Understand the Lender’s Standard Process
To get a loan, you need to comply with certain requirements. That’s why it’s better to find out everything there is to know about that respective loan before sharing sensitive information. “Find out the process for getting the loan,” Bagdasarian says.
“If you know those mechanisms and you get a request through another mechanism, then you can identify that this is not the way the loan is being offered so you can prevent falling victim to scams,” he explains.
Change Logins and Passwords
If you’ve recently received a loan email, phone call, or text, it’s better to change your bank login and password. You can never be too careful! You’ll also need to do this if you clicked on a link to a fake website for a bank or the SBA. “And, if you use the same login credentials for all of your online accounts, change them,” Spence advises.
