PointPredictive has partnered with Digital Matrix Systems to fight the rising types of fraudulent attacks.
As part of the deal, PointPredictive will integrate its suite of misrepresentation and fraud scoring solutions into Digital Matrix. The solutions being implemented include the auto fraud manager, synthetic ID alert and income validation alert.
By combining the technology, it will offer turnkey access to more than 1,200 clients on the platform and help them to identify misrepresentation and fraud during the opening of new accounts or applications.
Digital Matrix’s clients will now have real-time access to the auto fraud manager solution which uses enhanced predictive algorithms that evaluate the entire loan application and recent dealer activity. This enables them to screen and detect all fraud types including identity, employment, income, collateral and dealer risk.
Alongside this, they will also access the Synthetic ID Alert which helps banks to identify applications submitted by consumers through false identities. The validation alert system will give banks the capability to identify legitimate stated incomes on claims of income applications.
Digital Matrix vice president of business development Mark Dreux said, “Our clients are looking for ways to better identify the emerging fraud types that PointPredictive specializes in detecting.
“Synthetic identity fraud, lending fraud and income misrepresentation are key pain points for many of our clients, and they are always looking to us to help them manage these emerging risks to reduce their losses. This partnership gives our clients access to fraud signals and patterns before they fund loans or open new accounts.”
Digital Matrix Systems is a risk management solution provider which help financial services, insurance, and brokerages to predict and manage risk. Its services include data warehousing, advanced analytics, scoring models and consultation services.
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