Finance companies that use the defi SOLUTIONS platform now have additional tools to combat fraud.
PointPredictive, a leading provider of machine learning fraud and misrepresentation solutions, announced on Wednesday that its Auto Fraud Manager 2.0 and DealerTrace 2.0 solutions are immediately available for production use by all defi SOLUTIONS customers.
“PointPredictive is one of our newest and most innovative AI technology partners. We’re excited to offer our lenders seamless access to these forward-thinking fraud and misrepresentation solutions through the defi LOS platform,” said Stephanie Alsbrooks, chief executive officer of defi SOLUTIONS. “This is yet another great example of the power of community.”
PointPredictive offers a suite of artificial intelligence (AI) predictive scoring solutions that can identify the presence of material misrepresentation and fraud within auto financing applications and dealer processes. The company insisted this predictive technology has been shown to streamline real-time auto financing decisions, while reducing finance company losses by 50 percent or more in fraud and first and early payment defaults due to material misrepresentation.
The defi SOLUTIONS platform of services can offer finance companies the flexibility and freedom to leverage leading-edge technologies to optimize decisioning efforts.
Officials added defi SOLUTIONS’ auto finance customers have been invited to participate in a limited-time, no-risk, production pilot of these two PointPredictive solutions.
“This initial offering through our partnership with defi SOLUTIONS allows us to deliver a real-time, actionable fraud and misrepresentation score for each auto loan application from nearly 100 auto lenders processing through defi SOLUTIONS — the fastest growing auto origination platform in the U.S.,” PointPredictive chief executive officer Tim Grace said.
“Our research indicates that fraud and misrepresentation in the auto lending industry is a $6 billion annual problem,” Grace continued. “We are excited to be able to help all defi SOLUTIONS customers make a substantial dent in their portion of that number.”
Grace went on to reiterate that defi SOLUTIONS customers will have real-time access to Auto Fraud Manager 2.0 and DealerTrace 2.0, that can increase fraud detection by leveraging enhanced predictive algorithms that evaluate the entire loan application, as well as recent activity from dealers. This strategy can enable finance companies to screen for, and detect, all types of fraud, including identity, employment, income, collateral and dealer risk.
In numerous customer evaluations, PointPredictive insisted that Auto Fraud Manager consistently identified more than 50 percent of fraud, first payment defaults and misrepresentation-related early payment defaults within the riskiest 7 to 10 percent of all applications, when rank-ordered by the Auto Fraud Manager score.