If you are considering opening an account with Fyp, you may have concerns about the safety and security of your money, your details and other confidential information. If you’ve only ever dealt with traditional banks, this is a perfectly understandable concern.
Tight regulations, RBI and government monitoring, and a physical brick-and-mortar presence have all played into traditional banks’ reputations and customer trust. However, instances of online fraud have put a spotlight on some of the safety and security concerns that exist even in traditional banks.
Contrary to popular belief, Fyp carries many advantages in counteracting and avoiding such scenarios and provides airtight security solutions that enable users to spend and deposit worry-free. Through this post, we will explore some of the common concerns about neo-banking in particular and clarify some common misconceptions.
1) The money deposited in Fyp account is completely secure
Money deposited in a Fyp banking account is as secure as in a regular bank account in India. This is because all the Fyp offer Bank-Level security through it’s partnership with Yes Bank. Our partner bank follows all security standards as per RBI guidelines to make sure Fyp account and card are completely secure and safe.
2) ATM Withdrawals
With no physical branches, many consumers may assume that they will not be able to get cash in case of an emergency. However, Fyp provide their customer’s full access to ATM withdrawals.
3) Other security features
Safety and security are some of the most important aspects at Fyp. Therefore, to make transactions easy yet safe, Fyp has features, such as:
- The card is numberless. This makes it perfect for teenagers. If it does fall into the wrong hands, there is not much that can be ‘hacked’ from the physical card.
- The one-tap payment feature makes the card easy to be used, yet it is ultimately controlled via the app.
- One can easily block the card through the app, hence pulling a plug on any unwanted transactions at any point in time.
- The user receives an alert via message on the registered mobile number. Therefore the cardholder knows about all transactions that take place with the card at any time.
- The app is the main point of all control and information. Here, all the details of all the transactions are stored. This makes it easier for the user to retrieve any transaction details as and when required.