Journal of Intelligent Systems and Internet of Things JISIoT 2690-6791 2769-786X 10.54216/JISIoT https://www.americaspg.com/journals/show/3048 2019 2019 Department of Computer and Business Management, Integral University, Lucknow, India Syed Syed Department of Computer and Business Management, Integral University, Lucknow, India Syed Afzal Ahmad This research paper explores the significant impacts of multiple loan fraud on Indian banks and financial institutions, emphasizing the resulting bad debts and financial losses. The issue is exacerbated in the real estate sector, where influential developers exploit system vulnerabilities to secure multiple loans using the same collateral. Consumers also face challenges in accessing credit due to these fraudulent practices. The study underscores the need for enhanced regulatory measures and internal controls within financial institutions. Additionally, it introduces IoTBlockFin, a decentralized system that integrates block chain and IoT technologies to securely assess customer reliability and mitigate fraud. IoTBlockFin's Advanced Proof of Work (APOW) mechanism, combined with IoT data for real-time monitoring, offers superior security, latency, and cost-effectiveness compared to centralized systems, as demonstrated by experimental results. 2024 2024 256 271 10.54216/JISIoT.130221 https://www.americaspg.com/articleinfo/18/show/3048