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Criminals these days are more advanced than ever. As the shift to digital continues to accelerate, it is increasingly important for automotive finance companies to have sophisticated protective measures in place for fraud, faceless transactions, anti-money laundering, digital identity and cybersecurity.
In the United States, it is estimated that automotive finance application fraud alone costs $2-3 billion per year. The worst part is that this is only one of the myriad of threats facing the industry. Successful companies need to systematically identify threats, understand risk, and deploy counter measures on multiple fronts.
FICO delivers an analytic platform that leverages the latest in artificial intelligence, machine learning, and predictive analytics to help you understand where there is clear fraud and accurately make decisions when you are in the grey area between fraud and risk. This includes providing you with key insights in a broad set of financial crime scenarios, including:
Teams we work with:
Credit — Improve your auto-approval and auto-decline rates and reduce subjectivity in the credit decision process.
Fraud — Put in place alerts at point of origination, improve root cause analysis, and use case management to ensure successful resolution.
Line of Business — Improve your profitability and cut fraud losses for your portfolio. Engage with dealers to partner and reduce chargebacks.
IT — Cut through the noise with objective cyber exposure score and prioritize the right counter measures that will reduce the risk of data breaches.
Transaction Monitoring Based on Advanced Analytics.
A lifecycle solution to identify, verify and know your customer.
The most accurate security rating service to determine the risk profile of any organization.
Stop fraud at the point of origination.
Proactively uncover fraud rings with graph analytics.
The auto finance industry faces enormous pressure to ramp up its digital presence to appeal to today’s modern auto buyers – a consumer group that is increasingly unwilling to spend time at dealerships awaiting financing. Instead, buyers ar...
FICO® Identity Resolution Engine gives banks, insurers, retailers, telecom providers, and government agencies the most effective technology combination for detecting and investigating financial crimes, bolstering security, and ensuri...
Cybersecurity strategies often consist of “whack-a-mole” exercises focused on the perpetual detection and mitigation of vulnerabilities. As a result, organizations must re-think the ever-escalating costs associated with vulnerability manag...
The way most auto lenders seek performance gains in origination is like walking around a dark room with a dim flashlight. The sightline is a few steps ahead in one direction. Select and test a new strategy. If it’s successful, roll it out. Start from there in the next round, and then take a few more steps.