Just as credit union executives spend a lot of time thinking about how to better serve their members, criminals spend a lot of time thinking about fraudulent schemes to get loans, particularly auto loans.
"Fraudsters come up with all sorts of ways to make lots of money, and they love cars because they can easily get rid of them and they are worth lots of money," said Frank McKenna, chief fraud strategist for PointPredictive, a San Diego-based firm that provides machine learning fraud solutions for financial institutions.
McKenna's research, based on reviews of past auto loan applications, statistical modeling and other industry expertise, found that auto fraud losses are expected to hit in the estimated range of $4 billion to $6 billion in 2017, from the estimated $2 billion to $3 billion in auto loan losses in 2015.
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