Fraud Risks are Closer Than They Appear
Fraud and identity theft in the auto industry continue to make headlines with the result bringing significant monetary losses for dealers. Many of today’s consumers begin the buying journey online and even complete the purchase transaction before visiting the dealership. This online process adds a layer of complexity as dealers try to confirm and validate identities before fraud or theft can take place. Without proper precautions, dealers will continue to experience bottom-line losses from a variety of fraudulent activities. Backed by Experian with years of experience in fraud solutions we now offer our fraud solution to the automotive marketplace. With Experian Automotive’s Fraud Protect™, we can help predict risk and protect your dealership from fraud.
Learn more about the rising threat of dealership fraud and what you can do to protect your dealership. Watch the Automotive News “In the Driver’s Seat” video recorded at NADA 2024: Revolutionizing Auto Dealership Security: Experian Automotive’s senior director Kanchana Sundaram on how dealerships can safeguard against rising fraud risk.
Kanchana discusses:
- Current trends and types of fraud Experian is seeing in auto dealerships
- How dealerships often don’t realize they are experiencing fraud until it’s too late
- The three different types of fraud, and how synthetic fraud is on the rise
- How to prevent fraud and protect dealerships from bottom-line losses
Synthetic Identity Fraud
Synthetic identity fraud is when fraudsters use a combination of real and fake information to finance a vehicle.
First-Party Fraud
First-party fraud is when a person knowingly misrepresents their identity or gives false information while financing a vehicle.
Third-Party Fraud
Also known as identity theft, this is when fraudsters use someone else’s identity without their knowledge to finance a vehicle.
- Quickly and accurately validates a buyer’s true intentions and uncovers false identities in under 90 seconds
- Uncovers potential fraud for online out-of-state customers and local shoppers
- Uses a safe and secure process powered by Experian that uses biometric selfies and documentation comparison and validation
- Validates identities against Experian’s credit file and recent identity verification submissions
- Seamlessly integrates with your CRM and current internal processes
Complimentary Fraud Risk Analysis
Do you know if your dealership is at risk? We can help with a complimentary Fraud Risk Analysis. We’ll ask you a series of questions to determine how high or low your risk level is. It's quick and easy and could prevent bottom-line losses.
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