Auto Finance Fraud: What It Is and Why It's Important
Fraud is a problem that certainly isn't going away. Auto loan applications are now fully digital, meaning lenders can receive hundreds in one day alone. Auto finance companies and credit unions have to be vigilant and efficient at detecting any red flags or suspicious activity because they could quickly find themselves losing millions of dollars on loans gone bad.Fraud Detection
Making the decision to invest in identity verification software is a no-brainer for auto lenders. Auto finance fraud costs companies and consumers billions of dollars every year. These losses could have been prevented with the right identity verification software, which can help stop criminals from creating fake identities to apply for loans online. It's also important that new customers provide proof of their income before they receive a loan. Auto lenders need to make sure that the customer can afford their monthly payments and prove they're not trying to receive a loan for something they already own (know as 'Strawman' fraud).Auto Financing Fraud Prevention
Identity verification software can also automate some parts of the process. Auto lenders can be quick and efficient at detecting any suspicious activity when they have the right identity verification software. Auto finance companies will no longer need to manually inspect an application for identity fraud, which saves them time and improves the customer service experience with better turnaround time!Best Identity Verification Software
It's not just about finding the best fraud prevention software, but also about finding the best identity verification software for auto lenders. Auto finance companies need to find solutions that are not only effective but efficient as well. Auto finance businesses can save time and money by investing in a good identity verification tool!Features of ID Verification Software
Auto lenders should be looking for identity verification software that can spot fake identities. Auto finance companies need to make sure the solution they are investing in is accurate and effective. It's also beneficial to look into solutions that help automate some parts of the process, like looking at credit history and credit profile. This will free up time so auto lenders can focus on other parts of their business. They will also need to ensure the software they choose is able to work with all forms of digital communication, including emails and online transactions!Get Started with Lightico's ID Verification Software
Lightico's solution helps prevent car loan fraud and allows customers to speed up the entire loan application process.
