Credit access is tightening for car buyers. Fraudsters are stepping in to fill the void.
More prospective borrowers are resorting to fraud in the face of fewer auto financing options. Auto financing was harder to come by in November, according to the team over at autoremarketing.com in a recent article (Auto credit tightens in November). The article referred to the Cox Automotive Dealertrack Auto Credit Availability Index, which accounts for […]
Frank on Fraud: ‘Car Gang’ Scams Digital Platforms to Bring Synthetic ID Fraud to the Masses
A new “Car Gang” is reinventing how car buyers engage in synthetic identity fraud, according to a recent article by Frank on Fraud. Operating on Telegram and Facebook, the Car Gang offers buyers a convenient way to commit fraud. For a flat fee, they create a synthetic identity that can secure favorable financing. While customers […]
Spotting Fake Employer Scammers Before They Attack
Point Predictive’s Chief Fraud Strategist Frank McKenna recently penned a commentary piece for Auto Remarketing, a periodical covering the pre-owned auto industry. In it, he discusses the rise of shell companies and fake employer scams and how Point Predictive’s approach can combat them. Fake employers have become an increasingly vexing problem for financial institutions and […]
From Legacy to Cutting-Edge: Overcoming Challenges in Credit Union Lending with Tech Solutions
By Don Hoegg, Jr., Fintech Writer Mergers and acquisitions, accompanied by lending-oriented growth strategies, have been a boon for credit unions in recent years. As credit unions continue to evolve, they can leverage cutting-edge technology to roll out the red carpet for borrowers like never before — for new and long-time members alike. Consolidations have […]
Point Predictive Wins LendTech of the Year at the 2023 US Fintech Awards
Sets a New Industry Standard for Faster and More Accurate Consumer Lending Decisions SAN DIEGO, CA – November 7, 2023 – Point Predictive, the leader in artificial intelligence (“AI”) fraud solutions for the consumer lending industry, has been recognized with the prestigious LendTech of the Year award at the 2023 US Fintech Awards. This award […]
Understanding the Many Faces of First-Party Fraud
The world of lending is riddled with various forms of fraud, posing significant risks to lenders and distorting the financial ecosystem. Among these is first-party fraud, often referred to as “Fraud for Car” in the auto world. This category of fraud involves borrowers who misrepresent information to gain loan approval. The implications of such actions, […]
Frank on Fraud: 5 Reasons Why Artificial Intelligence Alone Is No Substitute for Fraud Expertise
Frank McKenna, Point Predictive’s Chief Fraud Strategist and resident expert on fraud prediction, recently wrote about the potential – and the limits – of AI in the fraud prevention field on his personal blog. Here are some key takeaways. #1 – AI is a powerful tool, but it is no replacement for human knowledge While […]
Q&A with Point Predictive Advisory Board Member Lauren Crossett
In June, Point Predictive announced that fintech veteran Lauren Crossett would be joining the firm’s advisory board. A few months later, we caught up with her to talk about her view of the industry and to see what insights she has to offer about the company. Point Predictive: You’re a relative newcomer to Point Predictive, […]
5 Takeaways from Point Predictive’s CarDealershipGuy Podcast
Point Predictive’s Chief Fraud Strategist, Frank McKenna, recently sat down with CarDealershipGuy, host of the eponymous CarDealershipGuy podcast. Here are five key takeaways from their conversation. Industry-wide, 1 in 4 would-be borrowers misrepresent their income when applying for auto loans In some markets, the ratio is higher, with some lenders seeing as many as 1 […]
‘To The Point’ Bonus Episode: Insights into the Criminal Fraud Ecosystem
In this bonus episode recorded at the Point Predictive 2023 Auto Lending Fraud Roundtable, Dr. David Maimon, professor at Georgia State University, examines the intricate supply chain of producers, distributors, and diverse customers engaging in various fraudulent activities. Dr. Maimon advocates for incorporating these insights into the criminal ecosystem in order to develop effective prevention […]
