In the world of microfinance institutions (MFIs) and non-banking financial companies (NBFCs), the battle against payment collection fraud has been an ongoing challenge. Instances of malpractice, such as loan officers failing to deposit payments or misappropriating funds, not only result in financial losses but also tarnish the reputation of these institutions. However, with the advent of smart technology and innovative tools, companies like Arukus Technologies are empowering MFIs and NBFCs to effectively monitor and detect payment collection fraud, safeguarding their operations and ensuring trust among their clientele.
Payment collection fraud manifests in various forms, each posing a unique threat to the integrity of MFIs and NBFCs:
Misappropriation by Loan Officers: Loan officers may collect payments from customers but fail to deposit them, leading to discrepancies in financial records.
Delayed Deposits by Agents: Agents responsible for collecting loan payments may withhold funds, causing delays in deposits and potential losses for the institution.
Fraudulent Collection on Written-off Loans: Loan officers may continue to collect payments on loans that have already been officially written off, leading to inaccuracies in loan portfolios and financial statements.
These challenges highlight the urgent need for robust solutions to monitor field activities and detect fraudulent behavior effectively.
Arukus Technologies has emerged as a beacon of innovation in the fight against payment collection fraud. Through its cutting-edge solutions, Arukus empowers MFIs and NBFCs to proactively monitor field activities and detect anomalies in payment collections, thereby mitigating the risk of fraud.
The cornerstone of Arukus’s solution is the Field Track-O Application, a comprehensive tool that monitors the movement and activities of field sales agents and loan officers in real-time. Branch managers assign tasks to field agents, including collection activities, and track their progress seamlessly. By leveraging GPS technology, this app ensures transparency and accountability in field operations.
Arukus’s Collection Management System (CMS) complements the Field Track-O Application by providing a robust platform for managing loan collections. Agents can accept payments through various channels, including cash, card, UPI, or WhatsApp, with transaction details and live location captured in real-time. This streamlined process enhances efficiency and reduces the risk of manual errors.
The heart of Arukus’s solution lies in its Fraud Detection Engine, which operates in tandem with the Field Track-O Application and the CMS. This intelligent engine analyzes field agent movement data and compares it with assigned tasks and collection activities. It identifies discrepancies, such as unreported collections or deviations from assigned routes, and triggers alerts for further investigation.
The Fraud Detection Engine employs advanced algorithms to detect patterns of fraudulent behavior. It examines the proximity of field agents to collection points, the duration of their visits, and compares this data with historical records of foreclosed or delinquent customers. By flagging anomalies and generating alerts, Arukus enables swift intervention by branch managers or higher authorities, minimizing the impact of fraudulent activities.
By harnessing the power of smart technology and innovative tools, Arukus empowers financial institutions to safeguard their operations, protect their assets, and uphold the trust of their clientele. With Arukus’s comprehensive solutions, the battle against payment collection fraud has entered a new era of efficiency and effectiveness, ensuring the sustainability and integrity of financial institutions worldwide.
View the Features of Field Track-O application from: Field Track-O: Field Sales Performance Tracking App by Arukus Technologies
Explore Arukus Collection Management system from: Collection Management System for MFI & NBFCs – Arukus TechnologiesÂ
Copyright © 2024 All rights reserved - Arukus Technologies
Enter the 6-digit code we sent to your email id.
