Cashwagon detects the schemes of fraudsters while doing business in Sri Lanka.
Cashwagon’s cutting-edge IT system used Machine Learning and Artificial Intelligence (AI) to identify fraudsters, who impersonated Cashwagon sales agents. A number of fraudulent cases were identified in Anuradhapura, Homagama, Ja-ela, Alawwa and few other areas. These scammers asked many customers in multiple locations to hand over their NICs, photos and bank account details mentioning they would receive a free loan, then applied for loans on their behalf through the Cashwagon website.
Each fraudster also charged these individuals a fee for this ‘service’ as well. Cashwagon took actions by lodging police complaints and initiated the relevant legal processes in order to bring these fraudsters to justice.
As a responsible institution, Cashwagon is concerned about the risky situation that these customers put themselves in and would like to remind all users that it does not employ any field agents and that all of its services are conducted purely online via www.cashwagon.lk.
Most importantly, Cashwagon is reminding its customers not to share personal data with any third parties and that it would not be accountable for such activities. “We will continue to protect our customers and cooperate with local authorities to ensure the safe development of the fintech industry. Protecting our customers’ personal data is a top priority for Cashwagon, moreover we request everyone not to fall prey for such fraudulent activities” said Mr. Samila Fernando, CEO of Lentech Lanka (Pvt) Ltd the company which operates the Cashwagon platform, Sri Lanka.
Cashwagon is committed to providing its users with the most accessible path to financial assistance; bolstered by convenience, transparency and state-of-the-art security.
About Cashwagon
Lendtech Lanka (Pvt) Ltd, is a fintech (financial technology) company which carries out its operations under the “Cashwagon” brand name. It operates a digital platform and its application onboarding process is so simple and intuitive, that anyone can apply within a few minutes, providing access to financial services for the general public. With a head office in Singapore, Cashwagon operates in 5 countries in South-East Asia. The company first opened for business in April 2017 in Sri Lanka, which is where it recently became the first fintech in Sri Lanka to obtain ISO certification and where it was also the first company to become a member of the Sri Lanka Fintech Association (FASL).
To date, the platform in Sri Lanka has helped 265,000 borrowers to obtain more than 940,000 loans. The company takes great pride in being a fintech pioneer in the Sri Lankan market and was one of the first digital platforms to introduce rapid online consumer financial services for underserved people.