Leading auto finance company joins growing list of customers leveraging consortium-based machine learning solution to reduce losses due to misrepresentation and fraud.
SAN DIEGO, Calif., March 12, 2019 – PointPredictive Inc., the San Diego-based machine learning company, announces that Veros Credit is the latest auto lender to adopt the company’s fraud scoring solution. Veros joins a growing list of lenders that are relying on PointPredictive’s automotive fraud consortium and patent-pending machine learning algorithms to target misrepresentation and fraud to reduce losses and increase profitability.
As part of this relationship, Veros will use the company’s scoring solution, Auto Fraud Manager, to identify applicants with a high risk of misrepresentation while streamlining the approval of low-risk applications to improve the consumer and dealer experience.
“Veros Credit is committed to building strong relationships with our consumers and dealers,” said Cyrus Bozorgi, CEO of Veros Credit. “With Auto Fraud Manager, we see a significant streamlining of our operations and increased loan performance. In addition, we can apply a more targeted approach to our stipulation strategies and how we manage our dealer relationships, resulting in a reduction in early-stage servicing. In the end, it’s about making the lending process simpler and more efficient so our customers and dealers can complete their loans faster.”
PointPredictive launched Auto Fraud Manager in February 2017 to help address the $6 billion-dollar annual problem of misrepresentation and fraud. Auto Fraud Manager uses machine learning to mine historical data from applications across the industry to precisely pinpoint where fraud is happening and how it is perpetrated. Over 60 million applications have been evaluated and scored by the system which is continuously learning new patterns as they emerge.
“We are delighted to have Veros join our growing list of lenders that are leveraging the power of our risk consortium and our powerful machine learning scores,“ said Tim Grace, CEO of PointPredictive. “The rapid adoption of this technology is further proof that lenders want to collaborate on misrepresentation and fraud and want to use more advanced techniques that limit false positives. Our team of experienced data scientists work tirelessly to build better models that improve the detection of fraud and reduce defaults. It’s the only comprehensive fraud solution spanning all fraud and misrepresentation types available to auto lenders today and we’re proud to have Veros on our list of premier clients.”
For more information about leveraging Auto Fraud Manager or participating in the PointPredictive Auto Lending Fraud Consortium, contact firstname.lastname@example.org.
About Veros Credit, LLC.
Veros Credit, LLC specializes in the acquisition and servicing of motor vehicle retail installment contracts through a vast network of franchise and independent automobile dealers.
For more information about Veros Credit, visit http://www.veroscredit.com.
About PointPredictive Inc.
PointPredictive Inc. is a leading provider of fraud solutions to banks, lenders and finance companies. It solves the multi-billion-dollar fraud problems seen in auto lending, mortgage lending and online retail fraud.
PointPredictive develops and applies the latest predictive scoring techniques, smarter science and business expertise that harnesses big data and analytic models. Located in San Diego, Calif., more information about PointPredictive can be found at www.pointpredictive.com.