How MoneyTap Ensures Security of Your Data Against Identity Theft? - MoneyTap Blog
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How MoneyTap Ensures Security of Your Data Against Identity Theft?
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How MoneyTap Ensures Security of Your Data Against Identity Theft?

Today, identity theft is on the rise because so much of our private information is floating around in the realm of public information and access to it has never been so easy. Already, there are photocopies of your driver’s license, passport, PAN card, Aadhar card, Voter ID, in addition to forms filled with your personal information sitting carelessly on desks at banks, government agencies and offices.

You are thinking, what can someone do with a photocopy, anyway, right? Wrong. Someone can simply use your photocopy/identity to commit all kinds of frauds.

For one thing, a person can use your PAN card details, doctor it and use your PAN number to apply for a loan that they never intend to pay back. Eventually, the loan provider will hound you to repay a loan that you haven’t even applied for in the first place.

An ex-bank employee tells a story of how a third party salesperson forged a customer’s signature to apply for a loan he never wanted. The forger’s motive was to meet his sales target and get a bonus. He used photocopies that he had saved from previous work he had done with the customer and used it to complete the application. The customer was both surprised and angry. These kinds of stories where personal data is abused can go on. 

via GIPHY

At MoneyTap, we constantly strive to create the best consumer experience for you. We seek to address the concern that most users rightly have about security and privacy. Every feature of MoneyTap is designed leveraging the latest technology for a smooth and secure transaction. Here is how MoneyTap secures your information:

What happens during MoneyTap registration?

MoneyTap completes the eligibility process without asking for any paperwork. You simply need to update your personal information online to find out if you are eligible.

Here are some details that we ask you during registration:

  • Name and Contact Details
  • PAN number
  • Salary Details
  • Employment Details
  • Account Details*

*Recent Bank statements (3 months) OR your net banking details for read-only access. 

What happens to your KYC documents?

Once you upload your KYC documents, they are reviewed and verified by our credit management team. KYC verification is mandated by RBI, and all lending companies have to follow this procedure. If you are worried that you did not actually sign your documents, rest assured that all the details that you enter are transferred in an encrypted format to our database which also stores data in its encrypted form.

Also, unlike some other big players in personal finance, we do not share leads or your data with third parties. Moreover, upon personal request, we also delete your profile from our database along with all KYC documents.

What are the other security measures in place?

Our backend APIs comply with mandated security standards and robust protocols. Our security measures have been tested and certified by our partner bank’s IT team. While most of the phones today, are password-protected, there is a passcode at the MoneyTap app level as well. So, every time you need to make a transaction, you will be required to input the password. This safeguards your MoneyTap account from accidental loss or theft.

Even if someone does crack your password and withdraws money using your app, the money can only be transferred to your account. A third party cannot physically change the account details.

Your security is tied to our reputation. We work hard to ensure both are intact. MoneyTap is designed not just to make credit-related transactions convenient and flexible; it also is designed to protect customers from incidents of fraud and identity theft

Apply for a personal loan with MoneyTap without worrying about the security of your data. For additional queries, do check our FAQ page or write to us at hello@moneytap.com. We’d love to answer your questions!

Kunal Varma

Kunal Varma

Kunal Varma is the CBO & Co-founder of MoneyTap. He's one of the top voices in Indian FinTech industry and has been featured in Economic Times, CNBC TV18, Zee Business, NDTV, & more. An MBA from ISB, he loves to workout and go diving on his off days.

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