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How Fintechs are avoiding frauds with the help of Surepass KYC APIs
A few months ago, news broke about app-based digital lenders harassing customers, leading to suicides, prompting the Reserve Bank of India (RBI) to intervene and enact new rules. However, the rising number of frauds involving digital lenders has also become a source of concern for policymakers. In most cases, the victims were ordinary people who were taken advantage of by app-based lenders.
According to reports, the majority of the frauds involved the leakage of critical personal account information. The most recent incident Loans and Services app exacerbates the problem and highlights the pitfalls of digital lending. Let us examine the situation.
To begin with, what is the case all about?
Some small Loans and Services app users have recently complained about unknown parties using their PAN card details to apply for loans on the platform. Some claim that unknown people used their PAN card information to obtain loans through Loan Providers and that they are now being served with show-cause notices by collection agents for loans they never took.
Complainants also stated that their credit scores had been harmed because credit reports listed loans they had never taken out as defaults.
How worrying is this issue?
The evidence suggests data theft and financial fraud. Essentially, the case here is that perpetrators created fake loans, which is a severe charge. When such loans are not repaid, collection agents begin harassing the actual owners of the PAN cards, which is when the fraud is discovered. Among those affected is actor Sunny Leone, who claimed identity theft to initiate a bogus loan.
Digital fraud has been on the rise, particularly during the pandemic period. According to a global information and insights company TransUnion report, the share of suspected fraudulent digital transaction attempts originating in India increased 28.32 percent over the previous 12 months ending March 2021.
Solution -
While some loan applicants default for legitimate reasons, some criminals apply for loans and credit lines to max them out and not make any payments. Taking steps to prevent application fraud can help you save money by lowering the cost of debt default.
1. Identification verification and facial recognition
A simple step like requesting two or more forms of identification aids in the prevention of application fraud by introducing an additional barrier for fraudsters.
2. Bank or employer financial documents
When applicants are asked to upload their bank statements, pay stubs, and other financial documents, there is a risk that they will tamper with these proofs.
Instead, ask for permission to contact their bank or employer to confirm their claims. Because you can validate income, assets, and other financial details, it provides a reliable method of preventing application fraud.
3. Knowledge-based authentication
Knowledge-based authentication aids in the prevention of application fraud by going beyond the data points that a criminal could steal or spoof.
Create multiple-choice questions based on an applicant’s credit report to which only they would know the answer. Include questions about previous addresses, other lines of credit, or previous vehicle purchases, for example.
4. Verification via phone and social media
To perform out-of-band verification, you can send push notifications from your app. This step confirms that the phone is a physical device registered to a mobile network rather than a VoIP number.
Furthermore, social media verification aids in confirming the legitimacy of an identity based on social media activity and connections with other users. If an applicant uses a fictitious identity, their social media presence may be non-existent. Alternatively, they lack the typical pattern for profile connections in the same geographic area.
5. Identity risk assessment
Machine learning-based solutions, such as the one provided by Surepass, analyze multiple data points and cross-reference the information with various databases. This method aids in identifying previously stolen identities and the detection of synthetic identities based on data points from multiple stolen identities.
Furthermore, machine learning solutions examine past account activity, establish links with other defaulted loans or credit lines, and analyze geolocation data to identify discrepancies in fraud detection.
How can Surepass help?
Surepass can assist you in putting in place a multi-tiered approach to preventing loan application fraud and other financial product fraud. Speak with a professional today to learn more about the steps you can take to combat fraud and lower the cost of debt default.
Surepass KYC APIs which FIntechs use:
PAN Verification — for PAN Verification
Bank Verification — for Bank Verification
PAN-Aadhaar Link Status — Works as a 2-FA to prevent PAN fraud
Face Match — to match the users face with the face on PAN/Aadhaar to prevent Identity theft
Video KYC — used as secondary verification after a face match.
Surepass enables businesses and governments to transact in our digital world with confidence. We establish trust in seconds wherever your customers want to transact, combating fraud and expediting trusted identities. Surepass’s inclusive technology, which is available to the entire global population, allows you to create, verify, monitor, and securely share digital identities. Our AI-powered identity verification and regulatory compliance (AML/KYC) solutions deliver unparalleled results and operational efficiency with omnichannel deployment.
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GST OTP comes to the rescue of a major transport aggregator of India
Our client provides pan India Live Transport Marketplace App, books trucks, trailers which you can use for the logistics purpose of your business. Truck drivers can load their profiles and pricing on the platform using their app and the ones seeking the services can book them. Currently, they have over 1.5 Lakh transporters and the app helps in reducing the booking time.
We provided a number of services to our clients. One of them being GST OTP. They wanted a foolproof method to verify the merchants who were transporting material/contents in the trucks. They wanted a method to be fast as well as reliant. So GST came to the rescue. GST OTP is foolproof, as the OTP is accessible to only the registered mobile/email no. What happens is, our client needs…
We also provided our client with RC, ID and DL verification APIs. RC of the truck is necessary as it proves that the truck is of the registered owner. ID verification is done in order to check if the documents submitted by the driver relate to age, address, parents' details…
Services offered by us to the client-
GST OTP Verification
ID verification
RC verification
With the help of PAN, the bank can also check the CIBIL score of the individual.
DL verification
How do we do it?
Our client operates on a national scale. It is extremely important that their services are not misused. We are aware of the potential risks that our client could face. It is crucial that the drivers, as well as their vehicles, are verified. It is also extremely important that the customer who uses these services has a legitimate business and that business is verified using the GST OTP process.
With our APIs, you simply have to input the ID number into the system and it will give you results in an instant. We check the inputs through the government as well as the public database.
Read the full article on surepass
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SurePass did the KYC of the customers for a Gas service provider giant in India
Gas pipeline installations are on the rise in India. Our client is expertise in the field. They are committed to fueling vehicular movement critical for the delivery of essentials and ensuring that healthy cooking gas is available to all amid this global crisis. On their portal, services like gas price checking, quick bill payment, application for new connections, and auto bill payments are available.
Now, regularly a lot of gas connections are made available to the customers by our client. So, they have to perform KYC of every customer as gas is extremely flammable and dangerous if not used properly. KYC is mandated by the government, so we needed to provide Instant ID verification to make the process faster and easier for the end customers who are applying for the gas connection. Earlier, our client had to physically verify every person. This used to be a long and expensive process but we handled this problem. Proper documents are also needed to check if the user’s provided address and age are correct. This was done through ID verification where the address of the user was also verified. We customized our APIs according to clients’ needs and used real-time KYC and OCR technology to make the process smooth, fast, and risk-free. We check the identities through real-time Aadhaar verification combined with video KYC.
Services offered by us to the client-
Address verification
ID verification
Age verification
Video KYC through OCR
How do we do it?
We needed to make sure that the user identity is accurate as per the terms and conditions and also needed to ensure that the documents submitted by the user are authentic. Documents provide the background of the user like age, address, etc. This was done through ID verification where the address of the user was also verified. We customized our APIs according to clients’ needs and used real-time KYC and OCR technology to make the process smooth, fast, and risk-free. We check the identities through real-time Aadhaar verification combined with video KYC. With our APIs, you simply have to input the ID number, say PAN number or Aadhaar number in this case, into the system and it will give you results in an instant. We check the inputs through the government as well as the public database. So, the chances of error are almost equivalent to zero. Our APIs extract data like name, age, d.o.b, address, photo, mobile number and gender for ID verification.
Read the full article on Surepass
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Online Shopping API
Online shopping is a challenging task that needs to be done with care and attention. If you’re not familiar with online shopping APIs, you might not understand the purpose behind them and how they can help you with your online purchasing needs. Online shopping APIs is an online service that allows you to access the inventory of a specific retailer’s online stores. These APIs are built using the REST API standard and make it possible for developers to interact with the websites of retailers like Amazon, eBay, Etsy and more. The main advantage of these APIs is that they can bypass the need for a person to even log in. All that’s required is you enter your username and password when you want to make a purchase from one of their sites.
Shopping APIs are used to allow developers to create web-based shopping sites that can monitor and track the user’s purchase history. The API can also record the price paid, order date, and other information including shipping method, payment method, delivery date, and the delivery location.
Read More on Scrapingpass
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Zillow’s API To Build Your Own Home-Based Website
The concept of building a home-based website using Zillow’s API is pretty simple. You can use the API programmatically to quickly build a site from scratch as well as integrate with other sites that offer similar services. Zillow’s API also allows you to create an account and easily log in to the site. You can then search for homes for sale, browse through homes for rent, pay for listings, and more!
Zillow’s API lets you build your own website. Now you can do any type of business you want in the real estate market. This is a huge benefit for home-based businesses. You don’t need to have a website or marketing plan when you have the Zillow API. This will save you time and money.
Has anybody else started using Zillow to list their property? I know that I have, and it’s a great tool to help with the decision-making process. You can use Zillow’s API to build your own home-based website that lists all of your properties, including their price, size, location, and other info. This is especially helpful if you’re trying to sell your home, or need more information about specific homes in your area.
Read More On Scrapingpass
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Protect PDF from being Edited or Copied
When it comes to editing or copying PDF files, there are just a few precautions you need to take. It is important to note that PDF files are not like other plain text files you might encounter on the web. While you can use regular text editors to edit PDF files, you cannot edit or copy them without their permission. If you do so, there are a few things you have to keep in mind. For example, your screen reader might not be able to read the PDF document because it uses a different layout. You might also get an error when trying to copy and paste the file into another application because the file will be pasted into the wrong location.
You should never trust a PDF file. With the rise of all-in-one, desktop publishing programs, PDF documents have become a convenient way to easily create and edit documents. But when you are trying to protect the document from being edited or copied, there are a number of different ways to do it. The first step is to make sure that your computer’s security settings allow access only to the document you want.
Learn More on Nocodepdf
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Protect PDF Document for Free
In today’s world many people download information from the Internet, but they sometimes don’t know how to protect their PDF files.
If you need to protect PDF documents from getting into the wrong hands, it’s important to know how to do so. It’s usually simple enough to simply make sure that no one can open your PDF file except you (as long as you are the one who created it in the first place). But there are times when this isn’t possible or acceptable. For example, if you have a document you need to keep safe from potentially malicious sites, there’s a chance that others will have access to your files. With this in mind, some people like to share their PDF files with others by using a password. This is not recommended though because it makes your document vulnerable for other people to copy and possibly use without your permission.
When it comes to editing or copying PDF files, there are just a few precautions you need to take. It is important to note that PDF files are not like other plain text files you might encounter on the web. While you can use regular text editors to edit PDF files, you cannot edit or copy them without their permission. If you do so, there are a few things you have to keep in mind. For example, your screen reader might not be able to read the PDF document because it uses a different layout. You might also get an error when trying to copy and paste the file into another application because the file will be pasted into the wrong location.
Learn More on Nocodepdf
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