The break through IT system detecting suspicious applicant enables the detection of fraudulent loan applications. With the growth of popularity of fintech platforms criminal elements often try to apply for loans using the other’s people’s data, hereby compromising the reputation of common citizens.
The innovative digital platform developed by Cashwagon is based on AI (Artificial Intelligence), Machine Learning and Big Data detects and identifies suspicious application filling behavior of potential offenders.
“The cases we detected were very dangerous because they used other people’s original data, so that the person’s reputation could suffer,” said CEO of Lendtech Lanka (Pvt) Ltd, the company which operates the Cashwagon platform, Samila Fernando.
The system can further trace the deceiver, according to Cashwagon’s application processing system, it was unveiled several attempts to apply for loans via the platform developed by Cashwagon using another person’s documents which does not belong to the loan applicant.
Based on the digital traces obtained, Cashwagon platform was able to to track the patterns of potential wrong doers and establish identity of the perpetrators of fraud and their location. In a close cooperation with local police department, Cashwagon’s platform allowed to produce trustworthy evidence of fraudulent cases.
Acting on fraudsters is aimed to be a reliable and consistent partner, Lendtech Lanka (Pvt) Ltd acts strong to protect its customers and prevent them from dealing with fraudsters. When a borrower neglects to pay the loan on purpose, such borrower deemed to have committed the offence of cheating and will be liable for a criminal lawsuit under section 398 of the Penal Code of Sri Lanka. No matter how small the amount is, it should be processed by law. Close cooperation with police authorities, strict adherence to regulatory requirements and compliance have allowed Cashwagon to detect and put to justice several fraud cases in Middeniya area, carried out by criminals and by fraud syndicates recently.
“We shall continue to protect our customers and cooperate with local police department to assure the safety of development of fintech industry”- continues Samila Fernando.
Lendtech Lanka (Pvt) Ltd, is a fintech (financial technology) company carrying out it’s operations under “Cashwagon” brand name which operates a digital platform, providing access to financial services for the general public. With a head office in Singapore, Cashwagon operates in 5 countries of South-East Asia.
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