Loan apps are becoming popular in Nigeria and every day as we see a lot of people looking for loans without collateral.
To tell if a loan app is genuine can sometimes be a difficult task as a result of different technics which fraudsters are using to siphon money from customers.
It is advisable to conduct an online investigation to ensure that an online money lending app is genuine before using the app. You can read reviews online from Google, Facebook and Google Playstore to know what others are talking about the loan app.
The Central Bank Of Nigeria has been quiet regarding the activities and regulation of these online money lending apps that claim to be companies. This fraud has become rampant as of 2021 and it seems to be increasing every day.
We realise that getting loan scripts is now very easy which makes it possible for anyone to have access to them. As a result of this, anyone can wake up and claim to be offering instant loans.
In this article, we’re going to talk about the major things you shouldn’t give to a loan app if you’re not sure they are genuine.
Also Read: Aella Credit Fraud
|Sensitive details you should never give a loan app|
Details You Shouldn’t Give To a Loan App If You Don’t Trust Them
BVN (Bank Verification Number)
The CBN introduced the Bank Verification Number to fight against money laundering, but at the same time, it is what different loan apps use in knowing their customers.
The loan apps use the BVN to evaluate their customer’s credit scores to know if they are eligible to take loans through the help of artificial intelligence and machine learning technology.
Before giving out your BVN, make sure that you trust the loan app requesting for it, if you’re not sure then conduct your own research or avoid them.
Details Of Your Atm Card
The ATM card is a personal card that is meant to be accessed only by the owner of the card, which the owner can use for making payments online. Most loan apps usually ask customers to bind their cards to the loan app so that they can use that to automatically deduct their money from the linked card when payments are due.
This same card is a gateway that scammers can use in getting access to your money. If you take a loan from a fraudulent app and you linked your card to their app, they can wipe every penny in your bank account within a twinkle of an eye.
For any loan app to have full access to your ATM card, they will need some confidential information about your cards. These details are
- The 16 digits at the front of the ATM card
- The expiry month and year
- The CVV number of the card (The 3 digit number at the back of the card)
Before you supply your card details to any loan company, be rest assured that they will have access to your account. If for any reason, you don’t trust the app, for your own safety kindly stay away from that app.
One Time Password
For whatsoever reason, never give anyone your one-time password (OTP). The OTP is authentication encryption that is used to secure an ATM card when the user tries to make an online payment.
If any loan app is asking you to provide your OTP, don’t do that unless you trust the app to be a legit and reliable lending app. Once you apply for the OTP, you have granted the app instant access to your card and all the money in the ATM card.
Atm Pin Number
Also Read: Loan sharks in Nigeria
Be careful with most of these loan apps offering loans without collateral.
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