The recent Coronavirus Pandemic has greatly impacted the financial lives of people all over the world. And as we continue to sail through the rough winds of altered times, digitization is what has kept businesses from drifting far away. This also holds true for the business of lending and credits. Conservative banking & lending has seen a sea of change in the way things work – from physical to virtual – even before COVID struck. But back then, it was a choice, and now, it is a compulsion.
If banks and lending institutes have to survive, they need to devise ways to continue lending digitally but not at the expense of frauds and losses. Let us see why antifraud solutions are required and how ‘Sherlock’ – an anti-fraud solution from CRIF can help. CRIF is an RBI authorized consumer credit bureau in India that provides a credit score, credit report, and anti-fraud solutions for banks and lending institutions.
Why Antifraud solutions are required
Digitization brings convenience and speed but also invisible threats and opportunities for cyber frauds. These fraudsters are ever on the lookout for an opportunity to breach a system. This is more relevant today of all times as the lockdowns have damaged the economy, jobs, and businesses of many people, leading to desperate measures such as identity theft, credit defaults, non-repayment of loans, etc. Many people may not have the required credit score for personal loan and hence may resort to impersonating someone else leading to application frauds.
We do hope such times will not last long and that we shall conquer this situation too, but we also cannot take it lightly. Businesses cannot stop working until things get back to normal. The only way forward is to adapt to the new normal and embrace technology as fast as we can. One certain way to ensure this is by implementing foolproof anti-fraud measures at each step. Sherlock is one such antifraud solution from CRIF which helps detect & investigate identity fraud & application fraud leveraging a variety of data sources.
How Sherlock Lending Works against identity theft
Fraudsters attack from multiple fronts such as falsified or manipulated personal information such as name, address, etc. Hence, a lender needs a firewall against mischievous activities that are also flexible and dynamic enough to work well with real-time & sudden changes. Sherlock Lending, CRIF’s anti-fraud solution is empowered with advanced features to detect and investigate application frauds and identify thefts. It comes with the following features:
- Intelligent Search leveraging on matching,
- Network and Machine Learning algorithms
- Wider Data Network: for application, identity, and compliance
- Power in your hands to manage fraud detection rules
- Real-time Monitoring and Reviews of applications
- Assisted Investigation on the suspect list
How do you BENEFIT from Sherlock?
CRIF’s antifraud solutions offer more accurate identity verification and anti-fraud management in the key stages of the process to help companies increase their profits, improve their knowledge of customers, and efficiently manage risk assessment. Listed below are a few benefits your business can derive from Sherlock
- Better detection of fraud attempts
- Lower review time for suspicious cases
- Minimum friction for the genuine customer
- Lower operational cost and higher value
- Self-managed configurable rules
- Vast & ever-expanding data network
CRIF provides a concrete solution to protect your lending business against identity fraud with ‘Sherlock’. If you want to secure your business and grow with the times, contact CRIF today.