Federal credit union PenFed Credit Union has revealed it will use US-based PointPredictive’s full suite of auto lending fraud prevention solutions.
As part of the agreement, PenFed will leverage PointPredictive’s patented tech and best-in-class fraud analyst team in order to reduce fraud and early payment default risk on its auto lending portfolio. One of the reasons for this initiative is to provide its members with an even more secure experience, BusinessWire reveals.
PointPredictive will provide PenFed access to their full suite of risk solutions, such as Auto Fraud Manager with Auto Fraud Alert reporting. Thus, PenFed will be provided with machine learning scoring for each application, unique machine learning individual dealer scoring, and further assessment against 100 actionable alert conditions that assist in the identification of risk of fraud or early default loss. Moreover, PenFed will also leverage PointPredictive’s Outsourced Fraud Management (OFM) service driven by PointPredictive’s forensic fraud analyst team that researches high scoring applications and alerts to confirm fraud.
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