Are you hesitant to share your personal information online? There’s for good reason that, what with how many data breaches occur every day. But this exchange of information has to happen when you’re borrowing loans online. Luckily, there are some things you can do to keep your data safe any time you need help.
Find a Lender That Takes Your Security Seriously
Firstly, taking the time to research your borrowing options can go a long way to understanding the standards of security in the financial world.
Head to a trusted, independent organization to learn about the privacy laws that uphold your online security, like the Consumer Finances Protection Bureau.
You’ll also want to compare financial institutions such as MoneyKey to see how they hold up to these criteria. At Moneykey.com/personal-loans-online/, you can learn about the different borrowing options you have, including cash advances, installment loans, and lines of credit.
As each personal loan comes with different rates and terms, this step is just as important as your security.
Equip Yourself with the Right Cybersecurity Tools
Once you find a financial institution doing its due diligence to protect your personal information, you need to ensure you’re being safe on your end. Here are three cybersecurity tools that can strengthen your safety at home.
1. Anti-Virus Program
Surfing the web without an anti-virus as backup can be dangerous — whether you’re borrowing a personal loan or just checking your email.
While you might think you know all the signs of a virus, most people don’t do so well in practice. Try this quiz by Google to see if you can identify phishing attempts to extract your personal information. Most people fail it.
Having an anti-virus running in the background of all your browsing can protect you, even if you wind up clicking something you shouldn’t as you research online loans.
2. VPN
VPNs — or virtual private networks — are a heightened security measure when you’re sharing confidential information online, hiding it from prying eyes.
A VPN shields your data any time you share something online by encrypting your IP address, Internet history, and cookies, thus making it unreadable to any fraudsters trying to intercept your information.
Without one, your Internet Service Provider (ISP) can view your browsing history, including any data you share with online direct lenders. This private information could be exposed in a breach if your ISP gets hacked.
Depending on your ISP, they might also sell your information to advertisers and third parties. Since you haven’t vetted these companies personally, their security protocols might not meet your standards.
3. Password Manager
Nowadays, most sites won’t let you choose a weak password. Security experts say a strong password should be 12–15 characters long, containing upper- and lower-case letters, special characters, and numbers.
If you follow these rules, you can wind up with a key-smash of a password that’s impossible to remember. Before you give up and resort to your overused password of your first pet and birth year, consider using a password manager.
These encrypted platforms keep all your super-strong passwords in one secure place, so you’ll never lose or forget the password for your online loan account — or any other account for that matter!
Bottom Line
You can reduce your chances of exposing your personal information any time you borrow online — start by downloading these three tools.