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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Fraud Analyst Discoveries - June
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.
🛠️ Our Fraud Analysts identified an employer phone number that consistently appeared in several dealers' applications. The number is linked to an individual who openly advertised several businesses on social media, promising to "fix" their clients' credit and get them better rates. This individual also offers a service on Fiverr to help others open their own credit repair business. This individual has reported more than ten SSNs and has registered businesses in multiple industries.
🏠 The team detected a surge of applications from a dealer in Stafford, VA all listing an employer based roughly 50 miles away. The company's Google-listed address is a mailbox business, and its principal address is a private residence. Social media posts suggest that it's a property management business run by a single individual. Despite this, more than a dozen people claimed employment with the company in 2024. Sources estimate the employer's annual revenue at $72,000, yet applicants have reported incomes exceeding $1.2 million.
🎲 The team became suspicious about a phone number associated with a Raleigh business owner who submitted 3 applications at a Raleigh dealership in 2024, containing discrepancies in applicant information and 2 different SSNs. The individual claims to own a cafe, but public records indicate that he owns a business where the address appears to be a pseudo-gambling establishment.
Partner Spotlight
Point Predictive Informed Insights
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 everything you need to know about Credit Washing!
Recommended by LinkedIn
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.
Using our proprietary data repository, BorrowerCheck helps ensure higher quality applications and a streamlined lending process through early identification of a wider range of potential applicant misrepresentation. With improved risk assessment and detailed risk scores, you can lend more confidently while reducing the risk of fraud-based losses.
Recent News
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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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