Getting Inside the Mind of a Fraudster: Why People Commit Fraud
Fraud is a serious crime and a deceptive act people commit for personal gain, often at the expense of others. According to the Federal Trade Commission, there were approximately $8.8 billion in losses from fraud in 2022, up from $6.1 billion in 2021. But why does fraud happen? In this blog post, we’ll explore some […]
Frictionless lending: the Secret to Thriving in a Competitive Market
In the fast-paced world of personal finance, consumers are attracted to lenders who allow faster and more frictionless access to credit. In response, the landscape has shifted to include extending loans without pulling credit–sometimes to those with low credit scores who would not have been deemed creditworthy previously. This is made possible by online personal […]
The Top 5 Ways Fraud Damages Lenders and Consumers–and How to Fight it
As fintech lending becomes more prevalent, fraudsters are taking advantage of the vulnerabilities in the digital space. We’ve explored the top 5 ways fraud affects lenders and consumers and ways they can fight fraud to minimize damage. Top 5 Effects of Fraud on Lenders In addition to the above, fraud can also cause strain on […]
Lisa Verdon Talks about the Science of Fraud on the Fraudish Podcast
The field of fraud is brimming with analysts who examine the behaviors, patterns, and motivations behind fraud and fraudsters. At Point Predictive, Lisa Verdon, a senior fraud consultant is one of the few females in the field–and blazing pathways to great success in fraud mitigation. A Michigan native, Verdon completed her undergraduate degree and immediately […]
KBA Surveys May Become a Thing of the Past, Predicts Frank McKenna in April’s Auto Remarketing Magazine
The risk of identity fraud is increasing in the auto industry, shares Point Predictive’s co-founder and Chief Fraud Strategist Frank McKenna in the April 2023 issue of Auto Remarketing Magazine (Volume 34, Issue 4). Traditionally, lenders and dealers have validated identities for loans using Dynamic Knowledge Based Authentication (KBA) surveys. This uses knowledge questions to […]
How One Dealership Saved $50k in Fraud Losses by Using BorrowerCheck™
Fraud is running rampant everywhere, in every industry. At Point Predictive, we’ve designed solutions to beat fraud by helping better validate borrower income, employment and identity–and our customers are seeing the results. Our solutions for dealerships help dealers identify low-risk applicants; recognize borrowers with employment, income and identity risks; and identify applications most likely to […]
IncomePass™: Revolutionize the Way You Validate Income for Lending
Getting loan applications through the door and closing deals is exciting. But many fintechs experience agony and heightened abandonment rates when it’s time to collect proof of identity, employment—and the most onerous—income. Pay stubs are tedious and ineffective verification instruments that generate massive friction to lending and open doorways to fabricate pay. IncomePass lifts these […]
Check Washing – What is It and 5 Ways, You Can Avoid It
Check washing is a form of financial fraud that involves altering checks to obtain unauthorized funds. It is a type of identity theft that can leave unsuspecting victims with financial losses and a compromised personal or business reputation. Point Predictive’s Fraud Examiner Justin Davis recently spoke to NBC about fraudsters seemingly returning to this old […]
How to Identify and Combat the Most Prevalent Types of Fintech Lending Fraud
With the growth of fintech lending comes an increased risk of fintech fraud. Fraudsters nowadays are sophisticated, leveraging intricate and well-thought strategies to scam lenders and borrowers, resulting in financial losses and damaged reputations. This blog will take you through the most common types of fintech lending fraud and provide tips on how lenders can […]
Zombie Debt Reassignment: A Scary New Reality for Dealerships and Lenders
Zombies: They’re scary, they’re dangerous, they’re…fictitious? Or are they? Unfortunately, in the world of lending, zombies have moved beyond fiction to reality. Now the term has attached itself to the fraud landscape, creating a truly harrowing experience for consumers. Zombie debt is not a new phenomenon. But it’s as terrifying as it sounds. Essentially, it’s […]
