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Wednesday, July 17, 2024

Report on Loan KYC Frauds: Voter ID Has the Highest Rate of Tampering, Followed by PAN Card

<p>After analyzing a variety of data sources, integrated identity platform IDfy presents trends of fraudulent behavior during onboarding processes in their newly published paper on “KYC Risks in Lending.” According to the survey, 1 in 14 loan applicants made an effort to fool fraud detection and KYC systems.</p>
<p><img decoding=”async” class=”alignnone wp-image-332268″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-report-on-loan-kyc-frauds-voter-id-has-the-highest-rate-of-tampering-followed-by-p.jpg” alt=”theindiaprint.com report on loan kyc frauds voter id has the highest rate of tampering followed by p” width=”1129″ height=”609″ title=”Report on Loan KYC Frauds: Voter ID Has the Highest Rate of Tampering, Followed by PAN Card 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-report-on-loan-kyc-frauds-voter-id-has-the-highest-rate-of-tampering-followed-by-p.jpg 306w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-report-on-loan-kyc-frauds-voter-id-has-the-highest-rate-of-tampering-followed-by-p-150×81.jpg 150w” sizes=”(max-width: 1129px) 100vw, 1129px” /></p>
<p>IDfy provides tools and solutions for digital onboarding, risk assessment, background checks, and KYC and KYB.</p>
<p>According to IDfy, the results are based on a pan-Indian poll that included participants of all ages. The research was prepared by analyzing the data gathered from loan organizations and the banks they collaborate with, with a sample size of 80 million.</p>
<p>principal conclusions of the report;</p>
<p>With a fake identity percentage of 6.78%, voter IDs have been found to be the most fraudulent of all the IDs approved for loan applications, followed by PAN cards at 3.84% and Aadhar cards at 3.11%.</p>
<p>The survey also showed that 7.6% of borrowers submit photographs that don’t pass IDfy’s liveness check, and 39% of loan applicants had a name that doesn’t match the ID they gave. The issue of fraud and document manipulation is also quite common in the hiring and merchant onboarding sectors.</p>
<p>A phony job certificate with full pay stubs and tax papers may be made for as cheap as Rs 20,000, according to IDfy’s field investigations. This has made it easier for 14% of loan applicants to fabricate documents to represent their work status.</p>
<p>Additionally, the study found that up to 18% of loan applicants—who often use throwaway email IDs—never get collection emails.</p>
<p>“A career banker once shared with me that lending risk can be classified into three buckets: ability to repay, willingness to repay, and KYC,” said Ashok Hariharan, co-founder and CEO of IDfy. Our effort to assist the sector in better understanding risk management, thwarting fraud, and achieving regulatory compliance is the KYC risks report. Lenders will be better equipped to implement the appropriate solutions at the KYC stage by having a deeper awareness of the pain areas.</p>

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