Banking Fintech News Risk Management

M&T Bank Enlists Point Predictive’s Powerful Outsourced Fraud Mitigation to Keep Auto Loan Risk at Bay

M&T Bank Enlists Point Predictive’s Powerful Outsourced Fraud Mitigation to Keep Auto Loan Risk at Bay

Point Predictiv, the San Diego-based company that provides machine learning solutions to the lending industry, today announced that M&T Bank has adopted the company’s Outsourced Fraud Mitigation (OFM) service to maintain the upper hand in the fight against auto loan fraud.

Read More:Rellevate and Richard Petty Announce the Richard Petty Icon Gift and Reward Cards

OFM is a fraud prevention service that alerts lenders about suspicious loan applications at very low false positive rates. This service is delivered through Point Predictive’s seasoned fraud analyst team using the company’s patented Artificial + Natural Intelligence™ (Ai+Ni) technology with its unique consortium data set. OFM gives lenders a more powerful fraud prevention strategy by identifying the riskiest applications and recommending or performing the appropriate verification measures.

“At M&T Bank, protecting our customer’s accounts and information and detecting where there may be a risk is a top priority,” said Michael McClintock, Group Vice President and Director of Consumer Lending Credit Operations at M&T Bank. “By partnering with Point Predictive and investing in advanced security tools, we’re providing frictionless fraud detection capabilities that seamlessly integrate into the customer journey, to stop fraudulent activity before it starts.”

Read More: Auto FinTech Startup MotoRefi Announces $10M Funding

Point Predictive Co-Founder Frank McKenna, a recognized and respected fraud industry expert, conceived of the Outsourced Fraud Mitigation service, which combines Ai+Ni technology with a consortium data set encompassing 80 million loan applications, billions of data points, and a multi-dimensional database of fraudulent activity. Lenders using this proprietary fraud prevention technology to analyze industry-wide consortium data can detect 30-40% more fraud while eliminating annoying and time-consuming verifications and stipulations on 50% or more low-risk, legitimate consumer applications. Lenders have seen a substantial benefit to dealer and consumer experiences by reducing the friction on those low-risk applications.

“Lenders will always be targets of fraudsters, but Outsourced Fraud Mitigation can minimize the impact of fraud and material misrepresentation to lenders while keeping risk operations costs lower,” said Tim Grace, Chairman and CEO of Point Predictive. He continued, “It’s a pleasure to work with an innovative bank that is committed to keeping fraud at bay. With OFM, M&T Bank will be able prevent difficult-to-detect fraudulent loans from sneaking onto the books and deliver a smooth loan decision process to trustworthy borrowers.”

Read More: Corvee Releases 2021 Tax Season Questionnaires in Tax Planning Software

Related posts

HSBC and Nova Credit Launch Partnership to Offer Customers Borderless International Credit Checking

Fintech News Desk

With An Unwavering Commitment To Data Security, DailyPay Achieves The Highest Security Certification In The Industry

Fintech News Desk

BAI Research Reveals Large Banks Still Lead in Small Business Banking, but Neo-banks are Making Fast Inroads

Fintech News Desk
1