The Ceyloan's advanced IT system, based on Artificial Intelligence and Machine Learning functions, detects fraudsters' criminal schemes and hands them over to the judicial authorities.
The breakthrough IT system by detecting suspicious applicants enables the detection of fraudulent loan applications. With the growing popularity of financial technology (fintech) platforms, criminal elements often try to apply for loans using other people’s data and identity, thereby compromising the reputation of common citizens. As a solution, the innovative digital platform by Ceyloan, which is based on Artificial Intelligence, Machine Learning, and Big Data, is capable of detecting and identifying suspicious application-filling behaviour of potential offenders.
"The cases we detected were very dangerous because they used other people's original data/identity so that the person's reputation could suffer," said Ceylontech Lanka (Pvt) Ltd. CEO Dr. Samila Fernando, whose company operates under a fintech vertical brand, Ceyloan.
Furthermore, this system is adept at tracing and revealing deceptive activities.
According to Ceyloan's application processing system, multiple attempts to secure loans via their platform, using documents unrelated to the actual applicant, have come to light.
Based on the digital traces obtained, the Ceyloan.lk platform was able to track the patterns of potential wrong-doers and establish the identity of the perpetrators and their location. Working in close cooperation with the Police and legal authorities, Ceyloan’s platform allowed it to produce trustworthy evidence of fraudulent cases. The details of the cases are protected from public disclosure, yet Ceylontech Lanka (Pvt.) Ltd. continues to work closely with the Sri Lanka Police Department to detect, identify and prosecute fraudsters. One of the main principles of Ceyloan’s platform is to ensure the safety of its end-users and make all efforts to protect them.
Ceylontech Lanka (Pvt.) Ltd. is a committed, dependable and steadfast partner in the fight against fraud. Any borrower who deliberately refuses to repay their loan is held accountable under Section 398 of the Sri Lankan Penal Code, regardless of the loan amount. This is achieved through close collaboration with law enforcement agencies and rigorous adherence to regulatory requirements.
“We shall continue to protect our customers and co-operate with the local police department to assure the safety of development of the fintech industry,” continued Dr Fernando.
Ceylontech Lanka (Pvt) Ltd. is a financial technology company carrying out its operations under the brand name Ceyloan, which operates a digital platform that provides access to financial services for the general public. Since Ceyloan entered into the Sri Lankan market, the platform has connected 100,000 borrowers with lending partners, who have disbursed more than 500,000 loans within the country.
Ceyloan leads as a fintech pioneer in the Sri Lankan market and was the first AI-integrated regulatory compliance digital platform to introduce rapid online consumer financial services for underserved/underprivileged people.
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