Cyber Fraud & Bank Statements: What You Need to Know

Sharing your bank account statement online has become a routine part of applying for loans, credit cards and even in some job applications. But with rising concerns around data privacy and cyber fraud, it’s only natural to wonder — how safe is it really?  
The good news is, there are smart and simple ways to protect your financial information. Here, we’ll break down the best practices to follow when sharing your bank statements digitally, so you can stay worry-free and secure while getting the things you need done, fast and safely. 
 
Read on to learn more about it. 

Who Would Ask for Your Bank Statement?  

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: 

• Assess Your Loan Eligibility 

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.  

• Know Your Income and Expenses 

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.  

• Check for Existing Loans 

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.  

How to Ensure the Safety of Your Bank Statements?  

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: 

Check Whether the Loan Institute is Legitimate 

The first thing that you should check is to confirm whether the loan 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 HTTPS protocol.  

Share Bank Statements for Loan Purposes, Rental Services, or Legal Cases Only 

If any illegal or unknown organisation asks you to submit bank statements, then you must immediately count it as a red flag.  

Ask Questions and Go Through the FAQs on the Official Website of Instant Loan Apps 

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 from 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! 
 

FAQs on Submitting Bank Statements 

What happens if you submit fake bank statements? 

Submitting fake bank statements is illegal and can lead to serious consequences, which include fines and imprisonment.