requirements.
And as a result of lockdowns, fallen cibil score, and demand for minimal physical touch in society, digitalization has expanded dramatically in recent years, with the pandemic impacting every industry and livelihood since it began in the early 2000s. The result is that the enormous and unstoppable expansion of online cyber frauds and scams, which have targeted those who are in desperate need of loans, has simply not come to a halt. They are the ones who are most likely to fall into the trap set by con artists under the guise of lending.
All it takes is one incident of carelessness on your part to devastate your finances, including your commercial cibil score and completely wipe away all of your money.
Furthermore, when it comes to obtaining a business loan, there are a plethora of fraudsters waiting to pose as business loan lenders, and instead of providing you money, they steal all of your money from your bank accounts.
Scammers are following you and keeping an eye on your money and financial facts practically everywhere you go, from your loan inquiries and applications to your disbursement promise.
No matter how large or small the lender is or how cautious the customer and lender both were, scams and frauds can occur during the loan process if you don’t pay attention. This is true whether the lender is large or small.
To avoid falling victim to cibil score scams and cyber frauds besides keeping your commercial cibil score intact, be sure to educate yourself on typical forms of scams and cyber fraud that occur in the digital loan space so that you are aware of what to do and don’t do when you apply for a business loan with a lender.
First and foremost, stay on the lookout for bogus traps and deceptive information on social media.
The madness that surrounds social media platforms also involves a digital world full of scammers who come up with a variety of ways to steal your money under the pretence of assisting you in obtaining a loan.
You may come across several profiles or pages on social media platforms that claim to be the source of a loan or offerer of a cibil score facility by disguising themselves as lenders when you are browsing through them. This is particularly true not only for banks and non-bank financial institutions (NBFCs) but also for relatively new branches of lending, such as fintech offering loans to those having high commercial cibil scores. The majority of scammers pose as a new digital lenders in order to deceive you into believing that they are the genuine and original ones.
As a result, be cautious not to be duped when they ask for your information under the pretence of providing you with a loan. When you need a business loan, go to the bank’s website or another lender’s website, or download their app. Also, don’t share your pan card or other details, as fraudsters can check and even harm your cibil score through scam-related transactions.
The next step is to be on the lookout for phishing efforts. This is undoubtedly one of the most widely-used and relatively simple malpractices to steal your money under the guise of offering you a lottery ticket or lending you a loan that has already been approved and is ready to be sanctioned.
As the subject of phishing attempts, you are most often duped into providing sensitive personal information, such as your social security number or bank account information, in order to steal money from your account.
The most frequent methods of phishing are sending illegal messages or emails involving a so-called sudden drop in your commercial cibil score, making unsolicited phone calls, or even impersonating trustworthy entities such as government officials, bank personnel, or other financial institutions in order to obtain a business loan.
Consequently, be extremely cautious at all times, especially if you have a high cibil score, and avoid clicking on any odd or unfamiliar link or providing your financial or personal/sensitive information to unknown sources, regardless of who they claim to be. phishing attacks
When you require a business loan, make certain that you visit the lender’s original website or app, or even a branch location, whenever possible.
Consider that the majority of phishing attempts may be avoided if the target consumer does not give in to their demands and remains vigilant, so preventing the leakage of any of your personal or financial information that could put you at risk of becoming a victim of fraud.
If you are considering taking out a business loan for your company having a commercial cibil score, be certain that you do not believe any other app or website to be the genuine one and that you carefully read through all of the big and minor data that are included on the page. Also, exercise caution when installing the app or applying for a loan from reputable online finance sites since a small mistake on your part can have long-term consequences on your financial health, as well as leave a large hole in your wallet.
As a result, it is advisable not only to exercise caution while employing the most recent technology or software but also to ensure that only authentic and verified apps are downloaded when searching for a suitable lender to apply for a business loan.
Always keep in mind that other sorts of loan scams are just as harmful and can not only drain your finances but also harm your cibil score too.
Another method used by hackers is to give you notifications of “request money” links, which, upon clicking, whether out of curiosity or incorrectly, results in you unintentionally authorizing the transaction and in no time, your bank account has been hacked, worthless! Messages involving wrong information about your commercial cibil score can also crop up.