Calling it a “simple idea,” Point Predictive saw strength in numbers as being crucial in curbing fraud and generating other potential benefits for the auto-finance industry.

It’s why the solutions provider that leverages artificial intelligence and other technologies cheered so loudly recently about a significant milestone — its industry consortium surpassing more than 650 lenders, banks, fintechs, and dealer groups nationwide.

Point Predictive highlighted this collaborative network has analyzed more than 270 million applications representing more than $4 trillion in origination value, establishing it as the industry’s most comprehensive repository of fraud intelligence for first- and third-party fraud.

“What began as a simple idea — that fraud fighters are stronger together — has transformed into an unprecedented consortium for the lending industry,” Point Predictive chief innovation officer Frank McKenna said in a news release.

“Our consortium members are not just protecting themselves; they’re contributing to a collective intelligence that detects fraud patterns no single institution could identify alone, ultimately making lending safer and more efficient for everyone,” McKenna continued.

The company pointed out the consortium’s remarkable growth underscores the financial industry’s recognition that pooling data insights delivers superior protection against increasingly sophisticated fraud schemes.

By leveraging this shared intelligence through Point Predictive’s suite of solutions, financial institutions can automate up to 80% of their fraud checks and stipulation decisions across all misrepresentation types.

“Our consortium represents more than just shared data — it’s the engine driving unprecedented automation in lending,” Point Predictive CEO Tim Grace said in the news release. “By analyzing patterns across billions of data points, we’ve enabled lenders to move from manual stipulation of documentation requests to streamlined, intelligent workflows that approve legitimate borrowers quickly while flagging the small percentage of applications that deserve scrutiny.

“The result is a win-win: lenders reduce costs and increase loan conversions while borrowers enjoy a frictionless experience that gets them funding faster than ever,” Grace continued.

Point Predictive explained this consortium is unique because it tackles organized criminal activities and everyday deception leading to loan defaults in lending.

While identifying sophisticated third-party schemes like identity theft rings and title washing operations, the consortium collaborates to detects first-party fraud, including income inflation, use of fake employers, use of CPNs to create synthetic identities, bust out fraud, and credit washing.

Point Predictive said this capability within a single platform gives lenders comprehensive protection against losses while streamlining approvals for trustworthy applicants.

When a lender, fintech, or bank submits an application to be analyzed, Point Predictive said they receive back an easy-to-use risk score and over 150 red flag alerts not available anywhere else.

Point Predictive’s integration with major loan origination systems like Defi, Sync1 Systems, MeridianLink, and GDS Link can provide lenders with turnkey access to Point Predictive’s fraud consortium, making participation in the consortium a turnkey scenario.

“These seamless integrations have been particularly valuable for captive finance companies, banks, and auto lenders seeking to streamline their origination processes while strengthening fraud defenses,” Point Predictive said.

For more information, send a message to info@pointpredictive.com.