Point Predictive Fraud Catch of the Week

If the Shoe Fits…

Welcome to this week’s fraud alert email, 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.

Get Free Access to the Top 10 Fake Employers List

In case you missed this offer last week, if you are a lender, bank or finance company, get in touch and we can send you the Top 10 Fake Employers we have identified in Q1.

Point Predictive continually monitors trends in the numbers of fake employers and synthetic identities used in applications, alongside additional insights such as default rates.

Many fake employers are associated with loans that have 40% to 100% default rates and more than 35% of applications that used fake employers also used synthetic identities.

Our research has indicated that there is a correlation between fake employers, income misrepresentation, synthetic identities, and various other forms of fraud.

The Point Predictive Ai+Ni approach gives banks and lenders the best defense against dynamic fraud, which is critical to preventing unnecessary losses.

To access a list of the Top 10 Fake Employers identified in Q1, complete the form and one of our team will be in touch.

*Access to this list is only provided to finance companies, banks or auto lenders following verification.

Fraud Catch of the Week

If the Shoe Fits…

This week the team identified some suspicious activity originating from a dealer in Baton Rouge, LA, involving a shoe boutique in a nearby city. Over two dozen of applicants have claimed to work as managers, cashiers, in sales or in customer service at this small retail store in an outlet mall.

Records show that the business owner, also a recent loan applicant, is associated with multiple SSNs and was previously arrested for identity theft and bank fraud as confirmed with the local Police Department. The other applicants claiming to work for this business are also linked to numerous SSNs, signaling elevated synthetic identity risk.

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 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.

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?