MidAtlantic Finance Selects Point Predictive Auto ONE to Transform Fraud Operations

Solutions will help lenders detect more fraud and misrepresentation, streamline fraud operations, and combat emerging schemes

SAN DIEGO, July 14, 2022 /PRNewswire/ -- Point Predictive, the San Diego-based company that provides artificial intelligence (AI) solutions to lenders, today announced that MidAtlantic Finance has adopted Auto ONE, its suite of one-of-a-kind, SaaS fraud risk management solutions designed specifically for automotive lenders.

Auto ONE delivers a full suite of AI-based resources delivered in one location, with a single API call, and sub-second response. Together these solutions can be easily integrated into the auto loan origination process to:

• Reduce default on auto loans due to fraud or misrepresentation on the application by up to 50%
• Increase loan pull-through by 30% or more
• Validate income accurately to reduce risk and eliminate stipulations and manual review for most applicants
• Identify the use of fake employers
• Improve dealer risk detection

Auto ONE includes Case Manager, which provides an intelligent layer of risk controls, automation logic, a rule engine, action guidance, and key metrics across the fraud investigation process in an elegant user interface to streamline investigative workflows.

"Point Predictive is constantly innovating and providing us with new ways to automate our lending processes to lower our cost of origination and better protect ourselves from fraud losses," said Kevin Hawkins, CEO of MidAtlantic Finance. "We are pleased to expand our partnership."

Case Manager is designed to deliver auto lenders the most modern, configurable, and extensive control over fraud in the marketplace today. It provides valuable operational efficiencies and robust capabilities, including:

• Configurable work queues. Better allocate resources and accelerate throughput.
• Rule engine. Easily write and modify rules to respond to emerging situations.
• Rule management. Define stipulations and other LOS actions with easy, click-based logic.
• Automation logic. Most rules for fraud risk management can be executed automatically.
• Case Creation. Easily create cases with synchronized loan application data.
• Filters. Easily view and manage subsets of loan volumes.
• Fraud Reporting. Track suspicious applications and monitor disposition.
• Live analytics. Access a detailed array of real-time operational metrics.

"Auto ONE enables our team to detect, investigate, and disposition fraud cases all in one place," said Michael Pereira, Jr., Vice President of Lending Operations for MidAtlantic Finance. "It's a powerful, one-stop-shop for managing all of our fraud investigations, and Case Manager streamlines our fraud investigation process. Having the ability to write and customize rules allows us to catch new fraud schemes faster and target areas where risk is higher."

Auto ONE leverages data from the largest automobile lending data consortium in the United States, purpose-built for risk management with more than:

• 120 million historical auto lending applications
• 12 billion application risk attributes
• 56 million unique consumers
• 100 million historical income reports
• 17 million employer records
• 6,500 fake employers
• 200,000 social security numbers tied to default
• 102 million social security numbers of deceased individuals
• $4.5 billion in loans with early payment defaults
• $1 billion in loans identified as fraudulent

"We are excited to grow our partnership with MidAtlantic and we know the expansion of our partnership is already delivering significant benefits to their team," says Tim Grace, CEO of Point Predictive. "Auto ONE is transforming the auto lending process by centralizing important data to facilitate early fraud detection. Our consortium data and AI-based scoring enable MidAtlantic to address and resolve issues before loans are funded."

Point Predictive invites any lenders who wish to explore Case Manager and other benefits of Consortium membership to visit https://pointpredictive.com/ or contact [email protected].

Point Predictive enables lenders to fund more loans simply with a unique combination of Artificial and Natural Intelligence [Ai+Ni] to power machine learning technology solutions. Point Predictive helps automotive, mortgage, retail, and personal loan finance companies to identify the consumer applications with truthful and reliable information without the intense interrogation and verification of data caused by lower-tech solutions currently in use. Highly regarded as the most trusted fraud and misrepresentation analytic solution providers, Point Predictive has transformed that trust to enable lenders to fund more loans to more consumers simply. Point Predictive uses big data powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected 3rd party data sources to build powerful machine learning models with the added natural intelligence of human experience. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com

SOURCE Point Predictive