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Westlake Financial Services Adopts PointPredictive Auto Fraud Manager

Leading auto lender will leverage machine learning, predictive analytics, and nationwide data consortium to improve fraud detection and loan profitability

PointPredictive Inc., the San Diego-based machine learning company, announces that Westlake Financial Services is its newest auto-lending client. As part of this relationship, Westlake will use the company’s scoring solution, Auto Fraud Manager, to identify misrepresentation and prevent default on high-risk applications, while streamlining the approval of the lowest risk applications to improve the consumer and dealer experience.

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Westlake selected PointPredictive after analyzing the results of their retrospective test and live pilot. “In our test with PointPredictive, we saw an added lift in identifying defaults tied to misrepresentation on top of our existing fraud scores and tools,” said Ian Anderson, Group President at Westlake Financial Services. “The PointPredictive machine learning approach to scoring risk and their unique data consortium is what separates them from the other solutions in the market.”

PointPredictive launched Auto Fraud Manager in February 2017 to help address the $6 billion annual problem of misrepresentation and fraud that plagues the auto lending industry. Auto Fraud Manager uses machine learning to mine historical data from applications across the industry to precisely pinpoint where fraud is happening. Over 60 million applications have been evaluated and scored by the system, which is continuously learning new patterns as they emerge.

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“PointPredictive is thrilled to be partnering with Westlake to help them better target fraud and misrepresentation that leads to losses,” says Tim Grace, CEO of PointPredictive. “As one of the fastest growing lenders in the nation, Westlake is always looking for ways to safely grow their business with minimal friction to borrowers and dealers. With Auto Fraud Manager, we can offer the precise scoring Westlake needs to achieve that delicate balance.”

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