Introducing GIX Verify: one standard for every loan file
Automated screening, sampling and CMA for banks, NBFCs and co-operative lenders, organised by loan product.
Read · 3 minMost banks and NBFCs run a fraud control unit (FCU), sometimes called a risk containment unit (RCU). Its job is to make sure the documents in a loan file are genuine and the applicant is who they claim to be, before the loan is sanctioned.
Three layers of checking
- Screening: a desk review of every document in the file. Is the PAN real? Does the salary slip match the bank credits? Is the property paper in the applicant's name?
- Sampling: a share of files, or of documents within a file, is picked for deeper checks, such as calling the employer or visiting the registrar's office.
- Field verification: someone visits the residence, office or property to confirm what the file says.
Where the time goes
Screening is the biggest effort, because every file needs it. A reviewer may spend an hour or more on a self-employed file with bank statements, ITRs and property papers. Sampling is often a fixed percentage, so clean files are visited while risky ones are missed.
What automation changes
- Documents are read and matched automatically, so reviewers start from findings, not from paper.
- Details are verified with the issuing source instead of trusting a photocopy.
- Sampling is driven by what was found, with a reason for every visit.
- Checks run across files, which is the only way to catch an organised ring.
The goal is not to remove people from the process. It is to put their time on the files that need it.