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Post by wiseclerk on Nov 29, 2017 7:29:19 GMT
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Post by clandestino52 on Nov 29, 2017 11:02:45 GMT
It will have a big impact on crowdlending industry in Spain mainly for conservative investors who felt more secure trying p2p lending in Spanish platforms. The less conservative investors had moved to Baltic platforms some time ago pursuing buy back guarantee which was not available on Spanish platforms.
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Post by moneymakingmoney on Nov 30, 2017 2:04:51 GMT
It will have a big impact on crowdlending industry in Spain mainly for conservative investors who felt more secure trying p2p lending in Spanish platforms. The less conservative investors had moved to Baltic platforms some time ago pursuing buy back guarantee which was not available on Spanish platforms. The question is how many of the Baltic platforms experience this type of fraud. How will it effect the general p2p lending market and how does this news effect the trust of investors in similar platforms
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Post by kilozulu on Nov 30, 2017 8:07:44 GMT
I wonder what lessons can be drawn from this case. From this short article it seems that it was basically an employee level insider fraud creating in essence fake loans that investors bought. Debifo (on Mintos) was hit recently with apparently outsider fraud, with some company listing major amount of fake invoices, details were discussed on Facebook fellows page. Omaraha had a wave of fake Latvian borrowers early this year, a seemingly clear outside scam.
My only takeaway is the smaller originator the higher risk of such events, as bigger organizations tend to have more layers of verification, procedures etc, the bureaucracy in a positive sense.
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Post by clandestino52 on Nov 30, 2017 9:54:26 GMT
It will have a big impact on crowdlending industry in Spain mainly for conservative investors who felt more secure trying p2p lending in Spanish platforms. The less conservative investors had moved to Baltic platforms some time ago pursuing buy back guarantee which was not available on Spanish platforms. The question is how many of the Baltic platforms experience this type of fraud. How will it effect the general p2p lending market and how does this news effect the trust of investors in similar platforms For my point of view it’s normal that any company in the world can have a fraud case or a hacking attempt. I think here it was an error in communication and how they tackle this issue. I don't think that the solution is closing. They had to communicate well, be transparent and give solution to litigate the problem avoiding those errors in the future. If any p2p platform that have a fraud case is closing. This will not effectively give confidence to investors in general. You will find a little more specific explanation what happened here: www.globalp2plending.com/en/blog/entry/comunitae-the-spanish-p2p-lending-pioneer-stops-operations-due-to-fraud/ Imagine that this history is really true. 10 years of hard work to establish a company in a new industry very sensitive to fraud and transparency and because of an internal employee error you have to close the company. Those things happen.
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