According to reports, around 87% of Indian households use fintech services. This has made banks and credit unions invest heavily in APIs, which act as digital bridges to securely share financial information and services. The latest PYMNTS data shows that 47% of lenders have already invested heavily in APIs in 2022. But why are the […]
Understanding the Growing Threat of Identity Theft in the Lending Industry
The lending industry has been a crucial player in financial transactions in recent years. From mortgages to personal loans and credit cards, individuals rely on lenders for their financial needs. However, amidst this reliance, a pressing issue is on the rise – identity theft, a risk that demands immediate attention. Identity theft has become a […]
Mitigating Risk in Debt Factoring: Underwriting Best Practices
Accounts receivable financing or debt factoring is a common business financing practice. Businesses can sell their accounts receivable to a third party, called a factor, at a discount. However, factoring could be an excellent solution for companies to try to cash in on their account receivables, control cash flow, and keep the business afloat. Factoring […]
How does FaaS Help with Fraud and Chargeback Prevention?
The Indian Fintech market is currently the world’s third-largest Fintech ecosystem, behind only the United States and China. India has 6,636 Fintech startups, making it one of the fastest-growing Fintech markets. The Indian Fintech business was worth $31 billion (INR 3100 crore) in 2021 and is expected to be $150 billion (INR 15000 crore) by […]
Lender’s Guide to FAQs About Fake Documents & Answers
Lenders often seek bank statements to verify prospective customers’ income, cash flow, or assets for loan disbursement. Unfortunately, PDF versions of bank statements can be tampered with or even entirely fabricated. For instance, a Google search on ‘make a fake statement’ will open up dozens of websites that create a wholly fabricated bank statement with […]
Beware of the Fraudsters: How to Detect Document and Identity Fraud
In a world of biometrics, smart cards and digital security, is identity theft a setback? Lost passport, Online Shopping Fraud, Debit Card Theft, sound familiar, doesn’t it? With the onset of the digital paradigm, is technology holding us back or taking us forward? This is a question that has left all of us bewildered, for […]