Business Standard

Fraud in fintech being fought with regulatory tech

It has been estimated that more than 1,200 lending apps are active in India. While some have been shut down or removed from Google or Apple platforms, others can pop up with frightening speed

fintech, digital lending, loans, payments, online
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Pranjal Sharma
Technology has made financial transactions ridiculously easy. Hundreds of millions are transferring billions with a few taps on a screen. 

Not surprising then that fraud and illegal activity has picked up in the fintech space, too. App platforms are teeming with lending companies who are mostly unregistered and unlicensed. 

Regulatory bodies may have begun to crack down on illegal lending and other financial fraud, but they will have to deploy even smarter tech to fight online thievery. 

“From a peripheral supporting role a few years ago, fintech-led innovation is now at the core of the design, pricing and delivery of financial products and
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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First Published: Jan 24 2021 | 10:37 PM IST

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