- Engine built on a combination of advanced data analytics, real-time monitoring, and machine learning techniques
- Internal risk scoring done for each consumer; medium risk ones monitored closely, high-risk consumers restricted from accessing offers
- The anti-fraud initiatives are steps towards helping build a safer and more responsible ecosystem
Paisabazaar, India’s largest lending marketplace, announced today introduction of an advanced Fraud Detection and Prevention System designed on its platform, to enhance trust and ensure responsible lending. The system would leverage sophisticated machine learning algorithms and innovative technologies to proactively identify and mitigate fraudulent activities, helping build a safer ecosystem.
Mitigating frauds has been one of the biggest challenges for the lending industry, as it poses a range of threats, from financial losses to operational inefficiencies. Paisabazaar, through their new system, aims to help address these issues through a combination of advanced data analytics, real-time monitoring, and machine learning techniques.
As a large-scale consumer-focussed large scale platform with wide and deep partnerships across Banks and NBFCs, Paisabazaar plans to work with relevant industry stakeholders, to build a stronger and robust lending ecosystem. The anti-fraud initiatives on its platform are a step in that direction. At the heart of this initiative is a robust fraud identification framework that continuously monitors consumer activity on the Paisabazaar platform, such as multiple failed loan attempts, inconsistencies in information across applications etc. and leverages credit bureau data to identify consumers categorized as very high risk. Continuous monitoring would ensure the system evolves to detect increasingly complex fraud patterns.
The fraud detection engine has an internal risk-scoring mechanism that evaluates each customer on a scale of 0 to 100. Consumers are categorized into low, medium, and high-risk groups. High-risk individuals are restricted from accessing offers, medium-risk users are flagged by the system for closer scrutiny, and low-risk customers are allowed seamless access to lending products.
Gaurav Aggarwal, Chief Business Officer, Unsecured Loans, Paisabazaar, said, “Fraud detection is no longer just about reacting to suspicious activity; it’s about proactive prevention. As a market leader with large consumer scale, we are committed to help build a responsible lending ecosystem that prioritizes security and transparency for both consumers and lenders. Towards this. cutting-edge technologies and innovative data analytics model would be the biggest enablers for us.”
Strengthening Paisabazaar’s commitment to build a more secure and responsible lending ecosystem, it plans to continuously evolve and sharpen its fraud detection and prevention capabilities, by innovating internally and collaborating with industry partners to adopt best practices.
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