The National Development Bank has taken measures to protect itself against scam and con artists.
It has engagedthe services data security firm Credit and Data Bereau to ensure that monies lent are given to credible customers.
The bank could not specify but it is believed hundreds of thousands of kina are lost through scams.
Receivingthe cheque Mr Mackinlay saidthe new system will helpthe NDBeidentify scam and con artists, which have cost banks and financial institutions millions of kina.
They can also identify those that have multiple loans or have a bad history of credit and debt.
Sincetheir establishment over five years ago,the Credit and Data Bereau has been able to recover over K44 million in debts and credits.
With a major stimulus package of K80 million provided bythe government to boost small to medium enterprises,the NDBewants to ensure that this money is protected for genuine beginner entrepreneurs.
NDBewill be able to usethe new data service withinthe next few months.
Pictured is NDBe#39’s Executive Manager ofthe Lending Division Trevor Cain.
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