cox automotive introduces a new synthetic ID (ID) fraud indicator Dealer truck compliance Solutions for car dealers.
The new Synthetic ID Fraud Alert is designed to detect synthetic ID activity and help dealers prevent fraudulent transactions early in the finance and insurance (F&I) process, the company said Friday (February 2). Announced on press release.
“As the toll of auto fraud continues to grow, synthetic identity fraud is having an ever-increasing impact on the industry, and the need for advanced tools to protect dealers from the associated risks has never been more pressing. Masu.” kate gavinsaid Cox Automotive's Vice President of Operations, Title and F&I Solutions in a release.
of federal reserve defined synthetic identity fraud As “combining personally identifiable information to impersonate a person or entity in order to commit fraud for personal or economic gain.”
impersonation fraud Fraud is becoming increasingly sophisticated, with fraudsters using advanced technology such as artificial intelligence to fool banks and companies' automated verification systems.Fraud acquires a new identity”, PYMNTS Intelligence Report.
Cox Automotive's Synthetic ID Fraud Alert integrates with fraud detection, including: equifax According to the company's press release, it will use machine learning algorithms and proprietary data sources to evaluate the potential use of synthetic IDs. It sends alerts when a customer may be using a synthetic ID and provides a risk level assessment score when a dealer withdraws credit.
The new service will help dealers implement identity verification best practices for both online and in-store transactions, the release states.
According to the release, this new solution will help dealers meet the challenge of identifying potential fraud risks as they expand their online and omnichannel workflows and encounter increasingly sophisticated fraud. .
One of the dealers implementing Synthetic ID Fraud Alert is: cherry hill subaru The New Jersey company regularly works with customers in four states, many of whom are dual residents, the release said.
“It is not uncommon for our customers to have out-of-state credentials, so Synthetic ID Fraud Alert is designed to not only protect our dealers and customers, but also to ensure that our business is protected. It's an incredibly valuable tool that we also leverage when we're working with customers across so many locations.” david jovinsaid Subaru of Cherry Hill's financial director in a release.
