Powerful new solution offers more than 100 new alerts and red flag indicators to improve identification of fraud risk prior to loan funding
SAN DIEGO, Calif., April 2, 2019 – PointPredictive announced today the launch of Auto Fraud Alert, a new solution that helps lenders better identify risk prior to funding loans. The solution delivers an unparalleled level of insight with over 100 new alerts and red flag indicators based on comparing and validating information a lender receives on an application against data assets managed by PointPredictive. The solution also comes with a new machine learning predictive fraud score that is influenced by the new fraud alerts enabling lenders to rank order the riskiest applications to work first and streamline those with the lowest risk scores.
Auto Fraud Alert is powered by information derived from PointPredictive’s Auto Lending Fraud Consortium that contains knowledge gleaned from more than 65 million historic applications, which account for more than 2.2 billion attributes with default loan reports representing more than $2.5 billion in confirmed fraud and fraud-related defaults. PointPredictive’s consortium data attributes cover more than 70,000 dealerships, including more than 18,000 unique franchise dealers nationwide. This differentiated compilation of alternative auto lending data, growing by millions of applications every month, is unique because it represents application attributes from a multitude of lenders and dealers and matches those attributes to the eventual performance of the loan.
“Our consortium is growing, and we want all auto lenders to benefit from it,” stated Tim Grace, CEO of PointPredictive. “Each month, we receive millions of real-time loan applications that yield over 100 million new attributes that can be used to provide powerful risk signals. By matching application data to prior risk indicators, fraud reports, early payment defaults, and charge-offs, we can give lenders insight into information they couldn’t otherwise know. This new solution is also able to provide lenders with real-time alerts about discrepancies between a current loan application and what that same dealer has sent to other lenders for the same loan.”
The alerting technology compares field-level information provided on each application against reported frauds, reported defaults, and applications received from other lenders. For example, if a dealer submits an application to one lender and then significantly changes the mileage on the vehicle when submitting that same loan to another lender, both lenders can be alerted. As another example, if a dealer significantly changes a borrower’s income or employment details between lenders, PointPredictive can flag that application and in real-time notify the lenders about the discrepancy. The solution will also compare application information to information used in reported fraudulent applications or defaulted applications. If, for example, an address on an application matches an address used in a prior synthetic identity fraud report, or if an address appears to be used on multiple fraudulent applications, PointPredictive can alert the lender.
As part of the launch, PointPredictive is offering existing Auto Fraud Manager customers complimentary 30-day access to the new alert reports, and is also extending a two-week free trial offer to new customers that want to evaluate Auto Fraud Alert.
To receive more information on the Auto Fraud Alert, contact PointPredictive at [email protected]
About PointPredictive Inc.
PointPredictive Inc. is a leading provider of fraud solutions to banks, lenders and finance companies. It solves the billion-dollar fraud problems of auto lending, mortgage lending and on-line retail fraud with the latest predictive scoring techniques, smarter science and business experience by leveraging big data with analytic models. Located in San Diego, Calif., more information about PointPredictive can be found at www.pointpredictive.com.
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Gina Ray, APR