Lending Fraud – If I enter somebody else’s PAN number and MY Aadhar number, will I be able to get a loan?
There is a concept called Data Triangulation in Digital Lending!
“Validation of same data available in multiple sources”
Assume that you have asked the borrower to enter the name and address in the loan origination flow.
Name and address data is available in legitimate databases like Aadhar, Bank statements, Credit Bureau reports etc.
You can validate the data entered by the borrower along with these databases and you can do a match.
This simple technique will avoid most of your frauds.