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Like most industries, the automotive sector is dealing with a spike in fraud. A survey snapshot released by identity provider eLEND Solutions says nearly 80 percent of dealers have seen growth in fraud-related activities including biometric identity fraud over the past 24 months, with 48 percent losing 4 or more cars to identity fraud in the past two years, and nearly a quarter reporting 10 or more vehicles lost to fraud in the past two years.
“The majority of dealers surveyed worry that increasing digitization of the purchase process is not only leading to increases in identity fraud, but also is making it less preventable,” says the snapshot. “95 percent agree that as the vehicle transaction process becomes more digital, identity fraud will continue to grow and be more challenging to prevent.”
Pete MacInnis, CEO of eLEND Solutions, says weak KYC and authentication is to blame. “The problem is increasing because too many dealers rely on driver’s license scanners that lack forensic authentication and DMV and PII data matching.”
“As fraudsters become more sophisticated, and AI is poised to inflate fraud schemes, it is critical that auto dealerships equip themselves with tools that are able to dive deep into data to ensure that their customers are exactly who they say they are.”
700Credit software integrated into xDeskPro desking platform
700 Credit, LLC, which provides credit reports, compliance solutions, soft pull, identity verification, driver’s license authentication and fraud detection platforms for the automotive industry, has announced an alliance with xDeskPro, a desking platform for auto brokers and dealerships.
A release says the integration of 700Credit’s soft pull prequalification and driver’s license authentication software into the xDeskPro platform will streamline the quoting process, ensuring precise quotes more quickly. Dealers can use the desking tool to verify driver’s licenses and run a soft pull for a customer’s FICO score, in order to quote more accurate rates.
“It has become critical for dealerships to have the consumer’s actual FICO score when desking the deal,” says Ken Hill, managing director of 700Credit. “Without it, dealerships are causing payment friction inside the finance office”.
Zev Briskman, CEO of xDeskPro, says that “with 700Credit’s driver’s license authentication and soft pull prequalification integrated into xDeskPro, teams can verify the customer and understand creditworthiness upfront.”
Equifax partners with Dealertrack, Interac
In Canada, Dealertrack is making its case as a provider of trusted identity verification for the auto industry, in partnership with Interac Corp. and Equifax Canada. The Digital ID and Authentication Council of Canada (DIACC) puts the spotlight on the firm, which says its vision aims for “a seamless dealer workflow with no added complexity.”
“Digital trust works best when it’s integrated, not layered on,” says the feature on the DIACC’s website. “Dealertrack Canada combines Equifax’s identity orchestration with Interac document verification to deliver a trusted, real-time ID verification, built directly into dealer-to-lender workflows.”
The firm, which is based in Ontario, says Canada can lead in the digital identity space by proving that secure identity doesn’t have to be complex. “Practical, connected solutions will drive adoption across regulated industries,” its says. “By aligning industry, regulators, and technology providers, Canada can set a global standard for trusted digital identity.”
Article Topics
700Credit | Dealertrack | digital identity | digital payments | ecommerce | eLEND Solutions | Equifax | fraud prevention | identity verification | Interac
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