Does a padlock mean a website is safe?

Is it truly accurate to assume that the mere presence of a padlock icon in a website's URL signifies its absolute safety and security? Can we blindly trust this visual cue without conducting further due diligence or investigating the website's underlying encryption protocols and security measures? Could a hacker potentially manipulate or mimic this icon to mislead unsuspecting users? And if so, how can we effectively discern between legitimate and potentially malicious websites to ensure our online safety and financial well-being?