Consumer Portfolio Services introduced an artificial intelligence fraud detection system in Q1 which resulted in savings exceeding $1 million associated with fraudulent activities. This new tool was implemented by CPS in response to a notable increase in synthetic identity fraud within the automotive sector. The primary goal of this technology is to reduce instances of fraud and protect the company’s assets.
FAQ
1. What prompted Consumer Portfolio Services to implement the AI fraud tool?
Consumer Portfolio Services decided to implement the AI fraud tool due to a significant rise in synthetic identity fraud targeting the auto industry.
Conclusion
The introduction of the AI fraud tool by Consumer Portfolio Services has proven to be effective in detecting and preventing fraudulent activities, resulting in substantial cost savings for the company. This initiative highlights CPS’s commitment to enhancing security measures and protecting its assets from potential threats.
