Identifying fraudulent loan applications is a top priority for online lenders. During the early days, many spend one of their most precious resources—time—on weeding out fraudulent loan applications. A company always looking for ways to increase efficiency and lower costs for their customers decided to use a better solution – that’s when Ekata came in.
Every loan application at a online lender goes through a human review process. While an agent may only spend five minutes with a good application, a “gray area” application that needs additional identity verification could shoot up to 30 minutes. That’s because the agent may then request additional documentation like driver’s license and pay stubs, verify bank account information with an ACH direct deposit, and even call the applicant’s bank. Weeding out fraudsters from the beginning saves valuable time.
To help cut down on the time spent qualifying applications that fell into the gray area, they implemented Ekata Reverse Phone API in the summer of 2017, a few months after its launch.