Originally Posted by
Monica@Harmoney
These are fraud cases and to put it into perspective, represents just 0.10% of all loans written to date. Being a financial institutional, fraud is a reality for all financial institutions and this is an exceptional results by industry standards. These frauds have also impacted banks, other financial institutions. In all fraud attempts, we have made it our mission to ensure that the people involved have been reported to the Police and are being followed up.
This is also a mere fraction of the number of fraud attempts which we have caught before they have completed the process and we continue to monitor and improve our results in this area.
While we have a thorough and robust identity verification process to guard against these types of cases, there remains a possibility that borrowers may be fraudulent, with no intent to repay. The fraud is generally a full identity theft, in which case the person receiving the money has misappropriated the details of the person whose full identity has been used to apply for the personal loan.