Cashwagon commits to secure local community
Cashwagon’s cutting-edge IT system based on machine learning detects fraudsters criminal scheme and hands them over to the police.
The breakthrough IT system detecting suspicious applicants enables the detection of fraudulent loan applications. With the growth of popularity of fintech platforms criminal elements often try to apply for loans using the other’s people’s data, hereby compromising the reputation of common citizens.
The innovative digital platform developed by Cashwagon, based on AI (artificial intelligence), machine learning and big data, detects and identifies suspicious application filling behaviour of potential offenders.
“The cases we detected were very dangerous because they used other people’s original data, so that the person’s reputation could suffer,” said Lendtech Lanka (Pvt.) Ltd CEO Samila Fernando, of the company which operates the Cashwagon platform.
The system can further trace the deceiver according to Cashwagon’s application processing system, as it was unveiled that several attempts to apply for loans via the platform developed by Cashwagon were made using another person’s documents which do not belong to the loan applicant. Based on the digital traces obtained, Cashwagon platform was able to track the patterns of potential wrongdoers and establish the identity of the perpetrators of fraud and their location. In close cooperation with local police departments, Cashwagon’s platform allowed to produce trustworthy evidence of fraudulent cases. The details of the cases are protected from public disclosure but Lendtech Lanka (Pvt.)
Ltd continues to work closely with Sri Lankan police department to detect, identify and prosecute fraudsters. One of the main principles among Cashwagon’s platform is to ensure safety to its end-users and make all the efforts to protect them.
Acting on fraudsters is aimed to be a reliable and consistent role of Lendtech Lanka (Pvt.) Ltd as it acts strong to protect its customers and prevent them from dealing with fraudsters. When a borrower neglects to pay the loan on purpose, such borrower is deemed to have committed the offence of cheating and will be liable for a criminal lawsuit under section 398 of the Penal Code of Sri Lanka. No matter how small the amount is, it should be processed by law. Close cooperation with police authorities, strict adherence to regulatory requirements and compliance have allowed Cashwagon to detect and put to justice several fraud cases in Middeniya area, carried out by criminals and by fraud syndicates recently.
“We shall continue to protect our customers and cooperate with local police departments to assure safety in the development of the fintech industry,” added Fernando.
Lendtech Lanka (Pvt.) Ltd, is a fintech (financial technology) company carrying out it’s operations under “Cashwagon” brand name which operates a digital platform, providing access to financial services for the general public. With a head office in Singapore, Cashwagon operates in five countries of South-east Asia.
Since its Sri Lankan release in April 2017, the Cashwagon platform has connected 200,000 borrowers with lending partners, which disbursed more than 730,000 loans within Sri Lanka. Cashwagon (Pvt.) Ltd, prides itself as a fintech pioneer in the Sri Lankan market and was the first digital platform to introduce rapid online consumer financial services for underserved people, as well as the first fintech company to receive ISO 9001 certification and become a member of the Sri Lanka Fintech Association (FASL).