1. 4
  1.  

  2. 5

    Salient points

    • Story is about a company matching up lenders (can be non-traditional lenders, such as individuals) with individual borrowers
    • Company releases detailed financial information about individuals to the public. Has not heard about data anonymization and the dangers of releasing PII. Wouldn’t have lasted a day if this was a health care company.
    • Has no checks to prevent same individual from applying for multiple loans. Has a vested interest in that happening.
    • People affiliated with company often take out loans, part of a scheme to boost revenue and usage numbers
    • Company, once a darling of investors, now no longer a darling, not clear why. Possibly because real usage figures not as high as reported. Article does not clarify how large a part of reported revenue the “fake” loans taken out by friends and family of the company were, so I can’t judge.
    • Article does not make clear why some loans were back dated and why this puts the company in trouble with the government
    • The words computer and algorithm appear occasionally in article but with no further depth.