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4 FinTechs providing digital lenders with fraud detection solutions

By Leandra Monteiro

June 12, 2023

  • Digital Attacks
  • Digital Lending
  • Digitap.AI

FinTechs, Fraud, Digital lendingThe rise of FinTechs in today’s digital era has transformed the lending landscape. Digital lenders, powered by advanced technologies, offer individuals and businesses convenient and accessible financial services. However, as the digital lending industry expands, so does the risk of fraudulent activity.

To address this issue, FinTechs have created innovative solutions that help digital lenders detect and prevent fraud. To identify and mitigate potential risks, these solutions are supported by sophisticated algorithms, Artificial Intelligence (AI), Machine Learning (ML), and data analytics.

Digital lenders can improve their fraud detection capabilities, protect their customers, and maintain the integrity of their lending processes by utilising these technologies. The integration of FinTech solutions allows for real-time monitoring, robust identity verification, behavioural analysis, and pattern recognition to detect suspicious and fraudulent activity.

Here are 4 FinTechs who are assisting digital lenders with fraud detection:


Started in 2019, this Bengaluru-based startup offers a comprehensive range of solutions for fraud detection. Their AI-based algorithms ensure over 99% accuracy in face matching and liveness checks, utilizing gesture-less selfie modules. The brand verifies mobile numbers by sourcing information from telecom operators, cross-referencing registered personal details and vintage/billing information.

Additionally, Digitap employs multiple ML-driven fraud checks to detect tampered and fraudulent bank statements. They also provide verification services for various KYC documents, including PAN, Aadhar, Voter ID, DL, GST, and more than 25 other Official Valid Documents (OVDs). Lastly, it also verifies current addresses by leveraging data from e-commerce and food/grocery delivery platforms.


Started in 2011, the Mumbai-based startup focuses on fraud detection and provides AI-based solutions that enable seamless and secure onboarding for digital lenders. Their AI technology efficiently detects fraudulent documents and extracts relevant information accurately. It also ensures liveness detection for individuals, preventing the use of fake identities.

IDfy’s services go beyond document verification, offering features like redaction of Aadhaar numbers to comply with regulations and detection of tampering on ID documents. Additionally, they have developed AI-based solutions for “branded” video calls, enhancing the security and authenticity of customer interactions. By leveraging these comprehensive solutions, IDfy helps digital lenders effectively detect and prevent fraud in their operations.

Karza Technologies

Founded in 2015, the Mumbai-based brand serves financial institutions (FIs) with data, analytics, automation, and decisioning solutions for the lending lifecycle. Their TotalKYC and VideoKYC solutions verify customer identity through face matching, document verification, and more. The suite also minimizes contactability and income falsification frauds with thorough address and employment checks. This brand has become the largest provider of these solutions to FIs, assisting with customer onboarding, monitoring, collections, and fraud prevention.

Signzy Technologies

Established in 2015, Signzy has garnered significant attention, particularly from Financial Institutions (FIs), for its video-based customer identification process. Their solutions, such as the Face Match API, compare two faces to determine if they belong to the same person. The Liveliness Check API ensures that the customer participating in the process is genuine, live, and not a bot. Additionally, the Data Breach API helps customers assess if their information has been compromised. By providing these solutions, Signzy aids digital lenders in detecting fraud and reducing non-performing assets (NPAs).

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