Yes your personal data is definitely safe when borrowing from 118 Credit! Here's why:
Regulatory Oversight: Licensed moneylenders in Singapore are regulated by the Registry of Moneylenders under the Ministry of Law. They must adhere to strict guidelines and standards set by the government, which includes safeguarding personal data.
Data Protection Laws: Licensed money lenders like 118 Credit are required to comply with the Personal Data Protection Act (PDPA). This law mandates that they protect your personal data and use it only for the purposes for which it was collected. They must also ensure data is stored securely and access is restricted to authorized personnel only.
Privacy Policies: Reputable authorised and legal moneylenders have privacy policies in place to inform you about how your data will be used, stored, and protected. They are obligated to follow these policies to maintain your data's confidentiality and security.
Secure Systems: Moneylenders in Singapore use secure systems and technologies to protect your information from unauthorized access or breaches. This includes encryption and other security measures.
118 Credit incorporates an in-house cyber security system such as connecting via Virtual Private Network (VPN) and Singtel Broadband Security to secure and protect our network traffic by blocking malware and malicious websites with end-to-end cybersecurity web content filtering to prevent phishing attacks.
Update on 25 Jul 2024: We understand there were concerns regarding a data breach affecting 12 licensed moneylenders. 118 Credit wishes to emphasize that as the number 1 best money lender in Singapore,  we do not have any business nor do we have any data stored with the third-party IT vendor that was breached. Our operations and systems are unaffected.