Our 2023 Auto Lending Fraud Survey is in
Fraud is here to stay in 2023. Learn about the most recent auto lending fraud trends and challenges from our 2023 Auto Lending Fraud Survey.
Point Predictive Analysts Help Lenders and Auto Dealerships Stay Ahead of Fraud
Point Predictive artificial intelligence-based technology solutions help lenders and automotive dealerships identify suspicious, high-risk loan applicants, but we don’t stop there. Since our founding, we have focused on combining the power of artificial intelligence and machine learning with in-depth analysis provided by our experienced analyst team. Every day, our analysts are reviewing loan applications and […]
A Christmas Story – How Lenders Can Combat Seasonal Fraud
By Jay Anderson, VP of Product Delivery When Disney launched its streaming service, Disney+, I decided to purchase a subscription as a family Christmas gift. I came across the Simpsons while looking for something mindless to watch while I worked out in the mornings and started all the way back at Season 1 Episode 1. […]
Revisiting the Boldest Dealer Fraud Scheme in Recent History
By Jay Anderson, VP of Product Delivery Taking a trip back to just before the pandemic, there was a news story that stood out to me that was quickly lost in the shuffle of Coronavirus news. A home-grown fraud ring based in Georgia discovered that it was easier to make money getting lenders to fund […]
Fake Pay Stubs: Easy to make; cost lenders millions
By Justin Hochmuth, Fraud Consultant According to the 2022 Annual Fraud Report, income misrepresentation was responsible for more than $1.8 billion in loss exposure for automotive lenders in 2021. Twenty-nine lenders were surveyed as part of the development of the Fraud Report. Respondents indicated that income misrepresentation was their leading concern related to fraud types. […]
Ghost of The Past: Could we see another mortgage crisis like 2008 next year?
By Jay Anderson, VP of Product Delivery The subprime mortgage crisis that occurred between 2007 and 2010 left a lasting impression on the financial system nationwide. While it wasn’t as broadly devastating as the Great Depression, it was one of the rockier economic periods in many of our lifetimes. The pain felt during the collapse of […]
The Lake Mead Effect In The Current Mortgage Lending Environment
By Neal Shinkle, Fraud Consultant Mortgage Lending In a Time of Evaporating Volume By now we’ve all seen the pictures. Unnerving images of the mountains rising above Lake Mead, stained with reminders of water levels from years-gone-by. The historically low marks cause obvious concerns…fewer folks using the lake for recreation, a reduction in drinking water […]
Beyond Identity and Credit Risk: 12 Billion Unique Consumer Risk Insights
Consumer credit, whether loans, lines of credit, credit cards, mortgages, or buy-now-pay-later applications is a competitive and complex business. Well-qualified borrowers have many options available to them. They demand a fast and easy experience. Lenders need to be able to respond to these demands while protecting themselves and their shareholders from borrowers who will prove […]
Recycling Employers On Applications Can Point To Systematic Fraud
By Justin Hochmuth, Fraud Consultant It’s common knowledge that borrowers who misrepresent their income, use fake employers, or supply forged paystubs are significant threats to auto lenders and car dealerships alike. This type of fraud is nothing new to the auto lending industry. However, what if the fraud isn’t being committed by the borrower and […]
Fraud for Need vs. Fraud for Greed
Synthetic identities have been all the talk from a fraud risk perspective for lenders for decades , but not all synthetic identities result in losses for lenders. It begs the question, why would someone create a synthetic identity to finance a car when they have every intention of paying the loan as agreed? That question […]
