A member of the inaugural Emerging 8 is continuing to roll out new solutions.

PointPredictive recently launched what it called Outsourced Fraud Mitigation, a service that can help finance companies bolster their fraud defenses by leveraging PointPredictive’s fraud experts and artificial intelligence technology.

The company explained this service can give finance companies turnkey access to PointPredictive’s full suite of scoring solutions along with fraud experts that manually review applications to identify fraud before loans are funded. It also can enable finance companies to quickly establish a state-of-the-art fraud program with no investment in IT or human resources combined with PointPredictive’s fraud guarantee that ensures they only pay for fraud they are able to stop from funding.

“Fraud moves quickly and lenders can lose millions of dollars each month,” PointPredictive chief fraud strategist Frank McKenna said in a news release. “One of the biggest barriers lenders face in stopping fraud is their ability to launch a fraud program — implementing fraud scanning technologies and then hiring and training experts to use those technologies to identify and prevent fraud efficiently.

“With this new service, we eliminate all of that work for lenders by providing access to our platform and experts, allowing them to stop fraud immediately with no up-front investment,” McKenna continued.

As part of the subscription service, finance companies can establish a secure link to PointPredictive’s scoring platform that can scan each application with the full suite of PointPredictive machine learning solutions for risk, including:

— Auto Fraud Alert
— IncomePASS
— Synthetic ID Alert
— DealerTrace

Any risk alert that is generated is sent to a PointPredictive fraud analyst for a comprehensive fraud review.  The fraud analysts can access a variety of third-party and public records data sources as well as PointPredictive’s proprietary consortium data in order to assess the likelihood of fraud.  

When that fraud is discovered and validated, the finance company is notified with a comprehensive narrative and alert report directly from the fraud analyst outlining their findings. Armed with that additional information, finance companies can then intervene in the funding process to request additional information from consumers or dealers related to the risk areas identified for that contract.

“The fraud analyst team at PointPredictive is remarkably effective,” PointPredictive chief executive officer Tim Grace said. “In the last six months, our fraud analysts have confirmed more than 1,200 suspicious fraud loans for lenders and helped prevent millions in losses before those loans were funded.

The team has also identified a new fraud ring currently operating in the U.S. that is affecting multiple lenders; the team has been able to alert lenders to applications affiliated with that fraud ring proactively,” Grace went on to say.

The fraud analyst team is recruited and managed by McKenna, who has worked with more than 250 lenders, banks and finance companies to operationalize their fraud departments and strategies, and trained hundreds of fraud analysts across the country.  Each analyst goes through a rigorous training program to learn how to detect the subtle patterns of fraud leveraging proprietary techniques and data analysis methods.

For more information on Outsourced Fraud Mitigation from PointPredictive, contact the company at info@pointpredictive.com.