Fast Money, Fast Fraud Scams
The law of supply and demand determines the price of goods. In other words, the higher the demand, the higher the price. While this can promote economic growth, could it also be used to measure the likelihood of fraud scams? A strong market tends to ease underwriting practices and loosen lending controls. Results? More possibility […]
Streamline Low Fraud Risk Loans? Focus on Low-Risk Scores
How can lenders more quickly book low fraud risk loans? It may require a mindset you haven’t considered. Consider this: At some point in your life, someone probably told you to ‘take the high road’ when faced with a difficult decision. Wise advice. However, financial institutions using predictive models to identify fraud and high-risk activity may […]
“Layer Up” to Prevent Loan Losses
Fraudsters go from lender to lender, exploiting even the smallest gaps in controls. But unfortunately, there’s no single point of entry. It could be a weak underwriter, a poor income validation process, a rogue broker, or poor identity checks. Any of these can result in budget-blowing loan losses, dreadful customer experiences, and reputational risk. This […]
What Makes A Car Dealer Risky For Fraud?
Face it some fraud is going to happen, and it’s not always the dealers fault. But how can lenders decide exactly when a fraudulent loan issue at a dealer is a result of bad luck, or when it might be a result of something more? What actually makes a dealer risky?
Why Enterprise Fraud Management Must Include Deposit Focus
Enterprise fraud management (EFM) is the real-time screening of transaction activity across users, accounts, processes and channels, to identify and prevent internal and external fraud in an organization. (Source) Effective lenders spend considerable time, effort, and resources on enterprise fraud management to make loan fraud more difficult to perpetrate. For example, they shore up processes […]
2020 Annual Auto Fraud Report
Every year, Point Predictive’s Chief Fraud Strategy Officer, Frank McKenna, assembles his team to start the annual fraud report. They pore over our unique lender-contributed data repository to analyze trends and shifts in loan application fraud and misrepresentation. And every year, new insights emerge. Accordingly, this year’s edition did not disappoint. Contact us to enquire […]
Mortgage Fraud Could Be On The Rise.. Again!
The risk of mortgage fraud tends to ebb and flow based on the economy, the real estate market, interest rates and changes in technology that make it easier or harder for fraudsters to commit the fraud itself. As we move through 2021, it is apparent that all of these factors could be in play at […]
10 Ways Our Proprietary Data Repository Gives You Fraud Risk Insights That You Won’t Find on Any Public Records
Point Predictive is the only data science company to host a world-class fraud risk data repository. By gaining access to numerous insights that your team would not have access to on any public records, we can find and fight fraud together. And when you put the power of this data to work for your portfolio, […]
Predictable Success: Elite Acceptance Corporation
Seeking a solution for fraud prevention, Elite Acceptance chose Point Predictive’s Auto Fraud Manager on the recommendation of a colleague. Because Point Predictive has a native integration with Elite Acceptance’s loan origination system DEFI, they were able to go-live in less than 5 days, even over the Christmas holiday. Steve M. Christensen, SVP at Elite […]
Synthetic Identity Fraud is Attacking Credit Unions
Synthetic identity fraud involves manufacturing an identity using a mix of both real and fake information in order to obtain fraudulent loans and accounts. Over the last couple of years, synthetic identity fraud has become a risk for US credit unions. Exposure to this risk could amount to billions of dollars. And credit unions are […]
