Tuesday Nov 26, 2024
Tuesday Nov 26, 2024
Monday, 16 December 2019 00:00 - - {{hitsCtrl.values.hits}}
Cashwagon’s cutting-edge IT system based on Machine Learning detects fraudsters criminal scheme and hands them over to the police.
The breakthrough IT system detecting suspicious applicant enables the detection of fraudulent loan applications. With the growing popularity of fintech platforms, criminal elements often try to apply for loans using the other people’s data, hereby compromising the reputation of common citizens.
The innovative digital platform, developed by Cashwagon based on AI (Artificial Intelligence), Machine Learning and Big Data, detects and identifies suspicious application filling behaviour 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 Lendtech Lanka Ltd. CEO Samila Fernando, whose company operates the Cashwagon platform.
The system can further trace the deceiver. According to Cashwagon’s application processing system, several attempts to apply for loans via the platform developed by Cashwagon using documents not belonging to the loan applicant were unveiled.
Based on the digital traces obtained, Cashwagon platform was able to track the patterns of potential wrong-doers and establish the identity of the perpetrators of fraud and their location. Working in close co-operation with the local police department, Cashwagon’s platform allowed to produce trustworthy evidence of fraudulent cases. The details of the cases are protected from public disclosure but Lendtech Lanka Ltd. continues to work closely with Sri Lankan Police Department to detect, identify and prosecute fraudsters. One of the main principles among Cashwagon’s platform is to ensure safety to its end-users and make all the efforts to protect them.
Aimed at being a reliable and consistent partner, Lendtech Lanka Ltd. acts on fraudsters to protect its customers. 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. Close co-operation 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 recently, carried out by criminals and by fraud syndicates.
“We shall continue to protect our customers and co-operate with local police department to assure the safety of development of fintech industry,” continued Fernando.
Lendtech Lanka Ltd. is a fintech (financial technology) company carrying out its operations under the Cashwagon brand name which operates a digital platform that provides access to financial services for the general public. With a head office in Singapore, Cashwagon operates in five countries of South-East Asia. Since its Sri Lankan release in April 2017, the Cashwagon platform has connected 200,000 borrowers with lending partners, who have disbursed more than 730,000 loans within Sri Lanka.
Cashwagon prides itself as a fintech pioneer in the Sri Lankan market and was the first digital platform to introduce rapid online consumer financial services for underserved people, as well as the first fintech company to receive ISO 9001 certification and become a member of the Sri Lanka Fintech Association (FASL).
