New features help replace costly and ineffective knowledge-based authenticationcation tools
SAN DIEGO, December 20, 2022 /PRNewswire/ — Point Predictive Inc., the San Diego-based company that provides artificial intelligence solutions, today announced BorrowerCheck™ 2.0, a solution for identifying potential borrowers with identity, income or work-related risks. The solution’s new capabilities introduce a consumer-friendly method to validate a borrower’s identity, income and employment in a single report, along with phone-based authentication to confirm a borrower’s identity. This solution helps lenders replace knowledge-based authentication (KBA) tools that use questions generated from a variety of public information that fraudsters can access and that legitimate consumers find difficult to answer. The data shows that up to 92% of scammers can successfully pass knowledge tests, compared to 46% of legitimate customers.
BorrowerCheck 2.0 revolutionizes the way the industry manages risk by combining identity, employer and income validation and compliance risk with only a few data fields required in a single request via a real-time API or easy-to-use web-based interface . This breakthrough advance allows organizations to go beyond standard identity indicators available in public records and look to rich new signals on identity, income and employment fraud. The solution has also been enhanced to automate the mandatory Office of Foreign Assets Control (OFAC) audit mandated by federal regulations and provide a comprehensive red flag report that reveals discrepancies in self-reported data.
When additional verification is warranted, the solution offers suggestions for alternative ways to validate the information reported by a consumer. One of those ways is to use phone authentication instead of relying on tedious and ineffective knowledge-based authentication surveys. Using phone-based authentication, BorrowerCheck enables lenders and car dealers to validate a borrower’s identity in seconds by providing consumers with a one-time passcode on their mobile devices. This reduces the friction for consumers attempting to complete KBA quizzes and reduces the time it takes to verify the consumer’s identity, while also limiting the likelihood of fraud.
“Helping businesses mitigate risk and provide faster and smoother financing for honest borrowers is our top priority,” he said Tim Grace, CEO of Point Predictive. “Traditional identity solutions rely primarily on data from public records, and these sources have no visibility into employment forgery or income manipulation. With BorrowerCheck, companies can now not only access data from public records, but also our proprietary risk data, which includes information on more than 17 million employers and 147 million reported earnings. We solve risk by filling in the blind spots for lenders that existing solutions don’t cover. This is a game changer in identity verification as it is a much simpler approach for both lenders and their consumers. ”
BorrowerCheck customers can expect to reduce the cost of validating consumer identity, income and employer information and improve the consumer lending process. Using a simple record such as the consumer’s full name, address, phone number, date of birth and social security number, lenders and merchants can access a comprehensive alert that verifies a borrower’s identity, income and employer in a single report.
BorrowerCheck is powered by the proprietary Point Predictive data consortium, which includes more than 20 billion unique consumer risk attributes derived from more than 120 million consumer loan applications. This unique data source enables BorrowerCheck to accurately identify identity, income and employment inconsistencies, key indicators of fraud and misrepresentations that can lead to early payment defaults.
Point Predictive invites lenders and car dealers to visit who would like to learn more about BorrowerCheck https://pointpredictive.com/ or contact [email protected].
About Point Predictive Inc.
Point Predictive enables a new level of confidence and speed in lending through the unique combination of artificial intelligence, a powerful data consortium and decades of risk management experience. The company’s data and technology solutions quickly and accurately identify who is truthfully reporting their loan applications and who is not. As a result, lenders are now able to easily fund loans without asking the vast majority of applicants for incriminating documentation such as payslips, utility bills, or bank statements. This improves funding ratios by 40-50% while reducing overall losses from prepayments by more than 30%. Borrowers get loans faster and we significantly increase profits for a lender’s bottom line. located in San Diego, CaliforniaFor more information on Point Predictive, see www.pointpredictive.com.
SOURCE Point Predictive
