Point Predictive adds M&T Bank to client portfolio using fraud-prevention tools
Point Predictive recently landed another working relationship with a commercial bank that is looking to weed out fraud from its operations and portfolio.
The Emerging 8 honoree that provides machine learning solutions to the lending industry, announced that M&T Bank has adopted the company’s Outsourced Fraud Mitigation (OFM) service “to maintain the upper hand” in the fight against auto-finance fraud.
Point Predictive explained OFM is a fraud prevention service that can alert finance companies about suspicious applications at “very low” false positive rates. This service is delivered through Point Predictive’s seasoned fraud analyst team using the company’s patented Artificial + Natural Intelligence (Ai+Ni) technology with its unique consortium data set.
Point Predictive said in a news release that OFM can give finance companies a more powerful fraud prevention strategy by identifying the riskiest applications and recommending or performing the appropriate verification measures.
“At M&T Bank, protecting our customer’s accounts and information and detecting where there may be a risk is a top priority,” said Michael McClintock, group vice president and director of consumer lending credit operations at M&T Bank.
“By partnering with Point Predictive and investing in advanced security tools, we’re providing frictionless fraud detection capabilities that seamlessly integrate into the customer journey, to stop fraudulent activity before it starts,” McClintock continued.
Point Predictive co-founder Frank McKenna, a recognized and respected fraud industry expert and frequent contributor to Auto Fin Journal, conceived of the Outsourced Fraud Mitigation service, which combines Ai+Ni technology with a consortium data set encompassing 80 million loan applications, billions of data points, and a multi-dimensional database of fraudulent activity.
Point Predictive highlighted that finance companies using this proprietary fraud prevention technology to analyze industry-wide consortium data can detect 30-40% more fraud while eliminating annoying and time-consuming verifications and stipulations on 50% or more low-risk, legitimate consumer applications.
The company added that finance companies have seen a substantial benefit to dealer and consumer experiences by reducing the friction on those low-risk applications.
“Lenders will always be targets of fraudsters, but Outsourced Fraud Mitigation can minimize the impact of fraud and material misrepresentation to lenders while keeping risk operations costs lower,” Point Predictive chairman and chief executive officer Tim Grace said.
“It’s a pleasure to work with an innovative bank that is committed to keeping fraud at bay. With OFM, M&T Bank will be able to prevent difficult-to-detect fraudulent loans from sneaking onto the books and deliver a smooth loan decision process to trustworthy borrowers,” Grace went on to say.
For more information about Point Predictive, send a message to firstname.lastname@example.org.