Point Predictive Inc., the San Diego-based company that provides machine learning solutions to lenders, announced today that the U.S. Patent Office has granted the company a patent for the Ai technology that powers their flagship product – Auto Fraud Manager. The patent covers the core underlying scoring technology that is used to provide risk assessments on millions of monthly applications for auto loans, helping lenders determine whether to streamline the application or place additional stipulations to obtain more information. Auto Fraud Manager’s patented scoring technology has enabled lenders to increase loan capture rates in certain portfolio segments by up to 50% while reducing early out losses by 30% or more.
“As a technology company, our mission has always been to help transform the lending industry and to empower more trust in lending,” states Tim Grace, CEO of Point Predictive. “We’re proud that we have been granted our first patent for our Ai technology that breaks new ground in fraud and misrepresentation detection. This invention helps transform a lender’s risk management processes by identifying the applications that can be streamlined without costly and laborious verification stipulations. We’re continuing to push the industry forward and have more patent applications in the review process covering additional aspects of our solutions.”
Patent Number 10,586,280 – Risk-Based Machine Learning Classifier – recognizes Point Predictive’s unique approach to fraud detection that leverages a multi-segmented approach identifying fraud from multiple perspectives. This powerful new approach enables Point Predictive’s solutions to predict fraud, misrepresentation and early payment default in a unique and powerful manner. In multiple customer tests and in production use, the models predict up to 40% more risk than a lender’s currently deployed processes, strategies and third-party tools. This risk prediction allows Point Predictive customers to know which applications can automatically be trusted as low risk without further stipulations or verification.
In addition to this patent, Point Predictive has four additional patent applications currently under review. The applications address innovation in other components of Point Predictive’s solution suite including DealerTrace and IncomePass™.
DealerTrace assesses a lender’s dealer-level risk with each application as well as nationwide across all lenders. DealerTrace’s innovative technology leverages advanced machine learning to identify patterns of dealer risk up to 120 days sooner than traditional scorecards and metrics employed by auto lenders.
IncomePass™ provides an instant risk assessment of a borrower’s stated income so lenders can streamline their verification requests. IncomePass enables lenders across mortgage, auto and fintech to streamline up to 75% of their loans by accurately identifying which stated incomes are legitimate prior to approving loans.
For auto lenders that are interested in more information about Auto Fraud Manager, DealerTrace, or IncomePass, please contact email@example.com.
About Point Predictive Inc.
Point Predictive helps automotive, mortgage, retail and personal loan finance companies to identify the consumer applications with truthful and reliable information without the intense interrogation and verification of data caused by lower tech solutions currently in use. Highly regarded as the most trusted fraud and misrepresentation analytic solution providers, Point Predictive has transformed that trust to enable lenders to fund more loans to more consumers simply. Point Predictive uses big data powerfully orchestrated from millions of examples of true and falsified loan applications, billions of derived proprietary data elements, and scientifically selected 3rd party data sources to build powerful machine learning models with the added natural intelligence of human experience. Located in San Diego, California, more information about Point Predictive can be found at www.pointpredictive.com.