Point Predictive, 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.
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."
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."
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About Point Predictive Inc.
Point Predictive is an Ai technology company with deep expertise in building machine learning scoring models that have been widely deployed by banks and lenders. Point Predictive solutions enable lenders to fund more loans using a patented combination of Artificial and Natural Intelligence [Ai+Ni] that powers machine learning risk assessments. Point Predictive helps automotive, mortgage, retail, personal lending and student loan finance companies identify consumer loan applications that have truthful and reliable information without the intense interrogation and verification of data prompted by solutions currently in use. Highly regarded as one of the most trusted fraud and misrepresentation solution providers to financial services companies, Point Predictive leverages that experience to help lenders safely fund more loans to more consumers while reducing their first-party and third-party misrepresentation and fraud losses. Point Predictive is a big data company using unique insights powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected third-party data sources to build powerful machine learning models augmented by the natural intelligence of human experience. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.
M&T Bank Corporation (NYSE:MTB)("M&T") is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
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Vice-President of Marketing & Growth, Point Predictive