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Security Disclaimer

Last updated: May 2025 · Read before uploading

Indian business owners are right to be cautious about sharing financial documents online. This page tells you exactly how VerifyRate handles your data, what protections are in place, and how to verify you are on the authentic VerifyRate platform before uploading anything.

What VerifyRate will and will never ask for

Before you upload anything, understand this clearly:

We ask for

  • Your bank statement file (.xlsx or .pdf)
  • Your sanctioned interest rate (%)
  • Your lending bank name
  • Your facility type (CC or OD)
  • Your corporate email address

We NEVER ask for

  • Net-banking password or user ID
  • Mobile OTP or authentication code
  • Bank account number
  • Debit or credit card details
  • Aadhaar, PAN, or GSTIN
  • Any form of payment

Important: If you ever receive a communication — email, WhatsApp, or phone call — claiming to be from VerifyRate and asking for your net-banking credentials, OTP, or any payment, it is a fraud attempt. Do not respond. Report it to us at security@verifyrate.in immediately.

How to verify you are on the authentic VerifyRate platform

Before uploading your statement, confirm the following:

  • The URL in your browser reads exactly verifyrate.com — check for misspellings such as "verify-rate.com", "verifyrates.in", or any hyphenated variant
  • The browser shows a padlock icon (🔒) next to the URL, confirming an active HTTPS/SSL connection
  • You reached this site via a trusted source — our official link, a known referral, or a search result pointing to verifyrate.com
  • No pop-up has asked you for your bank login credentials or mobile OTP before you could access the upload tool

Redacting your statement before uploading

We actively encourage you to sanitise your statement before uploading. The audit only requires three data points per row:

  • Date of transaction
  • Daily closing balance
  • Interest debit entry (amount and date)

Everything else — your company name, party names in narrations, beneficiary account details, cheque numbers, and transaction descriptions — can be blacked out, blurred, or deleted before upload. The mathematical audit remains fully accurate without this information.

You can use free tools like Microsoft Paint, Preview (Mac), Adobe Acrobat Reader, or a PDF redaction tool to black out sensitive columns before uploading. We encourage this as a standard practice regardless of how much you trust any platform.

Data transmission and storage security

When you upload a file to VerifyRate:

  • The file is transmitted over an encrypted HTTPS connection — it cannot be intercepted in transit by a third party on the same network
  • The file is stored temporarily on secure servers for the sole purpose of processing your audit
  • No automated system, verification algorithm, or external API receives or processes your raw statement data
  • All uploaded files are permanently purged within 24 hours of your report delivery — not archived, not backed up, not retained

What VerifyRate does not do

  • We do not connect to your bank's net-banking portal or API at any point
  • We do not store or profile your financial behaviour over time
  • We do not share your data with lenders, banks, or financial institutions without your explicit consent
  • We do not use your uploaded statement to train any verification system or machine learning model
  • We do not use advertising trackers that follow you across other websites

Phishing awareness — protect yourself

Fraudsters sometimes create near-identical clones of legitimate financial tools to steal login credentials or documents. Always exercise caution when any online tool asks you for financial documents.

Signs that a site may be fraudulent and impersonating VerifyRate:

  • The URL is not exactly verifyrate.com (watch for verifyrate.net, verifyrate.co, v3rifyrate.com, etc.)
  • The site asks for your net-banking user ID or password to "fetch" your statement automatically
  • A form asks for your bank account number, IFSC, or card details
  • A pop-up requests an OTP sent to your mobile to "verify identity"
  • The site charges an upfront fee, asks for UPI payment, or requests a refundable deposit
  • The contact details on the site do not match @verifyrate.in email addresses

Reporting a security concern

If you suspect a security vulnerability in VerifyRate, encounter a phishing site impersonating us, or receive a suspicious communication claiming to be from our team, please report it immediately.

Email us at security@verifyrate.in with a description of what you encountered. For urgent matters, include "URGENT" in the subject line. We will investigate and respond within 24 hours.