Ideas how to secure investors against frauds

Forth service enabling web users lending money to each other has been already launched.
Thanks to services like that people being in short of cash can borrow it cheaper than in banks, and people saving money can earn more than when putting it on deposit accounts. Providing that they get their money back.

Sebastian Ptak, managing director in Blue Media (company who operates Kokos.pl):

Social lending services use many different methods to check up the borrowers: form verification in the debtors’ book, through comparing bank account data up to verification of their phone numbers or accounts on online auction portals. Another, and maybe the most important elements of the security system, are personal relations between the investors and the borrowers. The investors can verify credibility of the borrowers for instance through the system of questions and answers before the auctions.

We observe that the investors make their ultimate decisions on the basis of their own valuations of the potential borrowers’ credibility. Very often they lend money to people who have been verified with negative final results, for example in the National Debt Register (Krajowy Rejestr Długów), if only they can explain in a credible way their past mistakes. Additionally, Kokos.pl has prepared for its users debt repayment statistics that constitute another source of information about the borrowers. All these elements make up a reliable picture allowing any investor make the right decision.

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