SAN DIEGO, Dec. 16, 2025 (GLOBE NEWSWIRE) -- Velocity Credit Union, a member-owned financial institution, has partnered with Point Predictive, the leader in consumer lending fraud prevention solutions, to implement AutoPass™. The move provides Velocity with the industry's only comprehensive fraud and misrepresentation detection platform that monitors 100% of auto lending fraud risks while making it easier and faster for members to secure vehicle financing.
Unlike traditional fraud solutions that focus narrowly on identity theft and do not address early payment default risk, AutoPass protects Velocity Credit Union across the full spectrum of lending fraud, which can often lead to hidden defaults. Point Predictive's analysis shows that up to 70% of lenders' early-payment default losses are associated with fraud or misrepresentation in applications.
AutoPass detects hidden identity risks and synthetic identity fraud, identifies income and employment misrepresentation, and flags emerging fraud schemes, including credit washing and bust-out schemes that often lead to early payment defaults.
"We needed a solution that could see the complete picture of fraud risk, not just pieces of it," said James Bolin, Chief Lending Officer at Velocity Community Credit Union. "AutoPass gives us that view. It protects our members from fraud rings that can cause higher-than-expected losses while making the loan process faster for all our members."
The partnership comes as auto lending fraud has become more sophisticated and more complex to detect. Credit washing has surged as fraudsters exploit gaps in credit reporting systems. Synthetic identity fraud, in which criminals create fictitious identities using real and fake information, is now one of the fastest-growing fraud types in financial services. Traditional identity verification tools often miss these schemes because they assess identity in isolation rather than examining the entire loan application for inconsistencies.
AutoPass addresses this challenge through its proprietary data repository, which contains more than 86 billion unique data points derived from over 290 million historical loan applications. The system delivers a real-time risk score and generates more than 150 specific fraud alerts spanning identity fraud (including traditional identity theft and synthetic identities), income fraud, employment fraud, straw borrower schemes (where someone purchases a vehicle for another person while representing the purchase as their own), and collateral fraud (misrepresentation of vehicle identification numbers or vehicle condition).
"Velocity Community Credit Union recognizes that bureau-based fraud detection and alerts are not enough," said Tim Grace, CEO of Point Predictive. "The fraudsters are too sophisticated. They layer multiple fraud types into a single application. AutoPass was built specifically to catch those patterns because we analyze the entire application, not just one element, and we also identify which of those risks are actually correlated with hidden default risk, which separates our approach from other vendor solutions."
The solution allows Velocity Community Credit Union to automatically process up to 80% of credit-approved applications without requiring members to submit onerous documentation or other time-consuming stipulations. This approach reduces the typical loan approval timeline from days to minutes for low-risk applicants while simultaneously identifying high-risk applications that warrant additional scrutiny.
About Velocity Credit Union
Velocity Community Credit Union has served the Palm Beach, FL, community since 1958, providing member-owned financial services, including vehicle loans, home loans, personal loans, credit cards, and comprehensive checking and savings accounts. With three branches across the Palm Beach area and advanced digital banking tools, Velocity offers free checking, competitive rates, and fewer fees than traditional banks. The credit union is committed to helping members achieve financial freedom through personalized service and innovative financial solutions. Learn more at velocitycommunity.org.
About Point Predictive
Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from its proprietary data repository, and decades of risk management expertise. The company's data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation such as paycheck stubs, utility bills, or bank statements, improving funding rates while reducing early payment default losses. Borrowers get loans faster, and lenders realize a more profitable bottom line. For more information, visit www.pointpredictive.com.
For more information, contact info@pointpredictive.com
Media Contact: Jill Robb Point Predictive jrobb@pointpredictive.com
