Harmoney

[Monica@Harmoney]

Lai-00055146
lai-00054117
lai-00054100
lai-00053612
lai-00053274
lai-00052943
lai-00052647
lai-00052256
lai-00051494

These are fraud cases and to put it into perspective, represents just 0.10% of all loans written to date. Being a financial institutional, fraud is a reality for all financial institutions and this is an exceptional results by industry standards. These frauds have also impacted banks, other financial institutions. In all fraud attempts, we have made it our mission to ensure that the people involved have been reported to the Police and are being followed up.


This is also a mere fraction of the number of fraud attempts which we have caught before they have completed the process and we continue to monitor and improve our results in this area.


While we have a thorough and robust identity verification process to guard against these types of cases, there remains a possibility that borrowers may be fraudulent, with no intent to repay. The fraud is generally a full identity theft, in which case the person receiving the money has misappropriated the details of the person whose full identity has been used to apply for the personal loan.

[humvee]

These are fraud cases and to put it into perspective, represents just 0.10% of all loans written to date. Being a financial institutional, fraud is a reality for all financial institutions and this is an exceptional results by industry standards. These frauds have also impacted banks, other financial institutions. In all fraud attempts, we have made it our mission to ensure that the people involved have been reported to the Police and are being followed up.


This is also a mere fraction of the number of fraud attempts which we have caught before they have completed the process and we continue to monitor and improve our results in this area.


While we have a thorough and robust identity verification process to guard against these types of cases, there remains a possibility that borrowers may be fraudulent, with no intent to repay. The fraud is generally a full identity theft, in which case the person receiving the money has misappropriated the details of the person whose full identity has been used to apply for the personal loan.

So Can you please confirm/clarify a few things

How many loans were effected by this particular fraud case (is the 9 I have been hit with all of them - or are there more)

Do the 1st Names given in the comments match the names that the loans were applied for under?

[kiwi_on_OE]

Hi Harmoney

I've been trying to reconcile my Mar stmt, but it's not balancing. When I investigate it I find that a transaction in the Feb stmt has been removed in the Mar stmt. This is for loan 53503. Investment made 22 Jan, pymt rcvd 26 Feb (in Feb stmt), two pymts rcvd 19 Mar for the entire loan amount, and it currently shows as cancelled in the reports. Can you explain?

[Saamee]

An interesting article on P2P just landed at interest.co.nz today >

http://www.interest.co.nz/business/8...ulatory-regime

[winner69]

This fraud thing - rather funny and somewhat ironic to me.

I FAILED the identity test to become an investor.

Thought rather funny and when they said try again I told them to get stuffed

[Saamee]

These days there are SO Many Re-Writes to Invest in I am strictly ONLY Investing in Re-Writes. I look primarily for the Loans over 30K as there is minimal chance of another Re-Write!

I have requested from HM Stats on how many Re-Writes are going on to be Re-Writes for a 2nd time.

At the time of asking I was informed so far this was about 10 Re-Written loans that had then been Re-Re-Written!

Also that they are collecting these Stats currently for release at some point.

[lche059]

These are fraud cases and to put it into perspective, represents just 0.10% of all loans written to date. Being a financial institutional, fraud is a reality for all financial institutions and this is an exceptional results by industry standards. These frauds have also impacted banks, other financial institutions. In all fraud attempts, we have made it our mission to ensure that the people involved have been reported to the Police and are being followed up.


This is also a mere fraction of the number of fraud attempts which we have caught before they have completed the process and we continue to monitor and improve our results in this area.


While we have a thorough and robust identity verification process to guard against these types of cases, there remains a possibility that borrowers may be fraudulent, with no intent to repay. The fraud is generally a full identity theft, in which case the person receiving the money has misappropriated the details of the person whose full identity has been used to apply for the personal loan.

i got 1 out of 100 or so i invested in. 1% is not very good but i guess i'm unlucky. so how many loans do i need to achieve this 0.1% fraud rate?
and what's the chance of getting the money back after the police get involved? 0.01%?

[lche059]

These days there are SO Many Re-Writes to Invest in I am strictly ONLY Investing in Re-Writes. I look primarily for the Loans over 30K as there is minimal chance of another Re-Write!

I have requested from HM Stats on how many Re-Writes are going on to be Re-Writes for a 2nd time.

At the time of asking I was informed so far this was about 10 Re-Written loans that had then been Re-Re-Written!

Also that they are collecting these Stats currently for release at some point.

if only fraudsters knew that they only need make a couple repayments to get a bigger loan ... return on rewrites would tank.

[Saamee]

if only fraudsters knew that they only need make a couple repayments to get a bigger loan ... return on rewrites would tank.

Ha ha ha - Yes very true!

[IntheRearWithTheGear]

Stats out of interest for those that care.

$57000 over 2521 active loans over 3363 loans in total.
Most loans i take are $25 alotments towards the higher end of risk curve - in the early days of harmoney there wasnt enough loans to be picky.
Ive suffered $1575.04 charge offs over 65 loans (including the above frauds).
11.80% return after tax according to excel XIRR function. or 15.30% platform rar last time calculated 21/03/2016.

My investment strategy has been lots of high risk loans but diversified over many loans.

I figure you need a certain size of loan book to get the diversfication and the advantage of componding the investment as returns come in daily. Ie no waiting with funds sitting in my account.

I see the rewrites as an advantage as it offers a way for the investor to get his money out quicker - so there is some advantage.