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Credit detection tool thwarts synthetic identity fraud

A new tool targeting synthetic fraud, developed by Experian and Credit Bureau Connection (CBC), has already thwarted three instances of fraud at the dealership, said Chris Ryan, Experian’s senior fraud solutions consultant. The tool, called Synthetic Identity Detection Score, launched in March and is the latest fraud solution to come out of Experian and CBC’s […]

NextGear Capital sues defunct dealership for floorplan default

NextGear Capital has filed a complaint against a Canadian used-car dealership and its owner, claiming the dealership defaulted on its floorplan payments as a result of an alleged fraud scheme.  Fredericton, New Brunswick-based W&P Auto Sales and its owner Peter Kennedy entered into a floorplan financing agreement with NextGear Capital in March, according to court […]

Active fraud ring targets California, Florida, Nevada

PointPredictive has uncovered an active fraud ring that has targeted at least six lenders, Chief Fraud Strategist Frank McKenna told Auto Finance News. Over the past few months, PointPredictive's anti-fraud consortium has discovered more than 75 fraudulent auto loans totaling $1.6 million. PointPredictive analysts notified the involved lenders, which are participants in the consortium, and […]

PointPredictive launches anti-fraud subscription service

PointPredictive debuted a fraud surveillance subscription service Wednesday, designed to bolster lenders’ fraud defenses by granting access to the company’s analysts and suite of risk-scoring software. By integrating Outsourced Fraud Mitigation, as it’s called, with a loan origination system, lenders can leverage PointPredictive’s scoring solutions and fraud experts to manually review applications to identify fraudulent […]
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