Point Predictive, the firm focused on AI-powered fraud solutions for the auto lending industry, has joined forces with Metro Jobber’s, Inc., a wholesale automotive distributor, to tackle the growing issue of auto loan fraud in the Detroit Metropolitan area.
This strategic partnership is set “to transform the landscape of automotive sales by giving turnkey access to Point Predictive’s BorrowerCheck solution to dealerships across the Detroit area.”
In Detroit‘s world of automotive sales, the need to combat fraud “is paramount.” Recent statistics from Point Predictive reveal “the gravity of the situation:”
Since January 2020, Point Predictive has reportedly “thwarted over $176 million in attempted fraud in the Detroit Metro Area.”
Notably, this includes “the identification of 224 fake employers and the prevention of more than 1,300 fraudulent loan applications, representing an astonishing $33 million in attempted fraudulent loans.”
Beyond loan applications, Point Predictive has also “identified over 5,800 fake identities used in more than $143 million worth of fraudulent activities in the Detroit Metro Area.”
To address these alarming trends head-on, Metro Jobbers, Inc. has “partnered with Point Predictive, bringing their proven solution to aid its 130 car dealers serving approximately 350 stores in the Detroit Metro Area.”
Point Predictive’s BorrowerCheck solution “offers instant detection of identity theft, income fraud and use of fake employment, which have skyrocketed in the last year at dealerships across the country.”
This innovative solution enables dealerships “to compare the information that the borrower provides on their loan application to Point Predictive’s proprietary data and third-party sources.”
Leveraging the very same data that auto lenders in the US have used to score over 150 million auto loan applications from more than 100,000 dealerships, BorrowerCheck demonstrates its capability “by accurately identifying over 90% of the fraud that eludes current fraud protection measures.”
Julie Knaffla, General Manager of Metro Jobbers, Inc., adds:
“Our commitment to our dealers goes beyond just providing supplies, equipment, and parts; it’s about ensuring they have the most advanced technology to succeed. We’re excited to introduce Detroit to Point Predictive and partner with them to proactively secure the future of Detroit Metro Area dealerships. We’re dedicated to ensuring they can continue to thrive in an environment increasingly threatened by fraud.”