PointPredictive, the company that solves the billion-dollar problems of auto, mortgage, fintech and retail lending risk, announced today the launch of Outsourced Fraud Mitigation, a service that helps lenders bolster their fraud defenses by leveraging PointPredictive’s fraud experts and artificial intelligence technology.
The innovative service gives lenders turnkey access to PointPredictive’s full suite of scoring solutions along with fraud experts that manually review applications to identify fraud before loans are funded. It enables lenders to quickly establish a state-of-the-art fraud program with no investment in IT or human resources combined with PointPredictive’s fraud guarantee that ensures they only pay for fraud they are able to stop from funding.
“Fraud moves quickly and lenders can lose millions of dollars each month,” says Frank McKenna, Chief Fraud Strategist at PointPredictive. “One of the biggest barriers lenders face in stopping fraud is their ability to launch a fraud program – implementing fraud scanning technologies and then hiring and training experts to use those technologies to identify and prevent fraud efficiently. With this new service, we eliminate all of that work for lenders by providing access to our platform and experts, allowing them to stop fraud immediately with no up-front investment.”
As part of the subscription service, lenders establish a secure link to PointPredictive’s scoring platform which scans each application with the full suite of PointPredictive machine learning solutions for risk: Auto Fraud Alert™, IncomePASS™, Synthetic ID Alert™ and DealerTrace™. Any risk alert that is generated is sent to a PointPredictive fraud analyst for a comprehensive fraud review. The fraud analysts accesses a variety of third-party and public records data sources as well as PointPredictive’s proprietary consortium data in order to assess the likelihood of fraud. When that is discovered and validated, the lender is notified with a comprehensive narrative and alert report directly from the fraud analyst outlining their findings. Armed with that additional information, lenders can then intervene in the funding process to request additional information from consumers or dealers related to the risk areas identified for that loan.
“The fraud analyst team at PointPredictive is remarkably effective,” indicates Tim Grace, CEO of PointPredictive. “In the last six months, our fraud analysts have confirmed more than 1,200 suspicious fraud loans for lenders and helped prevent millions in losses before those loans were funded. The team has also identified a new fraud ring currently operating in the US that is affecting multiple lenders; the team has been able to alert lenders to applications affiliated with that fraud ring proactively.”
The fraud analyst team is recruited and managed by Frank McKenna, the firm’s Chief Fraud Strategist. He has worked with more than 250 lenders, banks and finance companies to operationalize their fraud departments and strategies, and trained hundreds of fraud analysts across the country. Each analyst goes through a rigorous training program to learn how to detect the subtle patterns of fraud leveraging proprietary techniques and data analysis methods.
For more information on Outsourced Fraud Mitigation from PointPredictive, please contact info@pointpredictive.com.
About PointPredictive Inc.
PointPredictive Inc. is a leading provider of machine leaning AI solutions to banks, lenders and finance companies. It solves the billion-dollar risk problems of auto lending, mortgage lending and retail with the latest technology platforms, smarter science and business experience by leveraging big data with analytic models. Located in San Diego, CA, more information about PointPredictive can be found at www.pointpredictive.com.
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