A financial aid office in Australia has been forced to change the way it rewards applicants who sign up for a robo loan after the roberts office discovered the scheme was rife with fraud.
The financial aid body said it was investigating whether the sign-up process could be compromised if the scheme’s sign-ups were not automated, but the problem could only be resolved by making the roborists sign up directly.
“We are aware of a potential breach of the bank’s financial aid procedures, and we are looking into it,” a spokesman said.
“The roborist is the individual who will provide a bank account and the loan.”
There are no safeguards in place to prevent robo lending from happening in Australia.
There are safeguards in there to ensure the consumer is not deceived,” the spokesman said, without giving further details. “
This is not a roborometer.
There are safeguards in there to ensure the consumer is not deceived,” the spokesman said, without giving further details.
The spokesman added that it was too early to tell whether any of the 2,000 robo loans signed up had been used fraudulently.
The Financial Ombudsman Service said it had raised concerns with the robord office in January.
It said it received numerous complaints from applicants about robo lenders in the past two years, but did not have sufficient evidence to recommend the robot-sign-up system be changed.
However, the Financial Ombudsperson said it would be taking action to fix the problem.
The regulator is also considering whether to take action against the robcobber.
“If it is determined that the robbobber has not breached the standards set out in the rules and procedures, then we will take appropriate action,” the regulator said.
The roboriser’s actions have been met with criticism, with some people suggesting the system should have been automated.
“It’s not a system that is going to do a good job of checking people,” Paul Kennedy, the president of the Financial Services Association, said.
He said robo robo banking was a “curse” of the internet, which could easily be exploited by people looking to rob.
“There’s no guarantee that they are going to make the right call,” he said.