Byrider to Partner With PointPredictive as Machine Learning AI Partner to Prevent Fraud – CloudWedge

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Byrider selected PointPredictives machine learning AI scoring after extensive testing of the solution and evaluating retrospective results. In our retrospective test with PointPredictive, we saw a significant lift in identifying defaults tied to misrepresentation and fraud, said Gary Harmon, Chief Risk Officer of Byrider.

Aspart of the integration, Byrider will use the companys scoring solutionAuto Fraud Manager with Auto Fraud Alert Reporting to identifymisrepresentation and prevent default on high-risk applications whilestreamlining the approval process of low-risk applications to improve andexpedite both the consumer and dealer loan funding experience, ultimatelyexpanding their loan portfolio profitably.

PointPredictivelaunched Auto Fraud Manager with Auto Fraud Alert Reporting to help address the$6 billion-dollar annual problem of misrepresentation and fraud that plaguesthe auto lending industry. The solution uses machine learning to minehistorical data from applications across the industry to pinpoint where fraudis happening. Over 60 million applications have been evaluated and scored bythe unique machine learning AI system which is continuously learning newpatterns as they emerge.

PointPredictive is excited to partner with Byrider to help them achieve better relationships with their borrowers and their dealer network, advises Tim Grace, CEO of PointPredictive. Our solutions have proven to help lenders reduce their risk of early defaulted loans and, in the process, help them streamline loans for reduced stipulations and friction in the lending process. By better targeting risk, the end beneficiaries are their dealers and borrowers who can see a reduction in the time it takes to fund loans.

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Byrider to Partner With PointPredictive as Machine Learning AI Partner to Prevent Fraud - CloudWedge