Automotive Fraud

Auto Fraud Manager leverages data from our auto lender consortium members to identify and predict all fraud types in a single, integrated fraud score.
Auto Fraud Manager
Automotive lending fraud is an industry-wide problem. While most application fraud scores target identity fraud alone, Auto Fraud Manager leverages data from our auto lender consortium members to identify and predict all fraud types in a single, integrated fraud score.
What It Does

Auto Fraud Manager is a predictive scoring solution built with artificial intelligence and machine learning designed to identify those applications most likely to result in default. The higher the Auto Fraud Manager score, the higher risk of fraud and early payment default (EPD). In addition to a fraud score, Auto Fraud Manager provides reason codes to help fraud analysts streamline their investigative strategies. These output indicators are used to prioritize a deeper fraud review.

 

How It Can Help

Auto Fraud Manager helps your organization to accurately and cost-effectively detect and reduce fraud in the auto lending originations process. It also provides information on dealers that have been reported as “high risk” by consortium members. As a result, you can have the confidence to
know you can prevent fraud losses while growing a profitable auto loan portfolio.

For one lender Auto Fraud Manager was shown to identify $50 million in annual previously hidden fraud. This equated to a 37:1 return on investment (ROI).

Many Types of Auto Fraud

Key Benefits

Synthetic ID Alert™
Synthetic ID Alert helps auto lenders stop synthetic identity fraud by producing alerts on applications that exhibit patterns consistent with synthetic ID fraud.
What It Does

Synthetic ID Alert scores applications based on the likelihood that the application contains a synthetic identity. If the solution determines that an application has a high likelihood of synthetic identity, a score and actionable reason codes are provided to the lender so they can take immediate steps to prevent funding the fraudulent loan.

How It Works

This sophisticated solution leverages machine learning and artificial intelligence to detect synthetic identities. The solution takes into account the logistics of social security number issuance, the interconnections between the pieces of information supplied on the application by the dealers and borrowers, and how all of these compare to historical fraud patterns. It can be quickly and easily installed within a lender’s existing technology infrastructure for real-time application review.