Employer Fraud is Exploding
In 2020, fraudsters took advantage of pandemic-associated vulnerabilities such as limited verification and ease of creating fictitious businesses. Employment fraud is a scheme that rose more than 300% last year and continues to grow in 2021. Employment fraud is the misrepresentation of employment or use of completely fictitious employers in order to obtain a loan. In response, Point Predictive’s fraud analysts assembled a negative file of fictitious employers. This negative employer file consists of company names that are either fictitious or associated with loan applications that are likely attempted fraud. New high-risk employers are added to the file at a current rate of about 100 per week.
Westlake Financial Partners with Point Predictive to Fight Back
Westlake Financial is a leader in auto lending fraud prevention. Westlake is an integral member of Point Predictive’s anti-fraud Consortium, and so access to innovative predictive solutions helps the lender stay ahead. But when it comes to employer fraud, sometimes the human touch is necessary. We’re thrilled to share this case study, which explains how Point Predictive’s fraud analysis and consulting team collaborates with Westlake to protect its loan portfolio against this difficult-to-detect fraud. Enjoy the read!