Point Predictive的动态

?? New Episode Alert: When Dealerships Cross the Line In our latest podcast episode, Frank McKenna and I discuss how the Point Predictive Fraud team discovered a single dealership orchestrating a sophisticated employment fraud scheme that could have cost lenders hundreds of thousands if left undetected. The scheme: ?? Dealership created multiple shell companies ?? Used their own residential address to register fake businesses ?? Strategically routed applications to a specific lender ?? Fabricated employment data across multiple applications Why this matters: This case exemplifies why dealership monitoring isn't just a compliance checkbox—it's a critical line of fraud defense. One fraudulent dealership can impact hundreds of loans and multiple lenders before detection. The vast majority of dealerships are hardworking and honest. But this is why it's so important for lenders to actively monitor their dealership network. ?? A bad apple can spoil the bunch. By leveraging consortium insights from Point Predictive lenders can quickly catch when they may be getting adversely selected with bad loans, and shut off the spigot from bad dealers. #fraud #fraudprevention #autofinance #dealerfraud

?? New Episode Alert: When Dealerships Cross the Line In our latest podcast episode, Frank McKenna and I discuss how the Point Predictive Fraud team discovered a single dealership orchestrating a sophisticated employment fraud scheme that could have cost lenders hundreds of thousands if left undetected. The scheme: ?? Dealership created multiple shell companies ?? Used their own residential address to register fake businesses ?? Strategically routed applications to a specific lender ?? Fabricated employment data across multiple applications Why this matters: This case exemplifies why dealership monitoring isn't just a compliance checkbox—it's a critical line of fraud defense. One fraudulent dealership can impact hundreds of loans and multiple lenders before detection. The vast majority of dealerships are hardworking and honest. But this is why it's so important for lenders to actively monitor their dealership network. ?? A bad apple can spoil the bunch. By leveraging consortium insights from Point Predictive lenders can quickly catch when they may be getting adversely selected with bad loans, and shut off the spigot from bad dealers. #fraud #fraudprevention #autofinance #dealerfraud

11 Silent Alarms: Is a Fraudster Standing in Your Showroom Right Now? As automotive professionals, we pride ourselves on reading people. But what if I told you that the cheerful customer you just sold a luxury SUV to might be pulling off an elaborate scam? Fraud in auto retail isn't just about fake IDs and doctored pay stubs anymore. It's about mastering the art of deception right before your eyes. And it's costing dealerships millions each year. But here's the good news: the human body is a terrible liar. Here are 11 signs to keep an eye on. 1. The Telltale Head Twitch: When that "buyer" suddenly jerks their head after you ask about proof of income. 2. The Financial Discussion Wheeze: Heavy breathing when chatting about credit checks? Their body might be sounding the alarm. 3. The Statue Effect: Beware the customer who stands unnaturally still during negotiations. Fight-or-flight response, anyone? 4. The Broken Record: "My credit is perfect, really perfect, absolutely perfect." Repetition might be a desperate attempt at self-conviction. 5. The Info Dump: If they're volunteering their entire life story to explain their car-buying capacity, your spidey senses should tingle. 6. The Mouth Guard: A hand unconsciously covering the mouth during talk of financing? They might be literally trying to stop a lie from escaping. 7. The Self-Hug: Crossed arms while reviewing the contract? It could be more than just cold showroom A/C. 8. The Dealership Dance: Shuffling feet when asked for documents might mean they're eyeing the exit. 9. The Sudden Stutter: Difficulty speaking when questioned about employment? Stress can literally choke up a liar. 10. The Staredown: Constant, unwavering eye contact throughout the entire deal might be overcompensation, not trustworthiness. 11. The Pointer Sisters (and Brothers): Excessive finger-pointing and aggression when challenged could be a smokescreen. Now, let's be clear: These signs aren't foolproof, and many honest customers might exhibit some of these behaviors simply due to the stress of making a big purchase. The key is to look for clusters of these signs, trust your instincts, and always, always follow proper verification protocols. Remember, in the high-stakes game of auto retail, your ability to read people isn't just a soft skill—it's your secret weapon against fraud. What's your experience? Have you ever spotted a potential scammer using these tells? Share your stories in the comments! #AutoRetail #FraudPrevention #SalesInsights #AutomotiveIndustry #QoreAI

How many independent dealerships can share an address? You may be shocked at what we uncovered in today's episode. Today Frank McKenna and I talk about an interesting trend seen in the auto industry....the Phantom Loan scheme. Just what is a phantom loan? Essentially it's obtaining a secured loan for a vehicle that either doesn't exist or at least isn't true collateral for the loan. An unsecured loan at a secured loan price. In many cases, not only does the vehicle not exist but the dealership is made up as well. This scheme hits direct lenders at a much higher rate than indirect lenders. We're also seeing these fraudsters target #creditunions more than any other type of financial institution. Today we are joined by Josh Jones who recently uncovered some interesting information on an address that is shared by multiple dealerships......18 to be exact. These dealers have: ?? Early Pay Default rates ranging from 10-16%. These are loans that default in the first 6 months of the loan booking ?? High rates of applications using synthetic identities ??? High rates of fake employers being used ?? High rates of income manipulation So what can lenders do? Have a better way to monitor dealers and confirm that they actually exist before issuing payment. Point Predictive sees activity from roughly 40,000 dealerships across the country every month so we are able to quickly identify good dealers, as well as those that may not actually exist. Verify the VIN associated with the transaction. Does it belong to the vehicle make/model that is listed on an application? Is the vehicle at the dealership, or in the event of private party, does the seller actually have possession of the vehicle? I've seen VINs show up on transactions in Georgia where the vehicle is sitting on a lot in California. For direct lenders - have a better way of screening applicants before approving and cutting them a check to go use. Although it's great to be able to quickly spot fake dealerships and cancel payment, it'd be even better to stop the application in its track and make the fraudster move on. Point Predictive's AutoPass solution can help with all of these suggestions as it uncovers fraud at the identity, income, employment, and dealer level instantly. #fraud #fraudprevention #fraudstrategy #autofinance

How many independent dealerships can share an address? You may be shocked at what we uncovered in today's episode. Today Frank McKenna and I talk about an interesting trend seen in the auto industry....the Phantom Loan scheme. Just what is a phantom loan? Essentially it's obtaining a secured loan for a vehicle that either doesn't exist or at least isn't true collateral for the loan. An unsecured loan at a secured loan price. In many cases, not only does the vehicle not exist but the dealership is made up as well. This scheme hits direct lenders at a much higher rate than indirect lenders. We're also seeing these fraudsters target #creditunions more than any other type of financial institution. Today we are joined by Josh Jones who recently uncovered some interesting information on an address that is shared by multiple dealerships......18 to be exact. These dealers have: ?? Early Pay Default rates ranging from 10-16%. These are loans that default in the first 6 months of the loan booking ?? High rates of applications using synthetic identities ??? High rates of fake employers being used ?? High rates of income manipulation So what can lenders do? Have a better way to monitor dealers and confirm that they actually exist before issuing payment. Point Predictive sees activity from roughly 40,000 dealerships across the country every month so we are able to quickly identify good dealers, as well as those that may not actually exist. Verify the VIN associated with the transaction. Does it belong to the vehicle make/model that is listed on an application? Is the vehicle at the dealership, or in the event of private party, does the seller actually have possession of the vehicle? I've seen VINs show up on transactions in Georgia where the vehicle is sitting on a lot in California. For direct lenders - have a better way of screening applicants before approving and cutting them a check to go use. Although it's great to be able to quickly spot fake dealerships and cancel payment, it'd be even better to stop the application in its track and make the fraudster move on. Point Predictive's AutoPass solution can help with all of these suggestions as it uncovers fraud at the identity, income, employment, and dealer level instantly. #fraud #fraudprevention #fraudstrategy #autofinance

The near-constant threat of financial scams and other forms of fraud are things most banks and credit unions must face. Understanding the differences between scams and fraud are part of the equation. As new technologies emerge, new avenues of attack--and new ways for finding protection--are evolving. This is an excellent article which I hope you'll read. #banks #banking #creditunions #financialinstitutions

The saying goes, “it’s not?a matter of IF you will experience fraud, but WHEN.” With that in mind,?we've joined forces with Truist Dealership Services to help prepare you for your “when.” Please join us for an exclusive webinar featuring HHM's Paula Mashburn, CPA, alongside Chris Ward, Chris Arrington, CTP, AAP, and Roderick Brown covering: ? The latest fraud?trends impacting auto retailers ? Strategies to help mitigate fraud ? Immediate actions to take in the face of fraud ? & more Register here: https://lnkd.in/eCB3YAgw

?? Learn about the emerging trend of phantom loan schemes in the latest episode of 'This Just In', hosted by Justin Davis, CFE and Frank McKenna. #fraud #riskmanagement #fraudprevention #lending

Financial institutions are increasingly navigating a sea of scams and fraud. With the evolution of emerging technologies, new avenues for attack have opened, leaving banks, credit unions, and their accountholders more vulnerable. In this PaymentsJournal podcast, Kannan Srinivasan of Fiserv and Brian Riley of Javelin Strategy & Research explore the key differences between scams and fraud. Listen now: https://lnkd.in/ejmvXwfQ

??? Protect your dealership from costly identity and income verification fraud.?With approximately 10% of lenders severing partnerships due to fraudulent loan submissions, vigilance is critical. ?? Check out our infographic for insights on identifying and preventing identity and income verification frauds in dealerships. #dealership #fraudprevention #automotiveindustry #automotivesales