How to protect personal data during a financial application: security checklist

Applying for a credit, credit card, or loan almost always requires submitting passport details, income information, and contact details. This data is a valuable target for fraudsters. Therefore, even before clicking the "Submit" button, you should make sure you are dealing with a reliable source and that your information will not fall into the wrong hands.

In this article, we have gathered general recommendations to help you assess the safety of a platform or service. Please note: at the time of preparing this material, the editorial team has not performed a legal verification of the listed advice and has not tied it to specific products, banks, or laws. To make a final decision, be sure to consult official sources and current editions of regulatory documents.

Verification date: not specified (draft requires verification).

Why data protection matters when submitting a financial application

Personal data, especially passport and financial details, allow malicious actors to take out loans in your name, gain access to your accounts, or make purchases. Losing control of such information can lead to debt, a ruined credit history, and a lengthy recovery process.

Financial institutions are required to comply with certain security rules, but the level of protection can vary. In addition, fraudsters often create fake websites that look very similar to official bank pages. Therefore, verifying the source is the first step to keeping your data secure.

How to check a website or app before submitting an application

Before entering any personal data, make sure of a few simple things:

— The address bar must begin with `https://`, and a closed padlock icon is usually displayed next to it. This means the connection is encrypted.
— The website domain must exactly match the official name of the organization. Check if there are extra characters in the address, letter substitutions (for example, `o` for `0`), or an unusual ending.
— Official banking apps are usually distributed through app stores (App Store, Google Play) and have a "Verified" badge. Cross-reference the developer with the information on the official website.
— If you are visiting the website for the first time, take the time to find information about the organization's license. This can usually be done using public registers on the Bank of Russia website.

Remember: these recommendations are general in nature. Conditions may differ for each specific bank or microfinance organization, so always refer to the original source.

What data must not be shared under any circumstances

There is information that a legitimate financial organization will never request by phone, messenger, or email. We can conditionally highlight several points:

— Your card PIN code.
— The CVC/CVV code (the three digits on the back of the card).
— Passwords from SMS or push notifications received to confirm transactions.
— Online banking login and password.
— Codeword, if set as an additional identifier.

If the person talking to you, claiming to be an employee of a bank or microfinance organization, asks you to name any of these items, they are likely a scammer. Hang up and call the number listed on the organization's official website.

Two-factor authentication and additional security measures

Two-factor authentication (2FA) is an additional layer of security that requires not only a password but also a one-time code (usually from an SMS or app) to log into your account or confirm a transaction.

Whenever possible, enable 2FA on all financial services you use. This will make it harder to access your account even if your password is leaked.

Additionally, you can:
— Use unique, complex passwords for each service.
— Avoid saving passwords in the browser on someone else's or shared devices.
— Regularly check your transaction history in your account.
— Set up alerts for any account activity.

These measures do not guarantee one hundred percent protection, but they significantly reduce risks.

What to do if you suspect a data leak

If you notice suspicious activity (for example, you received an SMS about an application you did not submit, or your account access settings changed), act quickly:

1. Block all cards that may have been compromised through the mobile app or the bank's hotline.
2. Contact the bank or microfinance organization to clarify the situation and, if necessary, submit an application disagreeing with the transaction.
3. Contact law enforcement with a fraud report.
4. Request your credit history to check for any unwanted entries.

Every case is individual, so the procedure may vary. Always consult with official representatives of the organization.

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Useful materials

• financial articles
• banks
• Credit cards