June 19, 2024
News

CPS prevents $1 million worth of potential fraud in the first quarter

Consumer Portfolio Services introduced a cutting-edge artificial intelligence fraud detection system in the first quarter, resulting in saving the company more than $1 million in potential fraud losses. The implementation of this advanced tool comes in response to a surge in synthetic identity fraud specifically targeting the automotive sector, a threat that CPS aims to mitigate.

FAQs

  • What is the AI fraud tool launched by Consumer Portfolio Services?
  • How much money did the company save with the implementation of the new tool?
  • What motivated CPS to develop and deploy this technology?

Conclusion

In conclusion, Consumer Portfolio Services’ utilization of AI technology to combat fraud has proven to be highly effective, with significant cost savings and enhanced security measures. The company’s proactive approach in addressing emerging threats in the auto industry demonstrates their commitment to safeguarding their operations and customers.

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