Point Predictive Inc., the San Diego-based company that provides artificial intelligence solutions, announced BorrowerCheck™ 2.0, a solution designed to identify prospective borrowers with identity, income, or employment-related risks. The solution’s new features introduce a consumer-friendly way 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 wide range of public information that can be accessed by fraudsters and that legitimate consumers have a hard time answering. Data reveals that up to 92% of fraudsters can successfully pass knowledge tests compared to 46% of legitimate customers.
BorrowerCheck 2.0 revolutionizes the way the industry will manage risk by combining identity, employer, and income validation and compliance risk requiring only a few fields of data in a single request via a real-time API or user-friendly, web-based interface. This groundbreaking advancement allows companies to look beyond standard identity indicators available through public records 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) check required by federal regulations and provide a comprehensive red-flag report that reveals disparities in self-reported data.
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When additional scrutiny is warranted, the solution provides suggestions for alternative ways to validate a consumer’s reported information. One of those ways is through phone-based authentication rather than relying on onerous and ineffective knowledge-based authentication surveys. Using phone-based authentication, BorrowerCheck enables lenders and automotive dealers to validate a borrower’s identity in seconds by providing consumers with a one-time passcode on their mobile devices. This significantly reduces the friction consumers experience attempting to complete KBA quizzes and lessens the time it takes to verify the consumer’s identity while limiting the likelihood of fraud.
SOURCE: PR Newswire