Analyzing 80 Million Data Points Uncovers Deceptive Practices
In a comprehensive report titled “KYC Risks in Lending,” IDfy, India’s leading Integrated Identity platform, sheds light on the deceptive strategies employed by loan applicants during onboarding procedures. The report, based on the analysis of over 80 million data points, exposes concerning patterns of fraudulent behavior, emphasizing the critical role of KYC checks in mitigating risks.
Voter ID Emerges as the Most Tampered Document with a 6.78% Fraud Rate
IDfy’s Investigation Reveals Document Tampering Extends Beyond Loan Applications
The report reveals a disconcerting statistic: 1 in 14 loan applicants attempts to deceive KYC checks and fraud detection systems. Among the accepted IDs during loan applications, the Voter ID exhibits the highest tamper rate at 6.78%, surpassing PAN Cards at 3.84% and Aadhaar cards at 3.11%. The findings underline the vulnerability of the lending system to fraudulent practices and highlight the urgent need for enhanced security measures.
IDfy’s CEO Advocates Proactive Risk Management and Fraud Prevention
IDfy360, a New Tool to Strengthen Lender’s Defenses
Ashok Hariharan, CEO and Co-Founder of IDfy, emphasizes the significance of understanding and addressing risks in lending. With up to two million API hits daily, IDfy’s unique vantage point enables a deep analysis of data patterns across various risk categories. The KYC Risks report aims to guide the industry in managing risks effectively, combating fraud, and ensuring regulatory compliance. Hariharan introduces IDfy360, a low-code journey builder designed to empower lenders to launch new loan products swiftly. This tool allows for seamless integration of APIs while ensuring compliance with the latest data protection regulations, offering a comprehensive solution to prevent fraud at the source.
