Fighting Identity Fraud In An Online Environment

The pandemic “laid the groundwork” for rising fraud risk in 2021 as fraudsters learned to use falsified information and identities to benefit from unemployment and paycheck protection programs, Point Predictive Chief Fraud Strategist Frank McKenna told Auto Finance News.  “Auto fraud is an area that these fraudsters now go after trying to use those stolen identities or some of the synthetic identities they created.” Synthetic identity fraud — the combination of real and fake data now totals over 1 Billion in automotive losses annually. We will discuss online technologies that can help prevent losses from this growing threat. These include using smart phone biometrics, smart phone device risk, drivers license identity tech, and credit bureau data checking.

Key Takeaways: 

  • What “Synthetic Identity” fraud is
  • Why dealerships specifically are vulnerable
  • Why API technology is the online solution
Auto Finance