New partnership gives turnkey access to PointPredictive suite of fraud solutions to over 1,200 lending and banking clients
SAN DIEGO, Calif., Dec. 4, 2018 – PointPredictive, a leading provider of machine learning, fraud and misrepresentation solutions, has announced a new partnership with Digital Matrix Systems (DMS), a leading risk management solution provider. As part of the partnership, PointPredictive will integrate its full suite of misrepresentation and fraud scoring solutions into the DMS platform including Auto Fraud Manager, Synthetic ID Alert™ and Income Validation Alert. The integration provides turnkey access to over 1,200 clients on the platform, and helps them better identify misrepresentation and fraud at new account opening or during an application process.
“Our clients are looking for ways to better identify the emerging fraud types that PointPredictive specializes in detecting,” stated Mark Dreux, Vice President of Business Development for DMS. “Synthetic identity fraud, lending fraud and income misrepresentation are key pain points for many of our clients, and they are always looking to us to help them manage these emerging risks to reduce their losses. This partnership gives our clients access to fraud signals and patterns before they fund loans or open new accounts.”
PointPredictive’s market leading suite of predictive, artificial intelligence (AI) scores give financial services companies on the DMS platform the ability to streamline applications for loans and new accounts by precisely identifying which applications have lower risk of future losses from misrepresentation or fraud and receive real-time alerts on those applications needing further scrutiny.
“We’re excited to offer our solutions through DMS,” said Tim Grace, CEO of PointPredictive. “Our vision is to provide real-time, actionable fraud scoring and alerts for every application a financial institution receives. With DMS, it is easy for banks, lenders and card companies to use this technology without expensive and time-consuming implementations. With DMS, we can get a client live very quickly to help them prevent fraud and streamline their lending processes.”
Since inception, PointPredictive has focused on helping banks and lenders tackle the fastest growing types of fraud and misrepresentation that have placed significant drain on profit and created friction in the lending process due to the high false positives of identity and data verification solutions. PointPredictive solutions are different in that they use the historical patterns of millions of applications and billions of data elements to understand the attributes associated with loans that will later lead to losses and those that won’t.
PointPredictive solutions specialize in precisely identifying application fraud, synthetic identity fraud and income misrepresentation – the problems that collectively result in billions of dollars in lost profit annually due to defaults. These predictive technologies have proven to help banks reduce losses by 50% or more in early payment defaults by precisely identifying which of those misrepresentations will impact the performance of the loan or account.
DMS auto lending clients will have real-time access to Auto Fraud Manager 2.0, which increases fraud detection by leveraging enhanced predictive algorithms that evaluate the entire loan application, as well as recent activity from dealers. This enables lenders to screen for, and detect, all types of fraud including identity, employment, income, collateral and dealer risk.
Additionally, DMS will integrate PointPredictive’s cross-industry solutions which can help financial institutions better identify specific types of misrepresentation. Synthetic ID Alert enables banks to identify applications submitted by consumers using potentially fictitious or fabricated identities and Income Validation Alert helps banks identify legitimate stated income from inflated or fabricated claims of income on applications.
About Digital Matrix Systems
Founded in 1982, DMS is an international risk management solution provider that helps clients leverage the power of data to make better-informed business decisions. Through an integrated product suite, DMS delivers secure access to consumer and commercial credit bureaus, as well as specialty data providers. As a reliable partner, DMS helps leading companies predict and manage risk in a variety of industries, including financial services, insurance, and brokerage services. The company provides data warehousing, advanced analytics, scoring models, and comprehensive consulting services, delivering strategic solutions tailored to each client’s business goals. For more information, visit www.dms.net.
About PointPredictive, Inc.
PointPredictive, Inc. is a leading provider of fraud solutions to banks, lenders and finance companies. It solves the billion-dollar fraud problems of auto lending, mortgage lending and on-line retail fraud with the latest technology platforms, smarter science and business experience by leveraging big data with analytic models. Located in San Diego, Calif., more information about PointPredictive can be found at www.pointpredictive.com.