Outsourced Fraud Mitigation
Applications with high risk scores are reviewed by Point Predictive fraud analysts using a variety of public and proprietary data sources. The lender receives an alert of any confirmed suspicious applications.
Lenders are also advised of known fraud rings and provided with descriptive rules that they can implement to proactively identify applications with information that is consistent with the fraud ring. Reporting includes a summary of all suspected frauds (validated by forensic investigation) identified each month prior to loan funding.
For automotive lenders, the service also monitors dealer activity and alerts the lender to any rising dealer risk.
Outsourced Fraud Mitigation service gives lenders turnkey access to Point Predictive’s full suite of advanced machine learning scoring solutions along with top industry fraud experts that manually review applications to identify fraud before loans are funded. This enables lenders to quickly establish a state-of-the-art fraud program with no investment in IT or human resources.
The service provides access to expert advanced machine learning scoring models and fraud analysts that are analyzing behavioral patterns and reviewing more than 1.5 million high risk applications each month. Currently, these machine learning models and fraud analysts are identifying more than $6 million in confirmed suspicious applications each month.
“The Point Predictive Fraud Analysts help us monitor fraud patterns on loans and specific dealers based on what they see across the consortium and through their public and proprietary record searches. When they spot a suspicious case of synthetic identity or a fraud ring in action, they will alert us so we prevent the fraud before it funds. It’s great to have their fraud analysts helping us prevent fraud.”
Jorge Arenado, AVP Originations Westlake Financial