I’m an IT Trainee at Serasa Experian. I research and identify ways to solve the challenges facing financial technology (fintech) organizations in Brazil, including fraud.
Fraud is a prevalent problem that makes loans expensive and application processes time-consuming. I’m working to help fintechs, like online lenders, give their customers more affordable loans without risking fraud.
One particular fintech wanted our help to offer cheaper credit to people through online lending. The problem was they weren’t relying on any bureau data or automated processes, which made verifying identities and credit scores difficult.
They relied on face-to-face conversations and a manual paperwork reviewal process, which was both expensive and tedious. Not surprisingly, they were having significant issues with fraud.
My team came in and provided a scoring system for credit reports and a fraud protection tool that Experian had developed. Now when an individual applies for a loan through the lender’s mobile application, Experian runs the credit score for them and verifies that person’s identity.
This process is not only faster, but it has significantly decreased their cases of fraud. Because this fintech can now obtain more accurate credit scores for its applicants, it can offer loans to more customers who genuinely need them, while lowering costs.
I take pride in knowing that the work I do is making an impact on my country’s economy and helping people get the financial access they need at a fair price, faster.