Our 2023 Auto Lending Fraud Survey is in
Technology is great. After all, it brought us the internet, Google and Siri. But it’s also a double-edged sword when it comes to auto fraud. Thanks to enhanced software and exorbitant amounts of information at our fingertips, fraud is easier than ever to perpetrate. And the auto-lending industry is not immune from its effects.
With enough motivation and know-how, fraudsters can create authentic-looking paperwork or synthetic identities to purchase a car.
Unfortunately, when it comes to auto lending, it doesn’t take your stereotypical criminal syndicate to deceive lenders. In fact, the majority of auto fraud is perpetrated by your average consumer. They’re the ones you shake hands with, invite to the negotiation table, and hand over the keys to. And they’re the ones eager to drive off in a new car and sometimes desperate enough to do anything to swing the pendulum of loan approval in their favor. Even if it means fabricating information about themselves.
The most common types of fraud in auto lending include:
- Income misrepresentation
- Fake employers
- Synthetic identities
- Credit washing (falsely blaming identity theft for unfavorable payment occurrences)
To get a deeper sense of fraud’s recent impact on the automotive space, we reached out to prominent leaders in automotive and banking. Their sentiments and insights on the latest fraud happenings are found in our survey report. Click the button to download.
Key highlights include:
- Lenders’ predictions for a worsening economy and how they anticipate it to affect fraud
- Lenders’ biggest fraud concerns and challenges of 2023
- Mitigation techniques and preparedness to combat fraud in the upcoming year
Combat fraud more effectively for less, improve capture rates, and make faster, smarter lending decisions with Point Predictive’s reliable AI-powered fraud prevention tools.
Interested in finding out more?