Powered by MOMENTUM MEDIA
subscribe to our newsletter

Lender employs PwC fraud prevention software

Symple Loans has partnered with PwC Australia to implement a solution to prevent loan application fraud.

Melbourne-based unsecured personal fintech lender Symple Loans has announced that it has integrated PwC Protect, a cloud-based solution developed by PwC Australia for the prevention of loan application fraud in the banking industry.

The software-as-a-service solution digitally assesses documents such as payslips and bank statements submitted during the loan application process and then detects instances where information may have been falsified or manipulated.

Commenting on the implementation of fraud prevention solution, Symple Loans co-founder and CEO Bob Belan said the solution will enable the automation of fraud risk protection in the loan application process.

“While our fraud losses to date have been very low at around 0.1 per cent, constant vigilance and ongoing investment in innovative solutions like Protect are needed to ensure this is maintained,” Mr Belan said.

Advertisement
Advertisement

“This is one of several technology investments that we’ve fast-tracked during this COVID-19 period as we prepare to ramp up loan origination growth in the month ahead.”

Speaking about their partnership with Symple Loans, PwC consulting financial services partner Thomas Sonderegger said: “We are thrilled to be working with the team at Symple – joining forces with them and our other customers who are using Protect to prevent fraud, reduce costs and ultimately improve customer experiences.”

Lenders have had to increasingly tackle threats of cyber attacks, with a major bank recently admitting that it has been fighting millions of “ferocious” cyber threats and had seen a 78 per cent increase in fraud attempts over recent months.

National Australia Bank (NAB) group chief risk officer Shaun Dooley told the House of Representatives standing committee on economics’ ongoing review of the big four banks and other financial institutions that NAB had also seen a 33 per cent increase in estimated loss in the period May to June.

Volt Bank recently integrated IBM’s Safer Payments solution, delivered in partnership with Australian software company ISW, into its online banking platform to protect its users and identify potential fraud.

PROMOTED CONTENT


[Related: NAB supplies fintech with $57m loan facility]

Lender employs PwC fraud prevention software
Lender employs PwC fraud prevention software
mortgagebusiness

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

Latest News

As the new chief and chair are handed the keys in 2022, they will be tasked with continuing the bank’s push for growth in the coming years...

The ACCC has confirmed that three of the big four banks are now accredited data recipients under the Consumer Data Right. ...

The major bank is piloting a zero-interest rate digital credit card, with plans to release it later this year, following similar moves by it...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think APRA's bank buffer changes will see more borrowers use non-banks?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.