SAN DIEGO, June 10, 2025 (GLOBE NEWSWIRE) -- Point Predictive, the leader in artificial intelligence solutions for consumer lending, today announced that Alabama Credit Union has adopted its AutoPass solution. The solution will enable them to automatically approve up to 80% of credit-qualified applications while simultaneously protecting members from sophisticated fraud schemes, including synthetic identity fraud, income misrepresentation, and identity theft.

Alabama Credit Union's decision to adopt AutoPass comes as the industry faces unprecedented challenges related to fraud. Point Predictive's latest analysis reveals that synthetic identity fraud has reached historic levels, with the risk index climbing 425% above baseline levels since 2017. And the problem is not just synthetic identity fraud. In 2024, auto lending fraud exposure reached an estimated $9.2 billion industry-wide due to higher levels of income, employment, identity, straw borrower, and dealer fraud, which led to increased default risk.

AutoPass allows lenders, banks, and credit unions to streamline loan decisions by automating fraud checks in the background and reducing friction on up to 80% of approved loans. The automation creates a significantly faster experience for credit union members while providing comprehensive fraud detection capabilities.

“Alabama Credit Union's adoption of AutoPass demonstrates their forward-thinking approach to member service and fraud prevention," said Tim Grace, CEO of Point Predictive. "By automating decisions and focusing manual review and stipulations only where needed, they will enhance the experience for legitimate members while staying ahead of increasingly sophisticated fraud threats."

Alabama Credit Union will also benefit from Point Predictive's massive proprietary data repository, which analyzes patterns across over 320 million reported incomes totaling $4 trillion in loan value across 275 million historic applications. This extensive dataset enables the system to identify subtle fraud indicators that might go undetected in smaller systems.

"We needed a solution that would help us serve our members better while protecting them from the sophisticated fraud we were seeing," said Steve Swofford, CEO of Alabama Credit Union, “AutoPass will give us the automation we need to approve good loans quickly, while its comprehensive fraud detection will help us identify the small percentage of applications that require closer scrutiny. The consortium data will be invaluable because it helps us recognize fraud patterns from across the industry."

The AutoPass system generates over 150 comprehensive alerts covering the full spectrum of fraud risks, including identity fraud, income fraud, employment fraud, straw borrowers who purchase vehicles for others while representing transactions as personal, and collateral fraud involving vehicle identification number misrepresentation.

This comprehensive coverage will ensure Alabama Credit Union can identify fraud attempts while maintaining smooth operations for legitimate members.

About Point Predictive

Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our 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 most loans without requiring onerous documentation, such as pay stubs, utility bills, or bank statements, improving funding rates while reducing early payment default losses. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line. For more information, please visit pointpredictive.com.

About Alabama Credit Union

Alabama Credit Union is a member-owned financial cooperative dedicated to providing competitive financial services and exceptional member experience throughout Alabama. The credit union offers a full range of financial products and services designed to help members achieve their financial goals while maintaining the personalized service that defines the credit union difference.

For more information, contact info@pointpredictive.com

Media Contact: Jill Robb - JROBB@PointPredictive.com