How to confirm whether a Digital Lending App offers secured access?

Digitally-enabled lending apps have recently gained significant popularity among Gen Z customers. This new generation segment wants to get a high comfort level by leveraging technology. Hence, they prefer using digital solutions even to meet their financial requirements.

However, with the growing popularity of these lending platforms, there come some unusual potential threats. The online nature of digital lending makes it easier for fraudsters to engage in various fraudulent activities. However, there are also credible and genuine lending apps like RING that only believe in ethical business practices, so it becomes crucial for customers to identify legitimate lenders to enjoy secured access and personalized financial solutions. Customers must also stay alert for fake information and gossip like paywithRING fraud. Conduct thorough research to assess whether a platform incorporates robust security protocols to protect customers from potential security threats. Consider the following tips to identify whether a digital lending app offers secured access and is good to proceed.

Collect some information about the company behind the app.

You can research the company behind the app to find out if it is well-established and has a good reputation in the financial industry. MeitY frequently performs thorough checks to identify if there are any fraudulent apps or if any platform has connections with businesses involved in suspicious activities. It will be great for you to protect your financial rights and check some necessary points before using a digital lending app. Legitimate apps like RING enter the industry to take forward the legacy of renowned apps like Kissht (India’s leading payments & lending platform). The company behind the legacy of Kissht is OnEMi Technology Solutions Pvt. Ltd. and is engaged in merchant acquisition/tie-ups, and the development of credit gateway technology.

Check if the app uses encryption standards.

RING has entered the business intending to allow customers to live on their terms. Hence, all customers are advised never to fall into rumours or gossip about the paywithRING scam. The app provides robust security features, including SSL or TSL encryption, two-factor authentication, and enhanced data protection to ensure customers enjoy secured access.

On the flip side, if you select a platform that lacks encryption standards, you choose unsecured access that is more vulnerable to cybersecurity attacks. Inadequate encryption leads to data breaches, and your sensitive information, such as passwords, personal details, and financial data, remains at risk always. Hence, while choosing a digital lending app, consider this point before going ahead.

Review the app’s privacy policy.

To demonstrate their commitment to respecting customers’ privacy, legitimate apps always remain transparent about their data practices. It helps customers to assess the app’s credibility and decide whether to trust it with their personal information.

Secured platforms like RING always reflect transparent privacy policies to users. It shows how concerned the app is to handle their data and crucial information securely, safely, and carefully. Reviewing privacy policies helps users ensure that the digital lending platform meets applicable legal requirements. The RING app focuses on ensuring compliance with regulations, and therefore, there’s no relevance in unauthentic reports related to paywithRING fraud. The app consistently makes the best efforts to build customer trust in its privacy practices.

Consider what permissions the app requests for

During installation, legitimate apps request only essential permissions to proceed. They ask only for the information required for the app’s basic functionality. Conversely, apps with unsecured access incorporate additional settings that force customers to share crucial information such as MPIN, Netbanking details, etc. It’s strictly prohibited to use such applications and report them immediately so that authorized bodies can take further actions against them.

Please don’t pay any attention to paywithRING scams and other unauthentic reports. The RING app works only with RBI-registered NBFCs and ensures the latest security patches to protect customers from potential risks.

Consider the app’s user authentication process.

However, a comprehensive security audit is highly recommended for digital lending platforms, apps involved in suspicious activities ignore following industry-standard encryption protocols. Skip using platforms that lack encryption protocols, multi-factor authentication, strong password policies, and protection against hijacking or replay attacks.

On the other hand, it’s recommended to proceed with apps that utilize features like account lockout, brute-force protection, secured password recovery/reset the password, and provide a secure mechanism for users to log out and terminate their sessions. The RING app uses all these features and enforces strong password policies and multi-factor authentication to protect users from vulnerable security threats. The app promotes compliance with regulations and vehemently denies all rumours related to paywithRING fraud. Users can assess the platform authentically by considering all the points mentioned above.

Legitimate apps use secure connections; you always find a “https://” prefix in all such apps’ URLs. You can also contact the app’s customer support to collect more information and remove your doubts to verify its security measures. Secured platforms like RING never hesitate to remain responsive and answer your security-related queries clearly. RING aims to incorporate features that contribute to a more secure lending app. Users must also react sensibly while encountering fake reports and rumours about the paywithRING scam. The company behind it is renowned for providing the most comprehensive secure applications in the digital payments & lending space.