Kredytmarket.com will use artificial intelligence to detect fraud attempts. This month, it has partnered up with Nethone, the creator of AI-driven fraud-preventing systems.
Our goal is to better protect data when granting cash loans online. At the same time we want to even better protect our system against potential scams and frauds, says Aleksander Widera, founder of Kredytmarket.com.
A survey conducted in 2018 by EY revealed that one out of three entrepreneurs considers frauds the biggest challenge to a company. Financial institutions are not short of this problem. Last year, 11% of loan companies in Poland lost over 3 million dollars as a result of frauds, says Hubert Rachwalski, Nethone's CEO. Implementation of solutions Nethone contributes to the improvement of transaction security and makes it difficult to perform frauds based on identity theft, he adds.
Nethone is a supplier of KYU (Know Your User) solutions based on AI-driven deep-profiling of online users tool used for fraud prevention solutions.
How does it work?
The solution prepared by Nethone for Kredytmarket.com analyzes the behavior of the online cash-loan seekers when they are using the lender website, allowing to prevent any attempts to anonymize. The tool allows to link technical data about the user to the data from the completed cash-loan application and assesses the likelihood of fraud. Everything thanks to the use of machine learning.
Using around five thousand information about a user and artificial intelligence algorithms, Kredytmarket.com can achieve unprecedented accuracy in the prevention of fraud. The solution combines the computer precision of data analysis in a fraction of a second and the human ability to create new solutions. It creates one of the most efficient tools to available on the global market to prevent fraud and show the similarity between the borrowers who have not repaid the loan.
Kredytmarket.com is Internet financial platform, which grants online short-term loans for business activity. Even though the company is present on the market since December 2016, it already has managed to win over the trust of people and supply to hundreds of micro-entrepreneurs several dozen million zlotych, mainly companies representing the e-commerce sector, as well as doctors, nurses, and freelancers. The operator of the Kredytmarket.com website is Polska Platforma Kredytowa.
Nethone is the global leader in AI-driven KYU (Know Your Users) solutions that help enterprises from all around the world convert cyberthreats into well-informed, profitable decisions. From world-class fraud prevention, through real-time adaptive customer segmentation and retention tools, up to account takeover detection based on advanced behavioral biometrics, Nethone services simultaneously protect bottom lines and elevate profits of forward-looking businesses. Founded in 2016 by experienced data scientists, security experts, and business executives, Nethone is one of the fastest-growing companies in Central Europe.