- Synthetic ID scam Alert helps dealers protect against fraudulent transactions early in the finance and insurance (F&I) process by evaluating the potential use of synthetic IDs.
- Dealertrack's new features are integrated with best-in-class features scam Equifax uses patent-pending machine learning algorithms and proprietary data sources to detect synthetic identity (ID) behavior.
atlanta, February 2, 2024 /PRNewswire/ — Cox Automotive Announces Enhancements to Dealertrack Compliance Solution with New Synthetic ID Additions scam This metric helps protect dealers from fraudulent transactions early in the F&I process. New synthetic ID scam Alert is integrated with Equifax's trusted technology, combining patent-pending machine learning algorithms and proprietary data sources to detect synthetic ID behavior and provide auto dealers with added peace of mind.
Cox Automotive Dealertrack's Synthetic ID Fraud Alerts Protect Consumers and Dealers from ID Fraud
In 2022, scam has grown to $8.1 billion, the use of synthetic identities has increased significantly. (Source: Point Predictive 2023 Auto scam Trend Report) Loans and leases are the third most common type. scam Reported in the last 5 years. scam It is further advanced through the use of synthetic IDs.of this type scam It involves combining fake information with real data to create a credit profile.
“As a car scam Exposure continues to increase, synthetic ID scam “Cox Automotive Dealer Trucks recognizes its importance,” said Kate Gavin, Cox Automotive vice president of operations, titling and F&I solutions. “There is no greater need for advanced tools to protect dealers from the risks associated with this growth.” Provides retailers with Identity Verification (IDV) insights to help them avoid increasingly sophisticated fraud. scam. With this new synthetic ID, scam Remember, dealers can leverage advanced technology to implement IDV best practices for online or in-store transactions to protect their business. ”
As auto dealers expand their online and omnichannel workflows, identifying potential is becoming increasingly difficult scam risk.Dealers using synthetic IDs scam Alert helps reduce that risk and protect your business from financial losses caused by fraudulent activity. With this new service, dealers will receive alerts when a customer may be using a synthetic ID and get her level of risk rating score when withdrawing credit. This allows dealers to:
- better address scam Avoid risks and establish a more secure end-to-end process for trading.
- By adding an additional layer of security, we enhance early verification of consumers before they move forward with the loan process. scam detection.
- Helps protect dealers from potential chargebacks from lenders. $15,000 Potential losses occur with each incident. (sauce: synthetic identification scam The US Payment System: A Review of Causes and Factors, Federal Reserve System; July 2019. )
- Peace of mind in an era of increasing sophistication. scam.
“Our dealerships are located in the tri-state area, so we do business with our customers on a regular basis. new jersey, pennsylvania, Delawareand new yorkAdditionally, many of our customers have dual residence in many other states, which can complicate identity verification.” david jovinSubaru Finance Director cherry hill In New Jersey. “It is not uncommon for customers to have out-of-state credentials, so synthetic IDs scam Alert is an invaluable tool that we utilize to not only protect our dealers and customers, but also to ensure our business is protected when working with customers across so many locations. . ”
Dealertrack Compliance helps protect dealers from fines and penalties by providing visibility into compliance responsibilities at every stage of the transaction. Cox Automotive's industry-leading compliance solutions include identity verification tools with red flag and OFAC checks, the ability to pull wallet questions, scam An index to validate customer credentials, automate mandatory notifications, multi-factor authentication for remote signing, and dashboards and reporting tools to ensure merchant compliance. For more information, please visit https://us.dealertrack.com/content/dealertrack/en/f-and-i/compliance.html. Dealers can download his free 2024 Dealertrack Compliance Guide at https://us.dealertrack.com/content/compliance-guide/en.html. Dealers interested in speaking with Cox Automotive at NADA 2024 about DealerTrack solutions and strategies to develop their own compliance action plans can visit booth 2341W in the West Hall or request a meeting through the Cox Automotive NADA Hub can.
About Cox Automotive
Cox Automotive is the world's largest automotive service and technology provider. Cox Automotive leverages extensive first-party data, powered by 2.3 billion annual online interactions, to customize cutting-edge solutions for car buyers, automakers, dealers, financiers, and fleets. The company has more than 29,000 employees across five continents and a portfolio of industry-leading brands including Autotrader®, Kelley BlueBook®, Manheim®, vAuto®, Dealertrack®, NextGear Capital™, Central Dispatch®, FleetNet America® and more I have. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately owned company. atlantaA company with annual revenues of $22 billion.visit coxautoinc.com or connect via @CoxAutomotive In X, CoxAutoInc Facebook or cox automotive inc.On LinkedIn.
SOURCE Cox Automotive
