A Tale of Two Frauds

Uncover how “fraud for car” and “fraud for profit” differ—and what it means for your risk management.
Key Insights from the E-Book

First-Party vs Third-Party Fraud Defined
“Fraud for Car” occurs when genuine borrowers misrepresent information to secure a vehicle, often intending to repay. “Fraud for Profit” involves criminal fraudsters using synthetic identities or stolen vehicles for quick gain

Surge in Fictitious Employers
In 2020, the use of fake employers exploded, fueling both income misrepresentation and synthetic identity schemes in auto loans

Top Vehicles Targeted by Fraudsters
The most common models purchased with fake-employer applications are the Nissan Altima, Dodge Charger, and Toyota Camry, underscoring high-risk targets

Consortium-Scale Fraud Analytics
Point Predictive analyzes over 2 million auto loan applications every month, delivering real-time alerts on emergent fraud patterns

The 80% Fraud Gap
Traditional identity verification covers only 20% of the $7 billion auto lending fraud problem, leaving 80% unaddressed without advanced consortium data and analytics

 

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