Heartland Credit Union Partners with Point Predictive to Enhance Automation and Combat Rising Fraud in Auto Lending

Heartland Credit Union Auto Lending Fraud solution

Leading Credit Union Embraces Cutting-Edge AI to Safeguard Against Lending Fraud

SAN DIEGO, CA – March 4, 2024 – Heartland Credit Union, a leading financial institution headquartered in Springfield, IL, has announced a strategic partnership with Point Predictive, the leader in artificial intelligence (“AI”) consumer lending solutions. With a significant focus on indirect auto lending, Heartland Credit Union sought a sophisticated solution to address the growing challenges of identity and income fraud while enhancing automation in its lending process.

Heartland Credit Union recognized the need for a modern and robust solution to tackle the evolving landscape of fraud in the lending industry. Upon identifying Point Predictive’s proprietary data repository and leveraging its cutting-edge machine learning technology, Heartland Credit Union found a solution that provides unparalleled insights into the presence of fraud, significantly improving its ability to mitigate risk.

“Partnering with Point Predictive represents our commitment to staying at the forefront of innovation in the financial industry,” said Thomas Lex, CEO of Heartland Credit Union. “By harnessing the power of advanced AI technology, we’re confident in our ability to protect our members from evolving fraud threats while further streamlining our lending processes.”

Point Predictive’s Credit Union Origination Risks Insight Report highlighted a pivotal shift: credit unions led auto loan originations in Q4 2022, outpacing banks and captive lenders. Yet, it also marked a surge in fraud, with up to 1 million new fraudsters active in 2020. The industry faced over $8.1 billion in origination risk exposure in 2022, with synthetic identity and identity theft risks rising by 45% since 2018. Affordability risk surged by 52%, driven by inflation. Despite decreases in traditional fraud, new schemes like Zombie Debt Reassignment emerged, necessitating ongoing evaluation and improvement in fraud combat strategies. Point Predictive’s advanced AI technology is specifically designed to detect and prevent these evolving fraud schemes, providing a robust defense for lenders like Heartland Credit Union.

Tim Grace, CEO of Point Predictive, adds, “I am incredibly proud to announce that Heartland Credit Union has chosen to adopt AutoPass for loan decision automation and protection from risk and fraud losses. This partnership marks a significant step forward in our commitment to empowering financial institutions with cutting-edge technology. By leveraging AutoPass, Heartland Credit Union will be able to provide its members with faster and easier access to credit while simultaneously safeguarding against potential risk and fraud losses. This adoption reinforces our shared goal of delivering exceptional financial services and enhancing the overall credit union member experience.”

Heartland Credit Union’s partnership with Point Predictive underscores its dedication to staying ahead of evolving fraud threats while optimizing its lending operations. With cutting-edge AI technology at its disposal, Heartland Credit Union is well-equipped to navigate the complex landscape of fraud, ensuring a secure and seamless lending experience for its members.

For more information on Point Predictive’s work with Credit Unions, please contact Ryan Harbry.

Download our Credit Union Reports

Credit Union Origination Risk Insights Report

Credit Union Auto Lending Fraud Trends Report 2023