LAS VEGAS – PointPredictive announced Wednesday during the Auto Finance Summit it has launched a new tool aimed at helping auto lenders minimize fraud risk.
The risk management solution provider’s Case Manager and Rules Engine solution is designed to protect lenders against fraud while increasing origination speed, Vice President of Marketing and Growth Dennis Behrman told Auto Finance News. “This gives underwriting teams a whole new visibility into fraud risk in their operations.”
The browser-based software-as-a-service tool was designed specifically with auto lenders in mind, integrating into a lender’s existing technology system and platform without reconfiguring the operations already in place, Behrman said. The solution uses automation to pull and analyze data to allow lenders to track and proactively deal with fraud risk.
Auto lenders can use Case Manager to monitor areas of risk specific to their needs. The technology recognizes fraudulent data, including employment and income misrepresentation, and synthetic identities, Behrman said. “Configurable queues give loan analysts the ability to manage how they verify and approve or stipulate loan applications,” he added.
Case Manager also collects fraud metrics on its dashboard, including loan application volume, approval rates, caseload statistics and fraud exposure, allowing lenders to analyze what is happening in their portfolio, in terms of fraud, over measurable periods of time, Behrman said.
Fraud losses in 2022 are estimated to reach more than $7.7 billion as fraudsters continue to gain confidence, according to PointPredictive. The fintech’s anti-fraud technology has piqued the interest of auto lenders in the past. PenFed Credit Union adopted the PointPredictive’s suite of fraud prevention tools in 2020.
After today’s launch, lenders are already lining up to use the Case Manager tool, Behrman said, without naming any current or prospective clients. “We’re doing this to make loans easier and faster for lenders, while pushing fraud risk down,” Behrman said. “We don’t believe that fraud will ever disappear or go away, but we do assume that it can be intelligently managed down to acceptable levels.”