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Veros Credit Turns to Machine-Learning Fraud Solution

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 […]

Westlake Financial Integrates AI Anti-Fraud Solution

Westlake Financial has enlisted the services of PointPredictive, an artificial intelligence-enabled risk management and anti-fraud solution. Westlake will use the scoring solution – called Auto Fraud Manager – to identify misrepresentation and prevent delinquency on high-risk applications. The risk engine is based on an algorithm that is trained with each new lender’s data set. More […]

14% of Subprime Loans at Franchise Dealers Have Price Inflation

An estimated 5% of franchise dealerships up-charge vehicles sold to subprime consumers more than $1,000 on average above the online advertised price, making it more likely that borrowers will default on their loans, Josh Wortman, an analyst with General Forensics, told AFN. Since 2017, Wortman’s data also shows that 26% of independent dealerships inflate prices […]
  • Nicole Casperson
  • September 20, 2018
  • Risk

Chevrolet Dealership Slapped With $2M Fine for Loan Fraud

An Erie, Pa.-based dealership agreed to pay a penalty after getting caught in a fraud scheme in which the dealership sold vehicles at falsely inflated prices to subprime consumers who could not afford them, the U.S Attorney’s Office said Friday. Specifically, Hallman Chevrolet and the Hallman Auto Group falsified subprime loan documents and inflated prices […]

Powersports Lenders Turn to Machine Learning to Combat Fraud

Powersports lenders are interested in sniffing out fraud earlier and are considering options in the form of machine learning such that the software can adapt to fraudulent behaviors, Powersports Finance has learned. “There’s quite a bit of identity, synthetic identity, and income fraud in powersports,” said Frank McKenna, chief fraud strategist at PointPredictive. “But the […]

Lenders Tackling Rising Forms of Fraud in the Auto Industry

Different forms of fraud are rising in the auto industry and are presenting lenders with challenges as fraudsters continue to grow smarter, Frank McKenna, chief fraud strategist at artificial intelligence solutions provider PointPredictive, told Auto Finance News. Using machine learning, PointPredictive ran fraud models on funded originations from 2012 through 2018 and found that the underlying […]
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