JuicyScore, an anti-fraud solutions provider, has reiterated its undertaking to deal with the increasing cases of online fraud that is originating from illegal access to digital loans.
JuicyScore Regional Business Development Director Chris Akolo says online fraudsters are using highly sophisticated software to access digital loans without detection by fintechs.
Akolo noted that there has been a significant increase in online fraud in the regions in which the company operates with the number of randomizers increasing from 0,1- 3.5 per cent.
“Randomizers in one of the fastest-growing online fraud types and there is no way to detect it apart from using alternative data-based solutions. We are speaking about the use of special software by fraudsters, also known as randomizers,” Akolo said.
He added: “The purpose of such software is to thwart existing digital device fingerprints and pass off the same device from which the fraudster applies for a loan online as a new one every time.”
He says a fraudster can take out a loan from the same device an unlimited number of times by changing only the borrower's data, while the FinTech’s security system will treat each application as unique.
He noted that a set of technologies and algorithms to detect various kinds of device anomalies will help identify new high-risk one and filter them out in the early stages of the loan pipeline.
Akolo indicated that digitization has assisted many firms to access new customers and reduce operation costs but it has also created a rich environment for online fraudsters.
He says JuicyScore has tools that help to prevent fraud, reduce risks, and increase access to online financial products via device authentication technologies and user behavior analysis.
“JuicyScore is an easy solution to detect payment fraud. In JuicyScore you can reduce risks in your online business easily and effectively. We do not utilize sensitive personal data or direct consumer identifiers. We analyze more than 50,000 data points and by using machine learning we provide an anti-fraud score along with a data vector of about 200 predictors important for anti-fraud and credit scoring via our API,” he intimated.
He has rooted for Credit Score as the only way for financial institutions to price risk and predict a customer’s credit behaviour based on information from their credit reports.