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Best Practices Before Applying For Financial Products Safely

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Best Practices Before Applying For Financial Products Safely

We’re constantly surrounded by opportunities to engage with financial products, whether it’s through a tempting promotion for a credit card, a loan tailored to your needs, or a mortgage offer that seems too good to pass up. With so many options available, you might be considering applying for a financial product to help achieve your goals.

However, it’s important to stay vigilant! 

According to the State of Scam Report 2024, Malaysians lost an estimated US$12.8 billion (RM53.34 billion) to scams over the past year—an alarming 3% of the country’s gross domestic product. Scammers have become increasingly active on phone calls, instant messaging apps, and social media platforms such as WhatsApp, Telegram, and Facebook, making it more important than ever to ensure your application process is secure.

Below are some best practices to follow before applying for financial products safely.

  1. Do Your Research

A quick Google search can provide you with the necessary information! Before applying for any financial product, take the time to verify the credibility of the company and its offerings.

  • Verify Credentials: Ensure the company is registered, licensed, and recognised by local financial authorities. 
  • Review Track Record: Look for a proven history of reliability and customer satisfaction.
  • Check Customer Reviews: Learn from other users’ experiences to gauge trustworthiness.
  • Look for Reputable Partnerships: Companies with established partnerships are often more credible and reliable.

🛡️IBPO Protects 

IBPO is registered and has partnership with leading credit reporting agencies, and has a proven track record of delivering secure, personalised financial solutions. Learn more here. 

 

  1. Understand the Product Terms and Conditions

Before committing and signing any documentation, take the time to fully understand the financial product and its terms.

  • Read the Fine Print: Pay attention to interest rates, fees, penalties, and repayment terms.
  • Ask Questions: Don’t hesitate to reach out to customer service if anything is unclear.
  • Compare Offers: Use trusted comparison tools to evaluate products from different providers and ensure you’re getting the best deal.

🛡️IBPO Protects

Our customer service personnel and expert consultants are always ready to assist you with clear, straightforward terms and personalised support to help you make informed decisions.

 

  1. Protect Your Bank Information. 

Your banking credentials are highly sensitive and should always be kept private. Scammers often attempt to steal this information, so take extra precautions! 

  • Never Share Banking Credentials or OTPs: Financial institutions will never ask for your full banking details or One-Time Passwords (OTPs). Avoid sharing these with anyone, even if they claim for banking purposes or represent the bank.
  • Avoid Public Wi-Fi: Public networks are often unsecured and can be a hotspot for cybercriminals. Always use a private, secure internet connection when handling financial matters.
  • Look for HTTPS: When visiting a financial website, ensure the URL starts with “https” and includes a padlock symbol. This indicates that the website uses encryption to protect your data.

🛡️IBPO Protects

We will never request for you to share any private banking credentials like your logins, passwords and OTP.  Your loans will be disbursed to you directly from the bank. 

 

  1. Verify the Provider’s Security Features

Credible financial institutions have strong security measures in place to protect your data. 

  • eKYC (Electronic Know Your Customer): Most financial institutions now use eKYC to verify your identity securely and minimise fraud risks. 
  • Data Encryption: Ensure the platform encrypts your data during transmission.

🛡️IBPO Protects

IBPO leverages on advanced encryption technologies and eKYC on our AI-powered chatbot, ANIKA to provide a secure and seamless experience for all our customers. Our system employs 256-bit SSL encryption and complies with PDPA, ISO 27001, ISO 30107, and BNM guidelines, ensuring industry-approved standards of security and reliability.

 

  1. Beware of Scams and Fraudulent Offers

Scammers often prey on individuals applying for financial products. Sometimes these offers may be too good to be true, and most of the time – IT IS! 

  • Verify Communications: Always double-check calls, emails, or messages claiming to be from the official financial institutions or authorised personnel. You can always call the HQ to verify any details. 
  • Avoid Upfront Payments: Legitimate financial institutions will not ask for advance fees to process applications.

 

🛡️IBPO Protects

 At IBPO, our official communications always come from our official channels, and we never ask for upfront payments.

 

Suspect Fraud? Here Are Quick Helpline Links

Bank Negara Malaysia – https://www.bnm.gov.my/financial-fraud-alerts 

For more information on financial scams, fraud alerts, and what to do if you are a victim, visit the Bank Negara Malaysia website.

National Anti-Financial Crime Centre (NFCC) – https://nfcc.jpm.gov.my

In line with the government’s effort to combat financial crimes, the NFCC was launched under the National Anti-Corruption Plan 2019-2023. If you have been scammed, you can report the incident by directly dialing 997.