The Fraud Watch Newsletter
Point Predictive
Streamlining loan approvals for lenders with machine learning by precisely identifying truthful applications.
Welcome to the latest edition of the Fraud Watch Newsletter, designed to keep you at the forefront of the latest fraud prevention strategies and insights.
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Recent News
Point Predictive and Open Lending Announce Partnership at the Auto Finance Summit 2024
Last week, from the floor of the Auto Finance Summit, Point Predictive and Open Lending announced our recent partnership. Designed to bring enhanced speed, security, and performance to automotive lenders, the partnership integrates the capabilities of Point Predictive’s new IEValidate™ solution, and IncomePass™ solution into Open Lending’s Lenders Protection™ loan decisioning engine.
Fraud Analyst Discoveries - September
In addition to our AI solutions, our Fraud Analysts conduct investigative reviews to root out fraud patterns and alert our clients. Here are some of their additional discoveries over the last month.
🎭 This month we reviewed an earnings statement from an employer in Florida and found that the employer's phone number is also associated with a personal entertainment business. The paystub showed the typical signs of a fraudulent earnings statement like rounded numbers in earning totals and a lack of benefits information. We also found the applicant claimed to earn about 50% of the business's estimated annual revenue.
🔬 We also reviewed documents from a forensic request and found the earnings statement lacked the employer's proper legal entity name. The paystub did not have a pay rate or work hours, and benefits and time-off information was missing. Additionally, the attached bank statements did not show any corresponding deposits from the employer.
💻 Finally, we identified a phone number linked to a suspicious employer that has been reported with several name variations in applications from a dealer in Fayetteville, NC. The company has no business website, and its social media account is filled with the business owner's personal posts. Buzzfile shows this employer's estimated annual revenue is about $290,000, with three employees. Consortium records show about a dozen applicants have claimed to work for this business so far in 2024, reporting about $630,000 in income. Most of these applicants claimed to hold a managerial position at the business.
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Partner Spotlight
Find out more about our partners
We recently launched IEValidate™, a frictionless way to validate a consumer's income and employment. It is more accurate, more reliable and more cost-effective than other verifications in the market. We're so confident in IEValidate™, we guarantee savings of up to 90%.
About Point Predictive
Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository and decades of risk management expertise. The company's data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications.
Are you interested in learning more about how Point Predictive can help your business? Contact Us.