SAN DIEGO, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Point Predictive, the leader in AI solutions for fraud prevention, today announced a strategic partnership with OTTOMOTO® to integrate its advanced fraud detection and income & employment validation solutions into their comprehensive platform.
With auto lending fraud reaching nearly $8 billion last year, dealers and lenders face mounting challenges from synthetic identities and credit-washing schemes as well as income & employment misrepresentation. Lenders are increasingly finding and pushing back defaulted fraudulent loans to dealers. Dealers are struggling to absorb the pushbacks. Both dealers and lenders are looking for ways to stop fraud at dealerships before it even gets to the lenders.
The integration with Point Predictive's IEValidate™, BorrowerCheck™ and DealerCheck™ solutions means that OTTOMOTO® dealers and lenders will have turnkey access to the most advanced identity, income, and employment validation services available. DealerCheck will also help lenders and dealership owners monitor loan application processes and ensure that fraud checks are in place and that risk remains low.
"Helping dealers and lenders address the nearly $8 billion in fraud hitting the auto industry is our priority," said Tim Grace, CEO of Point Predictive. "By working with state-of-the-art platforms like OTTOMOTO®, we can provide turnkey access to thousands of dealerships and lenders to stop the majority of the loan pushbacks. With the integration, they can detect and prevent fraud they are missing today, reduce false positives from their current red flag tools, and validate income in real-time without using pay stubs or bank statements, enabling an easier process for dealers."
The Best Platform Delivering a Better Way to Manage All Risk
Through the OTTOMOTO® platform, dealers and lenders will gain immediate access to Point Predictive's solutions to stop more fraud and streamline their most critical and time-consuming verification processes.
OTTOMOTO® customers will have access to:
IEValidate – Validate Income and Employment Without the Hassle of Pay Stubs
With IEValidate, dealers and lenders can eliminate requests for pay stubs, which are difficult for an applicant to provide and are often forged. IEValidate is easier, faster, and more reliable, which means less work for everyone, including the applicant. In less than 1 second, a dealership can receive a full report on an applicant’s income and employment history. In addition, IEValidate confirms that the employer is not one of the 11,000 fake employers that we have identified as being used on fraudulent applications in the U.S. today.
BorrowerCheck – Stop Pushbacks and Eliminate Credit Bureau Interview Questions
No more unexpected pushbacks. BorrowerCheck eliminates dated red-flag checks which are often inaccurate and take too much time to review. New alerts provide clear direction on where the risk is, and how to resolve it quickly.
The solution also replaces antiquated Credit Bureau Interview Questions that can take 5 minutes or more to complete. Instead of those questions, BorrowerCheck provides SMS-based verification, which can be completed in less than 20 seconds. The solution works better and is faster than existing red flag tools used by dealers.
DealerCheck – Dashboards to Enable Better Partnership with Lenders
With DealerCheck, lenders and dealers get information that helps them track growing risks to avoid pushbacks and make smarter decisions about working together.
DealerCheck lets dealers and lenders:
- See detailed reports about their dealers
- Compare their dealer’s performance to other dealers
- Spot trending of high-risk applications before they become big issues
- Make smarter decisions, optimize stipulations and discounts, improve watchlist and working relationships with dealers
All Powered by Data
The new solutions available to OTTOMOTO®’s customers are driven by Point Predictive’s data which is unlike any data from a credit bureau. With over 269 million reported incomes and information on 22 million employers in the U.S., dealers get access to real history that enables automation to modernize a dealer’s operations and sell more cars faster.
"OTTOMOTO® is dedicated to streamlining the auto retail finance process," said Paul Nicholas, CEO at OTTOMOTO®. "Integrating Point Predictive's advanced solutions gives our dealers the tools to close deals faster while protecting their businesses from fraud."
For more information on the Point Predictive and OTTOMOTO® partnership, please get in touch with Justin Davis at jdavis@pointpredictive.com.
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 pay stubs, utility bills, or bank statements, improving funding rates while reducing early payment default losses. Subsequently, borrowers get loans faster, and lenders realize an increased bottom line. For more information, please visit pointpredictive.com.
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About OTTOMOTO®
OTTOMOTO® is a premier provider of lending technology for the auto, RV, Powersports, Marine, and aircraft industries. Focused on digital innovation, OTTOMOTO® is redefining traditional financing practices with a secure, transparent, and compliant process that benefits dealers, lenders, and consumers. With strategic partnerships and decades of industry expertise, OTTOMOTO® is committed to advancing the future of finance through cutting-edge technology solutions.
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