The Fraud Watch Newsletter
Point Predictive
Streamlining loan approvals for lenders with machine learning by precisely identifying truthful applications.
Welcome to the May 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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Find out the Top 10 Fake Employers for Q1 2024
At Point Predictive, we've identified over 11,000 'Fake Employers' - a term we use to describe employer names and details that have been knowingly misrepresented or inaccurately provided to submit fraudulent loan applications.
If you're a bank, credit union, or lender and would like to receive our report on the Top 10 Fake Employers identified in Q1, submit your request below.
The 2024 Auto Lending Fraud Trends Report is Here!
The 2024 Auto Lending Fraud Trends Report is a culmination of hundreds of hours of analysis and review by data scientists and fraud analysts at Point Predictive and provides insight into how auto lending fraud has been trending over the last year.
Fraud Analyst Discoveries - May
🚧 Our fraud analysts found a construction company in Port St. Lucie, FL, repeatedly appearing in applications from a dealership in Hollywood, FL. The company's mailing address on file is in Tennessee, and its last known physical location is at a car repair business plaza. Despite the business entity's forfeited business status since 2023, applicants reporting this employer have stated over $580,000 in annual income in 2024.
🚙 We examined a suspicious pay stub for a dealership in Georgia. The applicant claimed to work for an organization related to a local politician, but the mailing address on the earnings statement did not match public records. The earnings statistics on the paystub also appeared to be outside of the normal salary range. Additionally, the team informed the dealership that our proprietary data repository shows this applicant had reported being self-employed in a prior application in April.
🥸 The team completed an investigation on an applicant who had reported 4 different employers in varying industries, all within 12 months. One is a tax service in Dallas that has a forfeited status and the other companies are registered under the applicant's name with no apparent business activity. This individual has submitted about 30 applications to 11 different lenders in 2024, totaling $556,000 in loan value. Records show this individual reported a dozen SSNs and had been previously charged for forgery of financial instruments, and fraudulent use/possession of identity information of the elderly.
At Point Predictive, we use a unique combination of Artificial and Natural Intelligence [AI+NI] to detect fraud and automate loan decisions. In addition to our AI solutions, our Fraud Analysts conduct investigative reviews to root out fraud patterns and alert our clients.
Investigative Review Stats for May
Stated income is notorious for being falsified and unreliable. With IncomePass™️ lenders can automatically greenlight up to 70% of applications without requiring proof of income, ensuring a smoother and more efficient experience. By reducing the barriers in the application process, lenders can anticipate higher conversion rates as borrowers encounter fewer obstacles.
Find out more about our low-cost, higher-hit-rate alternative to expensive income verification services at the link!
Recommended by LinkedIn
Our VP of Product Delivery Justin Davis, CFE has launched a new podcast series: "This Just In." The series discusses fraud cases from the consortium and features frequent guests, including our Chief Fraud Strategist, Frank McKenna.
Check out this episode, where they cover a single fraudster listed on 550+ applications totaling $10.5 million in attempted fraud!
Recent News
Miss Any of Our 2023 Reports?
2023 marked a milestone for Point Predictive. We published an unprecedented number of reports, each filled with invaluable insights and actionable strategies for fraud prevention.
Click any of the links below to access your free copy of that report, today:
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.
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