PointPredictive partners with Digital Matrix Systems (DMS) to integrate its suite of misrepresentation and fraud scoring solutions into the DMS platform including Auto Fraud Manager, Synthetic ID Alert and Income Validation Alert. The integration provides access to over 1,200 clients on the platform, and helps them better identify misrepresentation and fraud at new account opening or during an application process.
“Our clients are looking for ways to better identify the emerging fraud types that PointPredictive specializes in detecting,” stated Mark Dreux, Vice President of Business Development for DMS. “Synthetic identity fraud, lending fraud and income misrepresentation are key pain points for many of our clients, and they are always looking to us to help them manage these emerging risks to reduce their losses. This partnership gives our clients access to fraud signals and patterns before they fund loans or open new accounts.”
PointPredictive’s suite of predictive, artificial intelligence (AI) scores give financial services companies on the DMS platform the ability to streamline applications for loans and new accounts by identifying which applications have lower risk of future losses from misrepresentation or fraud and receive real-time alerts on those applications needing further scrutiny.
“We’re excited to offer our solutions through DMS,” said Tim Grace, CEO of PointPredictive. “Our vision is to provide real-time, actionable fraud scoring and alerts for every application a financial institution receives. With DMS, it is easy for banks, lenders and card companies to use this technology without expensive and time-consuming implementations. With DMS, we can get a client live very quickly to help them prevent fraud and streamline their lending processes.”
Since inception, PointPredictive has focused on helping banks and lenders tackle the growing types of fraud and misrepresentation that have placed drain on profit and created friction in the lending process due to the false positives of identity and data verification solutions. PointPredictive solutions are different in that they use the historical patterns of millions of applications and billions of data elements to understand the attributes associated with loans that will later lead to losses and those that won’t.
PointPredictive solutions specialize in identifying application fraud, synthetic identity fraud and income misrepresentation – the problems that result in billions of dollars in lost profit annually due to defaults. These predictive technologies have proven to help banks reduce losses by 50% or more in early payment defaults by identifying which of those misrepresentations will impact the performance of the loan or account.
DMS auto lending clients will have real-time access to Auto Fraud Manager 2.0, which increases fraud detection by leveraging predictive algorithms that evaluate the entire loan application, as well as recent activity from dealers. This enables lenders to screen for, and detect, all types of fraud including identity, employment, income, collateral and dealer risk.
Additionally, DMS will integrate PointPredictive’s cross-industry solutions which can help financial institutions better identify specific types of misrepresentation. Synthetic ID Alert enables banks to identify applications submitted by consumers using potentially fictitious or fabricated identities and Income Validation Alert helps banks identify legitimate stated income from inflated or fabricated claims of income on applications.