Receipt of the completed form seems to be a formality – a necessary first step in understanding the borrower. However, customer knowledge can be built from the first click on the site, thus shedding light on all stages of sales!
One of the main trends that currently dominate the loan market in Poland is the growing online and mobile sale of financial products. Safe products and operations are becoming a priority to meet the bar suspended by banks.
For the purposes of this entry, we will see security in three dimensions as full verification of users already at the stage of applying for a loan, a broader analysis of available data and protection against taking over the identity and data of the account.
First of all, comprehensively
Let’s start from the beginning: the customer completes the form on the website wanting to take out an online loan. Typically, loan institutions verify the customer by checking information on the form and historical data, including in Credit Checker in search of records regarding a particular PESEL. So the verification of the credit application is based on data completely unrelated to the given interaction, in this particular situation with the completion of the online loan form.
Ignoring the dynamics of interaction – clicking, entering and even copying data to the form – as a potential data source, we give up additional information about the client. Information that only seems irrelevant at first glance.
What should be introduced for verification is a holistic view of potential data sources related to what happens in the process of filling out the form and the person who completes it. Such profiling tool examines the entire range of data creating a so-called digital footprint (electronic fingerprint).
What creates an electronic fingerprint?
Secondly, determining the network connection (how the device connects to the native website/application – in this case, the loan company) and any attempt to anonymize the connection.
Thirdly, the user verification from the behavioral side, i.e. testing the user’s interaction with the website (writing pace and tact, pasting from the clipboard, moving the mouse, making mistakes in typing on the form, accelerator or gyroscope records for mobile devices).
In total, over 5000 data points (some of them collected in the stream) – incomparably more than the short loan application form contains.
Why should you check it?
How the borrower behaves when completing the application is characteristic for a given user and for a given product. Thanks to comprehensive verification, we can already determine at the application stage who will be a reliable borrower, who is a cheater, and who may probably have a problem with repayment.
Online loan security
Comprehensive user analysis allows not only catching phishing attempts but also helps to compare a given user with a group of borrowers who have not repaid the loan. At a loss, loan companies give up the knowledge of the entire sales process when they don’t protect themselves against fraud in a modern way.
A broader analysis of borrowers’ data can, therefore, be compared to lighting up the entire sales channel so that the loan institution can see the dynamics of online transactions. Thanks to this, they can guarantee consumers much more attractive product solutions and reliable customers at a better price.
Are smaller businesses safer?
Currently, more and more customers are returning to the same institution for another product, and thus becoming a repetitive customer. The loan company usually offers to set up an account, which will speed up the submission of applications on every subsequent occasion. However, as long as data leaks or thefts happen, it’s worth investing in tools to prevent account hijacking.
Nethone technology can determine and compare whether two applications submitted from the same account were actually submitted by the same person. When the data is not comparable, the Nethone security raises the alarm and informs that the way the query syntax in the system differs significantly between the compared applications. This solution protects honest customers from fraudsters taking loans “on account” of others.
Finally, a few words about comparing non-banking products and those offered by banks. Of course, the banking sector is more regulated, which is why it seems safer. But the bank is also a much more extensive institution, and therefore it is more difficult to implement innovations, including those protecting against online fraud. Flexible small companies – such as loan institutions or Good Finance, implement innovative solutions faster and more efficiently, as a result, they may have a higher level of security.