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Spocto Solutions Onboards Advarisk

Banks operating in India reported a fraud of Rs 4.92 trillion as of March 31, 2021, which represents nearly 4.5% of the total bank credit, courtesy of The Reserve Bank of India (RBI).

Spocto Solutions Pvt. Ltd., India’s leading collectech solution provider, had introduced contactless collections for banks and NBFCs, covering all kinds of loans, is now entering into a strategic partnership with Mumbai-based AdvaRisk, a fintech organisation that provides a platform focussed on fraud prevention, detection, investigation, and recovery. 

Banks operating in India reported a fraud of Rs 4.92 trillion as of March 31, 2021, which represents nearly 4.5% of the total bank credit, courtesy of The Reserve Bank of India (RBI). This data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021. The loan fraud is estimated to grow to new highs. Post-pandemic incomes have reduced due to lockdown and job cuts; banks have to resort to more fool-proof methods to evaluate and monitor frauds with further stringent technical checks and balances. 

Spocto, having worked in repayment conversions with digitised collections across 15 types of loans in most of the leading banks in India, is now adding another product feature to help collection verticals identify the fraudulent nature of some borrowers. A feature that has already been test-marketed for banks in India and UAE, now will be offered to banks and lenders in India and the world. 

Speaking on this milestone, Sumeet Srivastava, Founder & CEO, spocto Solutions Pvt. Ltd. says, “Spocto has established itself as a credible one-stop organisation that can convert more than 60% of the unpaid bank loans on the backbone of digitisation and education using high-end AI and Machine learning. This is indigenously developed by a robust backend team of operations and domain expertise. This association enables Spocto to offer an additional feature of fraud detection and networth profiling of borrowers for lenders in India. This is where AdvaRisk comes into the picture, and apart from tracing the customer and engaging with them, Spocto will now be happy to advise recognised fraudulent behaviour through predictive methods and networth profiling of borrowers with AdvarRisk for our existing and new clients.”

AdvaRisk was set up in 2016 by Vishal Sharma and Rahul Metkar in Mumbai. It operates an automated and artificial intelligence-driven platform for due diligence, monitoring, as well as recovery of loans in India. Its products include AdvaSmart, a property due diligence and monitoring platform. AdvaNPA maximises recovery by highlighting undisclosed information and unidentified patterns associated with a defaulter, while CorpData,  provides real-time access to structured financial information of companies in India. 

AdvaRisk can further assist spocto by unearthing information about borrowers & guarantors to build a 360-degree profile. It will help spocto in assessing their net-worth and repayment capacity. It also helps in identifying unencumbered assets associated with the borrower, followed by the verification process of the ownership status. It also investigates the multiple layers of disclosed and undisclosed entities. AdvaRisk also helps in identifying the modus operandi of fund diversion and traces the alienated assets of borrowers and guarantors. 

Speaking on the tie-up, Vishal Sharma, Co-founder, AdvaRisk, said, “The need of the hour is an effective and a proactive credit monitoring solution for preventing frauds that plague our financial system and adversely affect our economy. We at AdvaRisk, are developing solutions that enable lenders to prevent future frauds and maximise recovery from non-performing assets (NPAs). We are delighted to partner with spocto Solutions Pvt. Ltd., which had been contributing significantly in the section of risk, recovery and collections for banks and NBFCs in India. Together with our product features and spocto’s AI-based collectech approach, we believe we can contribute to controlling fraud within our economy.” 

Source: Business World

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