FinLock

Hey Product Hunters, Thank you for checking us out! We are excited to share our new product with you called FinLock - An AI-powered solution that protects you from online frauds. Problem we are trying to solve: 1) Fueled by rapid adoption of digital payment tools, India like other countries has seen a rise in cases of online frauds. Almost every minute, an online fraud is committed in India. Both me and my co-founder, Sachin have been victims of frauds and this inspired us to look for a solution to this menace. 2) We also noticed that when people experience such frauds and incur financial losses, there is very less likelihood of getting complete refund from the banks (or there are prolonged legal proceedings). 3) The reporting process for such frauds is unclear and banks (and law enforcement agencies) do not get right information from people to resolve their issues in a timely manner. Solution: We designed FinLock to precisely address these problems! Main features of the solution include: a) Proactive fraud detection and alerting: We offer protection from a wide range of online frauds and provide immediate alerts for any suspicious activity. Alerts given by FinLock include:- i) Fraud SMS Alert: We use in-house developed AI-powered technology to detect fraud SMSes received on your phone. ii) Phishing Fraud Alert: We notify you whenever you click a malicious link from an SMS/Email/Whatsapp/Website or manually enter it on the browser. iii) SIM Swap Alert: We proactively detect any attempts made to upgrade your SIM to 4G or to e-SIM without your knowledge. iv) Privacy Scan: We scan the permissions requested by newly installed or existing apps on your mobile phone and alert you if they have the potential to exploit your privacy. v) OTP Fraud Alert: We will prevent any attempts to hack your bank or digital wallet accounts by alerting you to not share OTP messages on call with unknown persons. b) Spot any fraudulent transactions: We provide a summarized view of your transactions and also send you an “End-of-Day” email notification so you can quickly identify any suspicious transactions and report them to your bank at the right time. c) Report frauds right away: We guide you through step-by-step instructions to report any frauds to your bank and cyber cell. Timely reporting can help recover any financial losses from frauds. d) Reimbursement of financial loss: In the event of any financial loss, we’ll help you resolve it with expert guidance and a dedicated case manager from start to finish, all while being covered by our cyber insurance up to Rs 1 lakh ($1,345). We have launched our app this week, and are inviting you to try our app and give us your valuable feedback. Currently, FinLock app is available in India for Android users only. We will soon work on launching an iOS App and expand to other markets globally. You can download the app from Google Play Store and start for free - No credit card required! Come join us in this movement against online frauds! We would love to hear your feedback/suggestions to improve the app. Thank you so much for your time and feel free to ask me anything! Cheers, Vineet