Customer identification and fraud detection

In the case of new customers, prospective borrowers must be properly identified. Bondora uses the identification methods it deems most effective. At present, Bondora employs one or more of the following three methods:

  • (i) nominal payment, which involves the withdrawal of at least 0.01 in local currency from a customer’s bank account;
  • (ii) electronic identification, where the customer is asked to log in to an existing online third-party bank account and the customer identity information provided by the third-party bank is checked against the registration information provided by the customer; or
  • (iii) manual identification, where scanned copies of the prospective customer’s identification documents and bank statements are manually checked by Bondora. Because the anti-money laundering regulations applicable to banks are normally stricter than those that apply to the consumer credit business, Bondora frequently relies on the anti-money laundering check that was performed by the customer’s bank prior to the account being opened.

The applicant is subject to five different identification checks during the identification process, as follows:

  • Email address verification
  • Mobile number verification
  • ID verification
  • Address verification
  • Bank account verification

To spot potentially fraudulent borrowers, Bondora employs its fraud detection policies and models to evaluate the data collected during these checks.

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