Fraud schemes and vehicle theft targeting auto lenders and car dealers have exposed these businesses to $8.1 billion in potential fraud losses. To minimize this risk, every business should adopt ‘Know Your Driver’ practices to protect against the financial impact of automotive fraud.
Reduce fraud costs
Prevent car rental fraud and theft
Enhance accuracy
Avoid incorrect verifications with a robust IDV engine
Streamline operations
Full automation of all verification processes
Simplify compliance
Built-in regulation toolbox for every deal
Global
Coverage
Support documents from different countries to cater to a diverse customer base
Fully
Automated
Achieve double the automation rate with fully automated document capture.
Advanced Document Verification
Detect forged or counterfeit documents instantly using innovative AI technology
Advanced Fraud Detection
Maximize security by leveraging with over 160 forensic and digital checks
PII Verification and Data Discrepancy
Ensure the integrity of customer data against official government databases
Centralized
Hub
Manage all verification processes in one platform; create workflows and rules for streamlined operations
Speak to an identity verification specialist about creating the safest, most thorough, and seamless verification experience for your dealership and customers.
What is automotive fraud?
Automotive fraud refers to deceptive practices that can occur at various stages of the car buying and ownership process. This includes fraud during vehicle purchasing, such as falsifying identity documents (IDs, driver’s licenses), forging ownership and registration papers, and manipulating loan applications or credit scores. It can also occur during test drives or rentals, where identities might be misrepresented to steal vehicles or commit other illegal activities.
How does auto dealer fraud take place?
Auto dealer fraud takes place when individuals falsify personal information, such as ID documentation, employment records, address, banking, and credit score information.
How does AU10TIX help automotive dealerships prevent fraud?
AU10TIX’s dealership automotive fraud solution helps dealerships prevent identity-related fraud by securely onboarding customers, vetting drivers, verifying loan applicant information thereby reducing the incidence of fraud and ensuring compliance and customer trust.