Fraud Catch of the Week

By Point Predictive

Welcome to our weekly fraud alert, 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.

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 uses their natural intelligence (or Ni as we refer to it) to root out fraud rings and patterns with investigative techniques to alert our clients before they fund loans.

Fraud Catch of the Week

This week was no ordinary week for our team! We received a forensic request from a client that piqued our interest, and we dug in to find some criminally shocking results.

Upon investigation, we uncovered that the applicant had reported multiple social security numbers and may have been using multiple credit profiles across various applications.

The applicant’s credit history had an abnormally low number of tradelines, suggesting that the applicant was trying to wash his credit profiles clean after every purchase attempt. The applicant’s income also varied significantly between applications.

But that’s not all!

Our research then revealed that the applicant had an extensive criminal record, and we were astounded to discover that he was meant to be in the Department of Correction’s custody during the application period and is currently wanted by them.

Thankfully, we acted swiftly and prevented the applicant from obtaining a “getaway” vehicle!

Fraudulent Activity Revealed this Week

This week the team of Fraud Analysts using Ni alerted lenders on the additional fraudulent activities:

Over 480 Alerts sent to clients for over $10.8 million in loan value
Over 9,600 distinct suspicious employers identified
Added another 260 synthetic identities to our proprietary data repository

Way to go Fraud Fighters!

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?

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 uses their natural intelligence (or Ni as we refer to it) to root out fraud rings and patterns with investigative techniques to alert our clients before they fund loans.

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