NewsVoir
Gurgaon (Haryana) [India], November 28: 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.
Paisabazaar is India's largest marketplace for consumer credit and free credit score platform. It is part of the PB Fintech Group (listed on Indian stock exchanges since 2021). Over the last decade, Paisabazaar has earned the trust and goodwill of over 45 million consumers from 823 cities and towns across India. Every month, the platform receives over 20 lakh enquiries from more than 1000 cities. Paisabazaar over the years has built deep partnerships within the lending ecosystem, partnering with 60+ Banks, NBFCs, NBFC fintechs, to offer wide choice. Paisabazaar has been running India's largest credit awareness initiative, by offering consumers their credit score from the credit bureaus for free. Paisabazaar's co-created strategy helps meet consumer need gaps, through a robust array of exclusive, first-in-market and best-in-class digital products, built with partner Banks and NBFCs. Paisabazaar is also an ISO (27001: 2013) certified organization with industry-best controls, to safeguard the best interest of consumers. We are also a PCI DSS certified organization.
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