New auto dealership solution from eLEND Solutions combats epidemic of identity fraud that is impacting nearly 80% of dealerships
DALLAS, Jan. 25, 2023 /PRNewswire-PRWeb/ -- eLEND Solutions announced today, at NADA 2023, the launch of IDentify, a layered, multi-factor, identity verification solution designed to verify a customer's true identity and establish "proof of presence" in an interaction. This combination of identity proofing technologies dramatically reduces fraud risks by detecting account takeover, true name, synthetic and other forms of identity fraud in the vehicle purchase process – an over half a billion-dollar problem in 2022 alone, and one that has been amplified by the increased digitization of the deal.
In just the past year, 79% of dealers directly experienced an identity fraud-related vehicle loss at their dealership – an alarming insight that was revealed in eLEND Solution's recent report: Is Identity Fraud Jeopardizing Digital Retailing Profitability. Furthermore, the report revealed that the large majority are not using any identity verification technologies as part of their fraud prevention strategy, instead choosing to rely on conventional methods such as photocopying IDs.
"These unsophisticated defenses are not only ineffective against increasingly sophisticated fraud schemes, but they also put dealerships at risk" said Pete MacInnis, CEO of eLEND Solutions, an automotive FinTech company focused on accelerating 'transactional' digital buying experiences. "This is why we developed IDentify, which offers unparalleled ID fraud protection for dealerships, including protections for both traditional (in-store) and digital retailing (remote) transactions" continued MacInnis.
IDentify offers a combination of multi-factor identity verification solutions:
· "Identity Data Check" cross matches customer-provided information against hundreds of databases, including government agencies, public utilities, cell phone carriers, etc. to verify the customer's name, address, DOB, social security and cell phone numbers.
· "Confirm Identity" is a multi-factor authentication and fraud prevention tool that replaces traditional out-of-wallet questions with a 'proof of presence' feature that sends a one-time passcode to the cell phone number of the customer identified by the phone carrier.
Combining identity verification with 'proof of presence' checks is critical to fight account takeover, true name fraud, synthetic fraud and to reduce the risk from consumer-not-present and other identity fraud tactics. Dealerships who have piloted IDentify confirm its benefits.
Chuck Bell, Corporate Finance Director for Bayway Auto Group says: "eLEND Solutions IDentify product is a core component of our Digital Retail strategy. It enables us to identify our customers before engaging in test drives and remote test-drives or deliveries. It has already saved us countless thousands of dollars."
How IDentify works:
· Once a customer has signaled a strong intent to buy, dealers can send an email link to a short form requesting their personal information and their consent to verify identity to protect against identity fraud.
· If a customer has already submitted a credit application through one of eLEND's Credit Solutions, the consent language includes running the IDentify Data Check Report.
· In-store, dealers are able to get customer consent and run the IDentify Data Check Report through the dealer dashboard.
· Dealers have the option to run the Identity Data Check independently or in conjunction with the Confirm IDentify multi-factor authentication and fraud prevention tool.
· Results are displayed in the dealer dashboard, showing a match to customer name, address, date of birth, social security number and cell phone or an alert that warns there is no match to database records.
· IDentify can be implemented in any digital retail solution through APIs – an increasingly critical function as 95% of dealers attribute increased identity fraud to the increased digitization of the deal and remote buying.
IDentify is fully integrated with eLEND Solutions' ID Drive, a driver's license scanner that performs dozens of forensic document tests in real time for robust authentication – on any driver's license or any other government issued ID from the U.S., Canada, and Mexico, plus 160 worldwide jurisdictions.
eLEND's Identification Solutions are integrated with eLEND's Credit Solutions that match identity to credit application and credit report data. From pre-screen, pre-qualification and traditional hard credit pulls, all data is cross-referenced and integrated with Red Flag and Synthetic Fraud tools from companies such as 700 Credit.
eLEND will be demonstrating IDentify at the 2023 NADA Show in Dallas at Booth #4185.
About eLEND Solutions
eLEND Solutions™ (DealerCentric rebranded) is an automotive FinTech company focused on deal generation solutions that power transactional digital buying experiences for the retail automotive industry. The platform specializes in digital credit, identity, and finance solutions for remote and in-store shoppers, designed to accelerate conversions of digital end-to-end purchase experiences concluding with fundable, transactable deal structures.
For more information, please visit https://www.elendsolutions.com/automotive-identity-verification-solutions/
Contact Media Relations:
Angela Jacobson, mWEBB Communications, (714) 454-8776, angela(at)mwebbcom(dot)com
Crystal Hartwell, mWEBB Communications, (714) 987-1016, crystal(at)mwebbcom(dot)com
Media Contact
Crystal Hartwell, mWEBB Communications, 1 714-987-1016, [email protected]
Angela Jacobson, mWEBB Communications, 714-454-8776, [email protected]
SOURCE IDentify
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