Experian Unveils New Tool to Help Automotive Dealers Mitigate Fraud Losses
31 Enero 2024 - 8:30AM
Business Wire
Fraud Protect™ enables automotive dealers to
identify potential fraud risks without slowing down the sales
process
With more of the vehicle buying journey shifting online and
vehicle prices remaining at elevated levels, fraudsters are
targeting the automotive industry at an increasing rate. To address
the rising threat, Experian® today announced the launch of Fraud
Protect™, a web-based application that helps automotive dealers
detect and prevent fraud while maintaining a positive shopping
experience for the consumer.
According to a recent Experian report, nearly 70% of businesses
reported that fraud losses have increased in recent years. Among
the most common fraud schemes that dealerships experience
include:
- Third-party fraud: Fraudsters steal an individual’s
identity to purchase a vehicle
- First-party fraud: A person knowingly misrepresents
their identity or provides false information, often with the
intention of not paying for the vehicle
- Synthetic identity fraud: Fraudsters create fake
identities and build credit profiles over time before using them to
finance a vehicle they do not intend to pay for
“As fraudsters become more sophisticated and opportunistic,
automotive dealers need to leverage the latest technology and
advanced analytics to mitigate potential fraud risk,” said John
Gray, Experian’s president of automotive, North America. “Not all
fraud is perpetrated equally. Fraud Protect aims to help
dealerships identify the most common fraud schemes and empowers
them to take the most appropriate action to protect their
portfolios and their bottom line.”
How it works
Fraud Protect allows automotive dealers to send customers—both
online and in-person—a secure, dealer-specific URL via text, email
or QR code. Once customers provide identity documentation, the
information is cross-referenced against a wide array of data
assets, including historical identity data and credit usage
patterns, to identify potentially suspicious activity.
The tool uses artificial intelligence to provide fraudulent
activity alerts with easy-to-understand icons and scores,
empowering automotive dealers to make more informed decisions and
mitigate portfolio risk.
To learn more about Fraud Protect, visit the Experian Booth
(3113W) at the National Automobile Dealers Association (NADA) Show,
February 1-4, 2024.
For those not attending the show, visit Experian’s auto fraud
prevention solutions webpage to learn more.
About Experian
Experian is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organizations to prevent identity fraud and crime.
We have 22,000 people operating across 32 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximize every opportunity. With
corporate headquarters in Dublin, Ireland, we are listed on the
London Stock Exchange (EXPN) and are a constituent of the FTSE 100
Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian and its affiliates. Other product
and company names mentioned herein are the property of their
respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20240131744548/en/
Jordan Takeyama Experian Public Relations 1 951
733 8768 jordan.takeyama@experian.com
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