Fraud rates on the rise for auto?

[beawesomelee11]

After some research, I found a surprising report from TransUnion showing that the auto finance industry has the largest exposure to synthetic identity fraud, at $1.8 billion, 14 times the exposure compared to retail credit cards. I've spent the past 8 years developing verification and fraud prevention products, saving roughly $250M in fraud. From this standpoint, I'm curious if this problem needs to be solved for auto dealers.

So here is my question, as an auto dealer, would you be interested in a more sophisticated solution to prevent (synthetic) identity fraud? Why or why not?

 

[kellis]

There are a number of resources out there already, but this is such a big issue (for some) that I can see more and more solutions popping up.

 

[beawesomelee11]

Thank you so much for your input Kellis!

 

[Ken Luna]

After some research, I found a surprising report from TransUnion showing that the auto finance industry has the largest exposure to synthetic identity fraud, at $1.8 billion, 14 times the exposure compared to retail credit cards. I've spent the past 8 years developing verification and fraud prevention products, saving roughly $250M in fraud. From this standpoint, I'm curious if this problem needs to be solved for auto dealers.

So here is my question, as an auto dealer, would you be interested in a more sophisticated solution to prevent (synthetic) identity fraud? Why or why not?

 

[Ken Luna]

Not a dealership but there is a solution. www.gather.technology. Identity & Insurance Verification and Transfer. Auto News article attached where we helped catch a fraudster at Autobahn.

 

[beawesomelee11]

Not a dealership but there is a solution. www.gather.technology. Identity & Insurance Verification and Transfer. Auto News article attached where we helped catch a fraudster at Autobahn.

Thanks for sharing!

 

[levin233]

These cases happen too often. The only solution is to get a good lawyer, in my opinion. Like this law firm, which specializes in fraud.
Other than that, just pray it doesn't happen to you.