The fintech revolution has transformed the way we manage our finances. New financial technology companies are disrupting traditional banks by offering innovative apps, products, and services that make managing money faster, easier, and more convenient.
As the fintech industry booms, fraudsters and scammers are taking advantage of the increased adoption to imitate legitimate brands and run scams on unsuspecting consumers. In this article, we reveal 10 things legitimate fintech companies will never ask you to do. This guide will help you avoid being a victim of fintech fraud.
1. Share Your Passwords or PINs
Fintech companies will never ask for your login passwords or personal identification numbers (PINs). They have advanced security measures to protect your data, and sharing this sensitive information can put your finances at risk.
2. Encourage You to Neglect Multi-Factor Authentication (MFA)
Fintech companies often recommend MFA for added security. They will never suggest disabling MFA. If anything, they always strongly advise that you should turn it on. Always enable this extra layer of protection where available.
3. Disclose Personal Information Over Email or Text
Fintech companies will never ask you to disclose personal information via email or text messages. They use secure channels for communication and request sensitive data through their official apps or websites.
4. Invest Without Conducting Due Diligence
Before investing in a fintech platform, make sure you understand the risks and rewards. Fintech companies will never push or pressure you into investments without providing the necessary information.
5. Ignore Security Alerts
Fintech companies prioritize your security. They will never ask you to ignore security alerts or updates. Always stay vigilant and act on any security notifications promptly.
6. Open Unverified Attachments or Links
Be cautious of phishing attempts. Fintech companies will never send you unverified attachments or links. If you receive suspicious emails or messages, avoid clicking on them because they could contain malware.
7. Download Unofficial Apps
Fintech companies will never ask you to download their apps from unofficial sources, as this can pose security risks. Only download official apps from trusted app stores.
8. Send Links to Update Account Information
Phishing scams try to trick users into entering sensitive information on fake sites. Fintech services won't send links to update your account info. Go directly to your account through the fintech company's mobile or web app to avoid becoming a phishing victim.
9. Ask You to Disable Security Settings
Hackers look for weaknesses in security settings and protocols. Fintech companies would never suggest removing security settings or using weak and easy-to-guess passwords. Be skeptical of any app or site that asks you to lower your security defenses.
10. Reveal Your One-Time Passcodes (OTP)
Never share your OTPs with anyone. Fintech companies will never request your one-time passcodes except when you need to authorize a transaction on their mobile or web apps. These passcodes are for your use only.
As we navigate the world of fintech, keeping our financial information secure is essential. Fintech providers are dedicated to ensuring your financial safety and will never ask you to compromise it. By knowing what legitimate fintech services won't ask you to do, you can confidently use innovative apps while keeping your accounts, finances, and identity secure.