Veros Credit is taking additional measures in an attempt to keep fraud from permeating its portfolio.

This week, the subprime auto finance company became the latest provider to adopt PointPredictive’s fraud scoring solution. Veros Credit joins a growing list of finance companies that are relying on PointPredictive’s automotive fraud consortium and patent-pending machine learning algorithms to target misrepresentation and fraud to reduce losses and increase profitability.

 As part of this relationship, Veros Credit will use the company’s scoring solution, Auto Fraud Manager, to identify applicants with a high risk of misrepresentation while streamlining the approval of low-risk applications to improve the consumer and dealer experience. 

“Veros Credit is committed to building strong relationships with our consumers and dealers,” Veros Credit chief executive officer Cyrus Bozorgi said in a news release. “With Auto Fraud Manager, we see a significant streamlining of our operations and increased loan performance.

“In addition, we can apply a more targeted approach to our stipulation strategies and how we manage our dealer relationships, resulting in a reduction in early-stage servicing,” Bozorgi continued. “In the end, it’s about making the lending process simpler and more efficient so our customers and dealers can complete their loans faster.”

PointPredictive launched Auto Fraud Manager in February 2017 to help address the $6 billion-dollar annual problem of misrepresentation and fraud. Auto Fraud Manager uses machine learning to mine historical data from applications across the industry to precisely pinpoint where fraud is happening and how it is perpetrated.

The firm highlighted 60 million applications have been evaluated and scored by the system which is continuously learning new patterns as they emerge.

 “We are delighted to have Veros join our growing list of lenders that are leveraging the power of our risk consortium and our powerful machine learning scores,” PointPredictive chief executive officer Tim Grace said. “The rapid adoption of this technology is further proof that lenders want to collaborate on misrepresentation and fraud and want to use more advanced techniques that limit false positives.

“Our team of experienced data scientists work tirelessly to build better models that improve the detection of fraud and reduce defaults,” Grace continued. “It’s the only comprehensive fraud solution spanning all fraud and misrepresentation types available to auto lenders today, and we’re proud to have Veros on our list of premier clients.”

For more information about leveraging Auto Fraud Manager or participating in the PointPredictive Auto Lending Fraud Consortium, contact the firm at info@pointpredictive.com.