Synthetic Fraud Exposure
This information is courtesy of TransUnion Truvalidate. It says "Lender" exposure but in Automotive the "exposure" in almost all cases is carried by the dealership.
Just in case you have not been keeping up over the last few years Synthetic Fraud is where a fake identity is carefully built over a long period of time. The Credit Bureaus are tricked into thinking this is a real person. They have matching names with what the DMV and Drivers License say. Very sophisticated and very hard to catch.
A fraudster at one of our dealerships actually caught and arrested in the Dallas Ft. Worth area passed the lender's bureau check with flying colors on a $90K vehicle. They did not pass the Gather system and the authorities were waiting on the second attempt to steal a vehicle.
If it ever happened that a synthetic fraudster did get through our system then we would handle paying for the loss with our $1,000,000 policy included with our offering.
The Gather system includes both identity and insurance verification. It also includes the optional ability to offer on demand insurance through the Allstate network for those who need it, the ability to update a current policy and deal file with the vehicle being purchased, and also protect loaner/rental fleets.
Our offering handles all insurance carriers and integrates with all the major CRM and DMS systems. There is nothing else like it in the industry.
In a short period of time you can learn exactly how this offering can protect your dealership. Just let me know if you would like to learn more.
Ken Luna??
Executive Board Advisor
Director of Partnerships
321 262 6464
18,363 Followers Gather Technology On Demand Auto Insurance, Identity & Insurance Verification and Policy Transfer plus The Gather $1,000,000 Guarantee For The Automotive Industry
1 天前Update, we are about to make the defenses against this affordable for everyone.