NEW YORK–(BUSINESS WIRE)–Scienaptic AI, the leading AI-powered credit underwriting platform provider, and SentiLink, the leading identity verification and fraud detection solutions provider, are excited to announce an enhanced product partnership. This product alliance comes in response to the escalating challenges of identity theft and the growing threat of synthetic identity fraud in the digital lending environment. The strengthened partnership is set to equip credit unions and lenders with advanced tools to combat fraud effectively.
Identity fraud remains a significant cause of losses for credit unions, and the risk presented by synthetic identities is a growing concern. Recent studies reveal a shocking 1.8 million consumer credit accounts potentially compromised by synthetic identity fraud within just a year. Alarmingly, over 30% of these accounts were at risk of major delinquency or charge-offs, resulting in average losses of $8,000 – $10,000 per incident.
In light of this alarming trend, the partnership between Scienaptic and SentiLink is set to revolutionize fraud detection. By equipping credit unions and lenders with cutting-edge tools, this alliance aims to intercept fraudulent applications at the point of origination, thereby preserving the integrity of the lending process and protecting the experiences of genuine members. Credit unions are also able to leverage SentiLink’s solutions to re-verify identities of existing members when, for example, personal information is changed on an established account.
“By combining SentiLink’s data with Scienaptic’s AI, we’re equipping financial institutions with the necessary tools to effectively mitigate fraud risks and enhance the decision-making process behind their loans,” stated Vivek Ahuja, Head of Alliances Development at SentiLink. “Our analysis has shown that over 15% of synthetic identities specifically target credit unions. Our risk solutions, which are designed to detect identity theft and synthetic fraud at the point of application, form the core of this partnership. This collaboration enables financial institutions to approve more members safely, without introducing unnecessary friction into the onboarding process.”
Steve Perez, Loan Production Manager at Altura Credit Union, added, “Through SentiLink and Scienaptic, we’re revolutionizing fraud detection and prevention with AI-powered data analysis and pattern recognition. The platform scrutinizes origination data, delivering predictive scores, attributes, and insights to pinpoint fraudulent applications. As a result, we are experiencing diminished fraud losses and an enhanced member experience.”
“Our partnership with SentiLink is a cornerstone in our ongoing commitment to revolutionizing the technology used in credit decisioning,” said Eric Steinhoff, EVP Client Impact at Scienaptic AI. “The integration of our technologies offers a holistic underwriting approach that harnesses fraud data and AI. This fusion creates highly predictive signals, effectively reducing fraud risk, optimizing decision-making processes, and ultimately leading to a rise in approvals for deserving members. We stand united with credit unions in our shared mission to combat financial fraud.”
SentiLink, the leading provider of innovative identity and risk solutions, empowers institutions and individuals to transact confidently with one another by preventing synthetic fraud, identity theft, and emerging forms of first party fraud at the point of account application. Its solutions enable these secure transactions by leveraging a deep understanding of identity and risk, and are informed by machine learning models and insights from a team of top risk analysts. SentiLink proudly serves a broad array of financial institutions, from the largest U.S. banks to leading credit unions and fintech unicorns to help stop fraud at account opening and beyond. Headquartered in San Francisco, the company was founded in 2017 by Naftali Harris and Max Blumenfeld and it has raised $85M to date from investors including Andreessen Horowitz, Craft Ventures, and NYCA Partners, among others.
Scienaptic AI’s mission is to increase credit availability across the globe by transforming the technology used in credit decisioning. Credit unions, auto lenders, banks, and fintechs, use Scienaptic’s AI native credit decisioning platform to continually improve the quality and speed of their underwriting decisions. The platform enables FIs to reach more borrowers, including underbanked and underserved individuals, and say “yes” more often without increasing risk. It democratizes automated AI-powered lending while addressing all regulatory requirements, including Fair Lending and explainable adverse actions.
Scienaptic-enabled lenders have processed more than 300 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai