In an effort to combat fraud, Veros Credit has adopted PointPredictive’s machine-learning fraud scoring solution, Auto Fraud Manager. The onboarding process — which typically lasts anywhere from three to six months, depending on the lender — was completed earlier last week.
“We do a lot of work to educate lenders on the problem of misrepresentation in fraud,” said PointPredictive Chief Strategist Frank McKenna. “We fill the gap where fraud is getting through.”
Income inflation and synthetic identity fraud are the two most common misrepresentations in the industry these days, he said. PointPredictive works with 15 auto lenders, including Anderson Brothers Bank and Westlake Financial Services, both of which signed up in October 2018.