The expansion of technology has not left any sector in the world untouched. As a result, new industries have emerged and contributed to the world like never before. One such industry is financial technology, which became popular in the early 1990s; however, it was able to get the focused attention of investors, regulators, and consumers only in 2008.
According to discussions at global finance conferences and events, the financial technology market currently holds up the value of $110.57 billion and is expected to reach $698.48 billion by 2030. Isn’t it shocking?!
What Is Financial Technology?
Financial technology, also known as FinTech, is a term used to describe technology and automation in financial services transactions, regulation, and maintenance. It generally requires the support of artificial intelligence, data science, blockchain, e-commerce, biometrics, and other advanced technologies. FinTech will likely increase financial literacy rates and empower customers to take charge of their financial situation.
How To Protect Your Data From Fintech Frauds?
The success rate and development of the FinTech industry will depend upon the security of data privacy. Unfortunately, investors, consumers, and the rapid growth of the industry have also attracted scammers and fraudsters. The sector has been observed to have the highest number of scams in the past few years. Thankfully, with the advancement of technology, a future without fraud in the FinTech industry will be possible.
FinTech entrepreneurs, in a global financial conference, discussed the 7 common ways you can secure your private data from scammers:-
Secure Connection
Before conducting any transaction, check if the website is secured or not. Usually, the URL of a secure website starts with “HTTPS.” This simple yet effective strategy can protect you from many scams. Certain websites use end-to-end encryption to protect the data transfer between two parties. Thus, refrain from using any insecure website for transactions.
Minimizing Your Digital Impression
Limiting your financial data on digital platforms will help significantly. Since you have the privilege of having a portable bank in your mobiles, refrain from the unnecessary filling of personal information on every site.
The sudden blockage of your SIM card or bank account indicates that you may have been scammed. Moreover, it’s best to avoid saving your account details on every website you visit. In addition to this, using unsecured public WiFi networks also raises the risk of getting scammed or transfer of your data.
Safeguards Are Important
Keep your devices well equipped before using FinTech services. This means your systems should have firewalls, anti-virus software, and spam filters, which can help prevent your system from getting blocked by unwanted external attacks. Avoid making any transaction till you have your device well secured in every possible way.
Avoid Suspicious Calls And Messages
We all receive questionable calls, emails, and messages from bank accounts and SIM card agencies who try to get our personal information with fake promises. In this situation, the best thing to do is to hang up the call without saying a single word. If you are doubtful about any such calls, contact your bank agency immediately.
Avoid Following Trends Blindly
Don’t lose yourself and your money to the hype! Hundreds of mobile apps promise to teach you the art of investing and provide you with investment opportunities. Mostly, these are just fraud profiles trying to steal your money. The craze of cryptocurrency, bitcoins and other digital currencies will end you in great disappointment if you invest money without prior knowledge or experience.
Beware Of Phishing Emails
We all receive emails providing loans and offering giveaways to us without any reason. Usually, they ask us to click on a link to claim the prices. A simple click can put you in trouble if you are not aware of this fraud. Usually, these kinds of scams are hard to identify. Unfortunately, many people fall for these fraudsters. You can locate these spam emails by their eye-catching headings. Avoid opening them.
Choose A VPN
VPN tools help to protect our internet privacy, ensuring that no third party can receive or interfere with our information. It is a must-have tool for anyone wishing to start their FinTech journey.
Ending Note
FinTech is the future of the financial market. It’s crucial to understand the algorithms of how financial technology operates and the ways to protect ourselves from frauds and scams related to it.
To learn more about the changing world of money and emerging trends in the FinTech arena, as well as how you can protect yourself from scams, it would be wise to attend global finance conferences with sessions on these topics. The Money 2.0 Conference, an international financial event, will focus on these crucial subjects and it is dedicated to all the economic leaders, entrepreneurs, and investors devoted to revolutionizing financial services.
