Now Save Time and Money with This New Way- Skip tracing for Banking and Finance!

Posted by neha tiwari on March 12th, 2020

The concept of skip tracing comes from an age-old phenomenon of finding something new or finding something which was lost. Human beings have an inherent desire of exploring unknown and unravelling it. Therefore,  is a term which we have formulated to describe the human need of unravelling the unknowns. In the world, as we know it today, skip tracing has taken multiple forms. Also, since the internet has become a part of our lifestyle, skip tracing is also done on the virtual platform of the internet.

Skip Tracing – Unravel the Unknown

The world is full of information which we can call data. There is a famous modern saying “Anything uploaded on the internet stays forever.” We are uploading lots of data on the internet every day – sometimes deliberately and sometimes without even realizing it. Even a simple Google survey form that we fill is capable of giving away a lot of crucial information about us. Honestly, our lives are not so private anymore. We all are leaving digital footprints everywhere on the internet. These digital footprints are utilized for innumerable purposes by both positive and negative elements present in the modern world today.

Skip tracing is often used by fraudsters and cybercriminals to trace confidential information about any individual. They use this information to fulfil their dirty motives and satisfy their greed.

As a preventive measure, the banking and finance industry often use Skip Tracing to trace debtors, fraudsters in order to gather information about them. Thus, just like every coin has two sides, Skip Tracing is used for both positive and negative purposes.

What is Skip Tracing in the digital era?

the right address of the person in charge by tracing their digital footprints. Data on the internet is highly sublime. Currently, the decay rate across all the industries is close to 30% annually. Thus, the information on the internet is constantly getting irrelevant or incorrect. It is important to update the information continuously to avoid any major mishappenings and also to maintain the sanctity of the data.

Skip Tracing particularly becomes very crucial in the banking and finance industries as both the industries require the highest level of accuracy when it comes to customer data. Further, both industries are highly susceptible to crimes. Thus, skip tracing plays a crucial role in the banking and finance segment.

Why Banking and Finance industry need Skip Tracing?

In news published in Financial Express it was stated that Indian Overseas Bank (IOB) has recovered a sum of 74.60 crores with the help of skip tracing. The amount was recovered from retail borrowers between January and May 2019. It may seem like a small sum on a global level but in a third world nation like India, it can be considered as a huge amount.

Skip Tracing is a way of finding addresses of the defaulters, debtors who have disappeared without a ‘trace’. These defaulters often owe a huge sum to the banks but have eloped in order to avoid paying debts. Due to the economic slowdown and dipping morals of human beings these days, people tend to find shortcuts to avoid the problems rather than solving them. People lose jobs, fail to pay their credit card dues, default on their house loans or personal loans all the time. Thus, deploying has become quite a norm for banks these days.

The Skip Tracing Process

 A lot has been discussed about Skip Tracing and why does Banking and Finance Industries need skip tracing. However, we also need to know the process behind Skip Tracing to fully understand its importance and need. In the following article, we further discuss in detail the complete process behind Skip Tracing.

Skip Tracing is not an easy process. It is a multi-layered, multi-faceted process which takes into consideration a lot of factors. The customer information is firstly verified from multi-sources and if the information found is misleading only then rigorous Skip Tracing methods are brought in to action. Therefore, Skip Tracing can be broadly broken down into the following steps:

1. Identify the Defaulters/ Debtors

The first step involved in the process of Skip tracing is identifying the debtors or defaulters. The bank shares its database with us. With the help of our Skip Tracing database, we identify the anomalies in the data. We later match this anomaly with the record and identify the defaulters. We communicate the found information to the bank to further confirm our doubts about the defaulters. Once we know how the defaulters are we carry out research to find out the missing or changed information about them.

2. Verify the data from multiple sources

We verify the customer’s data from multiple resources or platforms. We leave no stone unturned at following the digital trails left behind the defaulters. We cross verify their personal information from various sources and platforms:

There are several reverse search sites into the existence which can verify the information about the person in question. The website only requires the first name and the last name along with some information like a phone number. The job of these websites is to use the given information and match it to the address of that person. Thus, reverse search sites can also be used to verify the address of clients or customers.

Conclusion

The more accurate you are with your information, lesser are the chances of frauds or other mishaps. Thus, skip tracing is a must opted for service in today’s time. All the major banks and finance industries use in order to trace information about their clients. We also have some facts to present here:

  1. 98% believe that Skip Tracing helps them to collect information in the most accurate way possible.
  2. 95% have improved their contact rate with the help of advance Skip tracing methods.
  3. 83% no longer have to fear to find contacts and can find contacts within minutes with the help of advance skip tracing methods.
  4. Without Skip Tracing techniques, it requires more than two weeks on average to locate the address of any defaulter or fraudster.
  5.  

We athave 5 plus years of experience at providing email address search, data mining servicesdata scrubbing, ave garnered much trust from some of the most elite clients. Over the years we have perfected the art of skip tracing for our clients. Our clients have trusted us time and again and every time our results have met their due expectations. We have a dedicated and highly specialized team for performing the Skip Tracing. Our methods are agile and communication is one of our key components at providing the best possible results to our clients. If you are looking for the best in class skip tracing service, contact us now!

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neha tiwari

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neha tiwari
Joined: February 27th, 2020
Articles Posted: 3

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