Your FICO isn’t enough – lenders want to know if you’re a potential thief

Last Updated: March 20, 2024By Tags: , , ,

When you apply for a loan, lenders obviously want to know if you’re credit-worthy. That’s expected. But now they want to know if you might have a proclivity for committing fraud. U.K.-based HelloSoda thinks they might have the solution. They’re developing software that can do just that. And it isn’t only financial lenders that are interested in this software: human resource departments, gaming companies and insurance companies are hoping to one day add the new tool to their arsenal.

According to a Techcrunch article, HelloSoda’s software will sift through applicants’ social media accounts for data:

The Manchester-based startup uses Bayesian Belief Network principles to analyse structured data such as the number of Facebook friends someone has, but also creates predictions from unstructured data like blog posts, tweets and interactions between people in social networks. It claims to be able to identify fraudulent social media accounts.

So, the next time your Facebook account receives a Friend request from someone you don’t know, it would behoove you to check them out before you give the official okay. They might just be a scam artist and you don’t want to be in a ‘guilt by association’ situation when you’re applying for a loan or vying for employment.

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