SAN DIEGO, May 09, 2024 (GLOBE NEWSWIRE) -- Point Predictive, the leader in artificial intelligence ("AI") consumer lending solutions, today announced the release of its highly anticipated 2024 Auto Lending Fraud Trends Report. The Report represents Point Predictive's most comprehensive analysis to date, drawing upon intelligence gathered from over 180 million historical loan applications and 27 billion unique insights. This extensive dataset encompasses billions of dollars in both unsuccessful and successful fraud attempts nationwide, providing unparalleled depth and accuracy in identifying emerging fraud trends.
“We are delighted to share our 2024 Auto Lending Fraud Trends Report with the public,” said Frank McKenna, Co-founder and Chief Fraud Strategist at Point Predictive. “Since 2017, Point Predictive has proudly served the auto finance industry, delivering innovation and automation to help manage the problem of auto lending fraud. We always knew that the collective insights and collaboration of the auto finance industry working together to fight fraud was the future, and we are proud to be driving that effort.”
Key findings from the report include:
- An estimated fraud loss exposure of over $7.9 billion to the auto industry.
- A staggering 98% growth in synthetic identity attempts, signaling a significant shift in fraud tactics.
- A 30% increase in credit washing, driven by illicit credit repair activities.
- A 27% rise in bust-out reports amidst tightening economic conditions.
- The looming threat of rising fraud and defaults due to escalating affordability risk.
- The emergence of “Fraud as a Service,” fueled by increased social media method sharing online.
Point Predictive’s expanded solution portfolio, now serving both auto lenders and dealers nationwide, aims to empower stakeholders with cutting-edge AI technology and shared fraud intelligence. By leveraging its patented AI algorithms and vast proprietary data repository, Point Predictive remains at the forefront of combatting fraud in auto finance.
"Our commitment to innovation and collaboration within the auto finance industry has never been stronger, and as we continue to advance, we are dedicated to staying ahead of emerging fraud trends to ensure a more secure future for the industry,” added McKenna.
To download the 2024 Auto Lending Fraud Trends Report, please click here.
About Point Predictive
Headquartered in San Diego, California, 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. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paycheck stubs, utility bills, or bank statements, improving funding rates by 40-50% while reducing early payment default losses by more than 30-50%. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line. For more information, please visit https://pointpredictive.com/.
Media Contact:
Jacqueline Silva
Jacqueline.silva@pointpredictive.com
