In an online world security is of the utmost importance, with fraudsters around every corner. With less and less transactions, such as car dealerships, happening face-to-face, new methods will need to be utilised to ensure both parties’ identities are correct, and that no scams are being taken place.
Methods such as mailing information or providing valid documents at hand just takes up time, and gets rid of the point there actually being options for online transaction. This was said as much by Experian’s Nick Mothershaw, at White Clarke Group’s Auto Captives Summit last year. Experian has developed a product range of identity services, utilising technology to quickly and efficiently verify identities; these range from making very minor payments into a bank account, to simply buyers taking photos of themselves. The whole presentation is available online on Vimeo and displays a complex history of fraud in the automobile industry. Credit history lies in the industry are currently five times more likely than identity fraud, and the respective fallout is greater due to a higher chance in loss of the asset. Experian studies suggest that the amount of total detected automotive fraud had increases from 13% to 15% from Q4 2013 to Q4 2014.