Five Benefits of Using Case Manager to Optimize Your Risk Strategies and Operations

Auto lender fraud operations teams need control and visibility to effectively and efficiently investigate and mitigate fraud risk. The right case management software helps auto lenders reduce unnecessary friction for borrowers while protecting themselves against a constantly growing and evolving set of fraud and misrepresentation schemes.

Built specifically for automobile lenders, Point Predictive Case Manager is a browser-based, fraud risk management tool that unifies fraud scores and alerts, and provides review queue automation, rule writing, and a full range of key operational performance metrics.

There are 5 main benefits of using Case Manager:

  1. Case Investigation – “It’s a one-stop-shop”
    Gone are the days of having to manage customer complaints and investigation of potential fraud cases through an Excel spreadsheet or your customer relationship management (CRM) system. The Point Predictive Case Manager was developed as a single destination for all things fraud investigation-related.

    This includes:
    Application Scores – As applications are scored within Point Predictive solutions, these scores and reports are presented directly within the case in Case Manager.
    Income Scores – Income assessments are completed on 100% of applications allowing for quick and easy validation of a borrower’s stated income.
    Employment Risk Assessment – Point Predictive EmployerCheck provides unique insights into employment activity as well as checks against the database of more than 6,500 fake employers.
    Risk Widgets – Quickly integrate third-party scores and investigation tools to manage investigations in one place screen.
    Search Engine Hyperlinks – Quickly reverse search addresses, identities, arrest records, employment, and dealerships all through the click of a button.
    Consortium Insights – Leverage the Point Predictive auto lending data consortium on every single application. Within each case, you’ll be able to see matches to prior defaults, the information the applicant has provided on previous applications, and all risks associated with that application.
    Dealer Scores – Review the aggregate risk of the dealer submitting the application(s) and quickly identify when you might have risky dealerships in your network.

  2. Rule Writing – “There’s a rule for that”
    While scores are the recommended approach to quickly identify fraud risk, rules can be an effective way to capture specific fraud risks and schemes. The Point Predictive Rules Engine that is part of Case Manager lets users quickly create rules using all available application information, scoring attributes, hotlists, third-party scores, and data, as well as all of the individual alerts that come from Point Predictive. These include alerts that identify:

    – Synthetic Identity Fraud
    – Identity Theft
    – Income & Employment Misrepresentation
    – Dealer Frauds
    – Prior Defaults
    – Credit Washing
    – Straw Purchases
    – Recent application deviations for the same borrower

  3. Queues – “Bringing order to chaos”
    Queues help logically group cases for better operational management. If you have a seasoned group of investigators, focus them on the highest risk cases. Newer investigators can work lower-risk queues. Or maybe it’s a struggle to keep up with identity theft cases and ensure they’re being worked within FCRA requirements. Simply create a queue that groups identity theft cases that are nearing the deadline. A simple solution to a potentially costly problem.

  4. Reporting – “We need to talk about your TPS Reports”
    Proper reporting is the most effective way to communicate success or illustrate potential issues. Whether you need to provide insight into how well certain controls are performing or explain exactly why you need more budget or resources to keep up with the increasing wave of fraud, accurate reporting is your best friend. The Point Predictive Case Manager delivers customizable dashboards that can be configured to your business. They give you the ability to extract all related case information to properly report on the fraud trends you’re seeing. These reports can also be saved to make monthly, quarterly, or annual reporting as simple as clicking a button.

  5. Hot Lists – “Fool me once shame on you. Fool me twice….”
    We’ve all seen it. That phone number on multiple applications that always seems to end up in default. Historically the most common way to try to stop these fraudsters from being successful was to train underwriters on which numbers to look out for. No longer. If there is any kind of repeat information that you’d like to monitor going forward it’s as easy as loading that data into the Case Manager hotlist and creating a rule to trigger every time it comes through again.

Case Manager enables auto lenders to grow volume without having to add resources due to streamlining the fraud risk review process. You can easily customize it to align with your strategy and operational realities. Learn more about the benefits of using Case Manager today.