Basically the title, I was wondering what stops people from putting down fake details (name, address) on their registration to those services and neglecting their instalment payments? I know there are documents like a passport or driving license needed but, assuming they can also be faked what’s stopping people from borrowing and leaving? will their face be put in a crime database? idk
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It’s a crime called bank fraud. You can do it, but the penalty is really harsh, and the company checks the data with other sources. If you are a criminal, they are super willing to share your details with law enforcement, including all sorts of data they hoover up in transactions with you and through their apps.
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