Safe cash network: Using data encryption protecting US borrowers – London Business News | Londonlovesbusiness.com

A London-based startup called Rosca Technologies will be trailing its loan technology with US lender, Safe Cash Network. The groundbreaking application form designed to protect borrowers in the US from loan scams and unwanted data sharing.

With the rise of cybercrime and data breaches, many people seeking loans have found themselves overwhelmed by scam messages, spam emails, and phone calls after sharing personal information online.

Safe Cash Network’s mission is to put an end to this by providing a safe and secure platform for applying for loans – and will be powered by Rosca’s tech.

The problem with loan scams

In recent years, the rise of online loan applications has made it easier for scammers to exploit vulnerable borrowers. Many people looking to borrow money in the form of personal or installment loans are often bombarded with multiple text messages, emails, and phone calls from companies they’ve never heard of. This is usually because their personal information is sold to third parties after filling out a loan application form on unsecured websites.

According to the Federal Trade Commission (FTC), in 2022 alone, consumers lost over $3.5 billion to online scams in the US, with loan fraud being one of the fastest-growing sectors. This is particularly worrying for individuals who may be in financial difficulty and seeking quick loans, making them more susceptible to falling into the trap of scams or predatory lending practices.

Protecting customers with technology

Rosca has developed a sophisticated platform that uses cutting-edge technology to analyse over 8,000 data points, ensuring that the loan applications processed through their system are legitimate and secure. By evaluating such a large number of data points, Safe Cash Network can detect any suspicious activity or potential scams early in the process, protecting borrowers from fraudsters.

What sets this apart from other loan application platforms is its commitment to security and data privacy. The system is designed to ensure that customer information is never passed on to third parties.

Instead of selling personal details to other companies for marketing purposes, Safe Cash Network will be using advanced encryption technology to keep all data safe and private. This means that users can apply for loans without the fear of being bombarded by spam or scam calls afterward.

Using encryption to keep data safe

Safe Cash Network’s new platform uses strong encryption methods to protect all customer information during and after the application process. Encryption ensures that any data shared through the platform is scrambled and unreadable to anyone who does not have the correct decryption key. This makes it almost impossible for hackers or cybercriminals to access or misuse customer data.

In contrast, many other loan application websites do not use sufficient encryption or sell user data to third-party companies. This practice leads to vulnerable customers being targeted with unsolicited offers, predatory loans, or phishing attempts. Safe Cash Network’s encrypted system is designed to provide peace of mind, ensuring that their customers’ data remains secure and private.

No data sharing with third parties

One of the biggest concerns with online loan applications is that personal information is often sold or passed on to third-party companies. This can result in a flood of unwanted marketing messages, scam emails, and phone calls, as companies try to push their services on potential borrowers. For vulnerable customers who may already be in financial distress, this can be overwhelming and even damaging.

Safe Cash Network has a strict policy of never sharing customer information with third parties. This means that users can trust that their personal details will not be sold to other companies or used for any purpose other than processing their loan application. This commitment to privacy is a key reason why Safe Cash Network is gaining attention as a safer option for borrowers.

Conclusion

The partnership of Rosca and Safe Cash Network offers a much-needed solution to the growing problem of loan scams and unwanted data sharing in the US market. By using advanced technology to analyse thousands of data points and implementing strong encryption, they have created a secure and private platform for borrowers.

Unlike other platforms that sell customer data, Safe Cash Network is dedicated to protecting its users from unwanted marketing and ensuring that their personal information stays private. This makes them a trusted option for anyone looking to safely apply for a loan online.