Point Predictive Identifies $1 Billion in Loan Fraud

By Staff Writer January 18, 2022

More than 5,000 fake employers have been found on auto loan applications, as Point Predictive reaches the milestone of identifying $1 billion in fraud loan value. The findings took place from February 2019 through December 2021.

Point Predictive, based in San Diego, found borrowers had created fake employers to generate forged paystubs and falsified income in order to qualify for financing. The fake employers were identified during investigations of loan applications flagged by Auto Fraud Manager - the company’s consortium risk scoring solution used by auto lenders nationwide.  

“The rise in the use of fake employers on credit applications is astounding, and the $1 billion threshold only proves the growing threat of this problem,” said Justin Hochmuth, senior fraud analyst at Point Predictive. “We’re uncovering about 100 fake employers that are being created each week. The exceptional work done by our team and the power of Auto Fraud Manager prove that we are addressing this threat head-on and strengthening value to our partners as we work to significantly reduce fraud in multiple industries, from auto loans to mortgages and even personal loans and apartment rentals.”

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Last modified on Monday, 24 January 2022 14:48