Data collaboration and alerting service allows members of Auto Lending Fraud Consortium to identify serial fraudsters, bad actors and high-risk data elements
SAN DIEGO, May 17, 2018 (GLOBE NEWSWIRE) — PointPredictive announced today the launch of Fraud Data Exchange, a new collaborative service that provides auto lending consortium members with the ability to contribute data elements from confirmed fraudulent applications into a secure repository managed by PointPredictive. Contributors can query the repository with data from an active loan application to receive industry-level “shared intelligence” about possible reuse of data elements associated with confirmed fraud at other lenders. The service is designed to detect serial fraudsters and bad actors that are driving a significant portion of the $6 billion in annual misrepresentation and fraud-related losses across the auto lending industry.
“Many fraud perpetrators operate under a cloak of anonymity that allows them to repeat the same fraud schemes for years by moving from lender to lender and dealer to dealer,” says Frank McKenna, Chief Fraud Strategist at PointPredictive. “They succeed because lenders have not had a safe, secure mechanism for providing information about the schemes they detect – mail drop addresses, false businesses, fabricated application data, and known fraud rings – and then accessing that same type of information reported by other lenders. Fraud Data Exchange helps participating lenders put an end to this criminal activity.”
As part of the service, PointPredictive will organize the collection and standardization of each participating lender’s negative files and scan the repository for possible reuse of negative data as new application and transaction information is received. Lenders will receive alerts about any matching information detected, then these alerts can be used to drive actions by the lender’s fraud investigators to identify if there is fraud present on an active loan application.
“PointPredictive is excited to provide the enabling technology and secure infrastructure for Fraud Data Exchange. Participating lenders can be certain their contributed data will drive this industry-level fraud-fighting service and it will be well-managed,” added McKenna.
The Fraud Risk Data Exchange will be formally launched May 30 at PointPredictive’s next Auto Lending Fraud Consortium Roundtable taking place in Fort Worth, Texas. At past meetings, lenders representing more than 50% of the automotive lending industry have attended. PointPredictive expects greater attendance at the upcoming meeting where lenders will share best practices and intelligence for preventing misrepresentation and fraud in the auto industry.
To receive more information about the Auto Lending Fraud Consortium or to participate in the Fraud Risk Data Exchange, contact PointPredictive at email@example.com.
About PointPredictive Inc.
PointPredictive Inc. is a leading provider of fraud solutions to banks, lenders and finance companies. It solves the billion-dollar fraud problems of auto lending, mortgage lending and on-line retail fraud with the latest predictive scoring techniques, smarter science and business experience by leveraging big data with analytic models. Located in San Diego, Calif., more information about PointPredictive can be found at www.pointpredictive.com.
Gina Ray, APR
Source: Nasdaq Automotive News