Weekly Fraud Alert 8.23.23
Point Predictive
Streamlining loan approvals for lenders with machine learning by precisely identifying truthful applications.
Welcome to this week's LinkedIn fraud alert newsletter, your go-to source for the latest updates and insights on fraud trends and threats affecting banks, lenders, and fintech businesses across the US. From synthetic identity, fake employment, false income, and overall financial fraud, the risks are more pervasive than ever before.
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Get Free Access to the Top 10 Fake Employers List
Would you like to know who the?Top 10 Fake Employers for Q2 2023?were??
At the end of Q2 2023, we had more than?10,100?fake employers in our data repository and many of these fake employers are associated with loans that have 40% to 100% default rates,?with more than?$3.1 billion?in fraudulent loan applications.
If you are a?lender, bank or finance company, we are making our Top 10 Fake Employers list, now updated for Q2, available to you. Click below to request a free copy.
Fraudulent Activity Revealed this Week
This week our team of Fraud Analysts using Natural Intelligence alerted lenders?on the additional fraudulent activities that our Fraud Team identify:
Way to go Fraud Fighters!
About AI + NI
At Point Predictive, we use a unique combination of?Artificial and Natural Intelligence [AI+NI] to detect fraud while automating loan decisions. Our team of fraud analysts roots out fraud rings and patterns to alert our clients before they can fund suspicious loans.
Fraud Save of the Week
Double Trouble: Identical SSNs Flag Luxury Car Loan Applications?
This week’s fraud save takes us to Phoenix, where two would-be fraudsters tripped just about every caution light in the Point Predictive book.
Two separate loan applications for luxury-brand cars showed identical social security numbers attached to two different identities. Both applications listed the same suspicious employer, involved in the credit repair industry. The business, run out of a residential neighborhood, has been listed on more than 600 applications associated with 175 different SSNs since 2021.??
The company’s minimal web presence and the applicants’ thin credit history, combined with other risk factors, made for more than enough reason for our fraud team to flag the applications.?
A great save for our Point Predictive client and a great result for our fraud team!
'To the Point' - Podcast Episode 5 Release
In the latest episode of To The Point, Sgt. Dave Navarro of the California Highway Patrol discusses the wide variety of fraud affecting auto dealers in California, both before and after purchase. He explains how fraudsters’ increasingly brazen and constantly evolving tactics can present a challenge for law enforcement, and how his agency is working to combat them.?
The conversation also touches on fraudsters’ mindsets in light of high inflation in recent years, as well as how Point Predictive helps the California Highway Patrol stay ahead of the curve. Click below to listen to the full episode!?
领英推荐
Download the 2023 Auto Lending Fraud Trends Report
Our Annual Auto Lending Fraud Trends Report is available for?free?download! Filled with hundreds of hours' worth of fraud research and insights, like how 1 in 5 auto loan applications will have material misrepresentation by the borrower?or?the dealer.
If you'd like to learn about the current fraud trends and see more of the data we have uncovered, then download the report today.
Don't miss any of our recent blog posts.
How to Spot 5 Red Flags That Appear on Most Synthetic Identities
How Point Predictive is a game changer for thin file and credit invisible consumers
About Point Predictive
Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository and decades of risk management expertise. The company's data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications.?
Are you interested in learning more about how Point Predictive can help your business??Contact Us.
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