{"id":8556,"date":"2024-08-13T16:12:26","date_gmt":"2024-08-13T16:12:26","guid":{"rendered":"https:\/\/www.coxautoinc.com\/retail\/resources\/digital-solutions-counter-fraud\/"},"modified":"2024-12-26T12:07:02","modified_gmt":"2024-12-26T12:07:02","slug":"digital-solutions-counter-fraud","status":"publish","type":"resource","link":"https:\/\/www.coxautoinc.com\/retail\/resources\/digital-solutions-counter-fraud\/","title":{"rendered":"Digital Solutions to Counter Increasingly Sophisticated Fraud"},"content":{"rendered":"

Fraud attempts and identity theft related to car buying, leases and loans are a significant problem for auto dealers and lenders. The Federal Trade Commission\u2019s Consumer Sentinel Network Data Book 2023<\/a> tracked more than 178,000 auto-related fraud reports last year, while identity theft reports exceeded one million.<\/p>\n

Although some categories dropped slightly year-over-year in absolute numbers, there\u2019s no question that the types of fraud and identity theft dealers and lenders face are becoming more sophisticated.<\/p>\n

Synthetic ID Fraud<\/strong><\/p>\n

One type that is on the rise is synthetic identity fraud. In these cases, fraudsters create a false identity for a car buyer that\u2019s made up of real pieces of information. The name might be from one person, the address could be from someone else, and the social security number may be stolen from a minor or someone who is deceased. Individually, the items of data check out, but they definitely do not describe a single, real person.<\/p>\n

Fortunately, there are advanced compliance tools available for dealerships to help them assess the risk of synthetic ID fraud for each transaction.<\/p>\n

Other Identity Fraud<\/strong><\/p>\n

Just because synthetic ID fraud exists doesn\u2019t mean that more traditional fraud attempts have died out. \u201cKnow your customer\u201d verification steps are vital to ensure that customers are who they say they are, have legitimate and verifiable employment and income, and are authorized to purchase a vehicle in the U.S.<\/p>\n

A digital compliance solution can help dealerships detect fraud attempts at every step of the deal. It can also give dealers the ability to follow and document the proper ID verification steps including red flags, OFAC checks, and out-of-wallet questions as needed.<\/p>\n

Identity Theft<\/strong><\/p>\n

Dealerships are not only at risk of selling to someone using a stolen identity\u2014they also handle personal identifying information (PII) for prospects and customers that could fall into the wrong hands and continue the vicious cycle.<\/p>\n

This is another area where a digital compliance solution helps safeguard the d6ealership and its customers. Store customer PII digitally to avoid situations where photocopied drivers\u2019 licenses and other sensitive information might be left on a copier or desk where anyone might see them. Digital transactions also reduce the risk that documents may fall into the wrong hands in transit to a lender or state DMV\u2014or be accessed from a file cabinet within the dealership during long-term storage.<\/p>\n

Safeguard Your Dealership<\/strong><\/p>\n

Explore how the Dealertrack Compliance solution protects dealerships<\/a> and consider taking a self-guided demo or requesting a one-on-one consultation.<\/p>\n

For a handy guide to the latest compliance knowledge for dealerships, download the free 2024 Dealertrack Compliance Guide<\/a>.<\/p>\n

Disclaimer:<\/em><\/strong> This is not meant as legal advice, and we do not purport to provide any legal or regulatory analysis. Consult with your attorney for any legal, regulatory, or compliance questions you may have.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Fraud attempts and identity theft related to car buying, leases and loans are a significant problem for auto dealers and lenders. The Federal Trade Commission\u2019s Consumer Sentinel Network Data Book 2023 tracked more than…<\/p>\n","protected":false},"author":0,"featured_media":8557,"template":"","categories":[64],"tags":[65],"resource-format":[30],"topic":[],"funnel-phase":[],"audience":[],"persona":[],"product":[],"program-series":[],"eligible-for-automation":[],"lifecycle-of-automotive":[],"brand":[55],"class_list":["post-8556","resource","type-resource","status-publish","has-post-thumbnail","hentry","category-compliance","tag-fi-compliance","resource-format-blog"],"acf":false,"yoast_head":"\nDigital Solutions to Counter Increasingly Sophisticated Fraud - Cox Automotive Retail<\/title>\n<meta name=\"description\" content=\"Fraud attempts related to car buying, leases and loans are a significant problem. 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