How mPokket Ensures Data Security Against Identity Theft?

Oct 12, 2020
 |  1 min read

How mPokket Ensures Data Security Against Identity Theft?

First coined in 1964, ‘Identity Theft' is the stealing of personal information and committing serious crimes such as making unauthorized purchases from someone else's Credit/Debit cards, stealing passwords, fingerprints, selling names under the hood, and using other's identity without their knowledge. In today's world, data is the new currency. From boosting a company's revenue to curing a disease, information is everywhere. In such a data-driven environment,  safeguarding personal data is of paramount importance. Hackers not only target larger companies but smaller companies as well due to their data vulnerability.

Sensitive information requires proper protection against fraudsters. The opportunities to monetize data are abundant and all-growing. Hence, as data's value grows, the responsibility to manage and protect the data rises exponentially. Large companies, healthcare centers, fintech organizations, Governments, and banks hold highly confidential and personal data. They are very susceptible to information leaks.

Companies should address this issue by:

  • Being transparent about what they store
  • Being transparent about how they secure the data
  • Training employees about the usage of personal data and how to safeguard it

As the world is becoming digital and crimes are propagating faster, organisations need to focus on the evolution and enforcement of more robust encryption of valuable data.

Data theft is a business. There are several tools used by fraudsters to collect personal data.  Companies should take note of this in order to safeguard their customer data.

Why is Data Security Crucial?

According to the Identity Theft Resource Center (ITRC), identity theft can be categorised into five categories:

  1. Criminal Identity Theft: It occurs when someone pretends to be you after committing a crime and is caught by law enforcement. Here, your name may be mistakenly associated with a criminal conviction record.
  2. Financial Identity Theft: It occurs when someone pretends to be you after committing a crime and is caught by law enforcement. Here, your name may be mistakenly associated with a criminal conviction record.
  3. Identity Cloning: This is the type of crime in which the identity thief impersonates someone else to hide their true identity. The criminals may be running from the law or may be mentally ill. In the worst-case scenario, identity cloning may go undetected forever.
  4. Medical Identity Theft: In this kind of robbery, someone uses your personal identity information to obtain medical goods or services fraudulently. Someone can pretend to be you and get the medical services in the emergency room. It can be dental cleaning, prescriptions at a pharmacy, or availing durable medical equipment. Mixed medical records are particularly devastating because now the identity thief has their personal information intermingled with yours.
  5. Child Identity Theft: Criminals can take a child's Social Security Numbers (SSN) and use them to commit fraud. A child's SSN is even better because it's like a clean slate. The identity thief can take your child's name and date of birth, messing with their identity.

mPokket's Registration Process

mPokket's Registration process consists of eight essential steps:

  1. Download the instant personal loan app – mPokket from Google play store.
  2. Verify your mobile number via OTP.
  3. Sign up using your Google/FB account.
  4. Create a strong password.
  5. Choose your occupation.
  6. Upload Know Your Customer (KYC) documents.
  7. Create a selfie video.
  8. Approval of your account.

If all the documents and details provided are correct and valid, it takes between 10 minutes to a few hours to get your profile approved. Once the profile is approved, both college students and young working professionals can borrow loans and get money in their bank account instantly. The entire process is online and paperless.

The personal loan eligibility for college students and professionals are as follows:

STUDENTPROFESSIONALPAN card is mandatory if the Aadhar Card is provided as identity proof. PAN card is mandatory to borrow money from mPokket. For other identity proofs (Voter ID card/ Driving License/ Passport),
providing a PAN card is not mandatory. Must have Voter card/Driving License/Passport/Aadhaar as an ID proof.College ID card is mandatory to register. Company's ID card necessary if you are a full-time professional. Offer letter/ joining letter can be provided in the instant student loan app.
if you don't have a salary slip. Salary slip (of the bank account where you receive your salary) is needed. Instant personal loans up to INR 45,000.

What Happens to Your KYC Documents?

The KYC documents uploaded for your account's approval to avail an instant personal loan online facilitate the services on behalf of mPokket. Payment processing, providing customer support, performing web, or instant personal loan app-related services are the key areas that use this personal information. The personal information is not leaked to the other users except for potential benefactors when you apply for an instant personal loan online as a beneficiary.

The third parties having access to your personal information are contractually bound to not disclose or use it for any other purpose. They use this data to deliver the personal loan app's functionalities, resolve technical difficulties, and improve the application's function through regular updating.

Get Secure and Instant Secured Personal Loans

mPokket removes the challenges faced by college students and professionals by offering the best instant secured personal loan application. With their easy registration process and instant verification, you can get instant personal loans transferred in your bank account instantly.

Initially, for students, a borrowing limit of INR 500 is allotted. The limit can increase up to INR 10,000 in the future. You also have the flexibility of choosing the tenure of repayment up to 90 days. Once you have repaid a loan, you can borrow again up to your eligible borrowing limit in this secured personal loan app for students.

There are a lot of benefits once your loan eligibility is fulfilled. One of the chief features that make mPokket one of the best instant personal loan apps is the online loan registration, verification, and sanction. This feature allows you to borrow instant loans from your home safely, even in this pandemic. For a salaried employee, an initial borrowing limit of INR 1,000 with an increase to INR 45,000 is present. This is a highly secure loan for self-employed professionals. Thus, mPokket is also the best instant loan app for young salaried professionals.

Further, these loans are devoid of collateral, a boon for students and young professionals once you fulfil the loan eligibility. Finding guarantors is a tedious task for young working professionals. mPokket provides instant loans without the need of any guarantors. mPokket also has 24/7 customer support and is trusted by more than 5 million users. So, if you are struggling with your expenses in college or having difficulties in managing your finances as a young employee, secured instant personal loans from mPokket can come to your rescue. With the ease of using a personal loan app and a simple verification process, receiving instant student and professional loans is the easiest with mPokket, the best application for a secured and instant personal loan.

Here's the link for mPokket Instant Personal Loan App : mPokket Instant Personal Loan | Student | Salaried

Gaurav Jalan

Gaurav Jalan is the Founder and CEO of mPokket, a digital lending platform serving underserved Indian youth. He leverages technology and experience to deliver cost-effective credit to marginalized populations. In his role, he provides strategic direction and oversees execution to fulfill mPokket's mission.