Over 30,000 dealership driver license scans were red flagged in the past year by eLEND; company further expands suite of Identity Solutions to combat soaring fraud
NEW ORLEANS, Jan. 23, 2025 /PRNewswire-PRWeb/ -- eLEND Solutions today announced at the 2025 NADA Show that it has blocked over one billion dollars in potential vehicle purchase fraud in 2024 through its Identity Solutions, representing over 30,000 red-flagged driver license scans. With identity fraud accelerating at an alarming rate, eLEND also announced that it has rapidly expanded its suite of Identity Solutions to further protect consumers, auto dealers and lenders. Unlike other products on the market, eLEND's Identity Solutions, which has been implemented by over 1,000 dealerships across the US, encompass robust document authentication, consumer data verification and proof of presence technologies. eLEND will be demonstrating its Identity Solutions at Booth #6129.
In a 2022 Dealer Survey conducted by eLEND Solutions, 79% of auto dealers reported they experienced an identity fraud-related vehicle loss at their dealership in the past year. And, according to Point Predictive's 2024 Auto Lending Fraud Trends Report, the industry has an estimated fraud loss exposure of over $7.9 Billion with a 98% growth in synthetic identity attempts.
"There is no question that vehicle purchase fraud is one of the top challenges facing auto dealerships today, with billions of dollars on the line; yet most dealerships are relying on simple drivers' license scans unconnected to comprehensive fraud detection," said Pete MacInnis, CEO and Founder of eLEND Solutions. "Without validating/authenticating ID documents and buyer identities, dealerships remain incredibly vulnerable, especially as the auto purchase transaction becomes increasingly digitized. To help dealers minimize fraud risks, ID verification technologies must include forensic authentication of the driver's license document, in conjunction with matching data extracted from the document against hundreds of databases, which is exactly what our identity solutions provide."
Among the dealerships who have benefitted from eLEND's Identity Solution is Bayway Auto Group in Houston, Texas, who have foiled fraudsters with the product: "The ID DRIVE scanner eLEND Solutions provides us has been invaluable. Just last month, we had four people arrested in our group; two were from fake temporary licenses, but two were real-looking Texas Driver Licenses that were fraud."
eLEND's Suite of Identity Solutions
ID DRIVE - goes well beyond just consumer driver license data capture. In just 6 seconds, it performs an average of 35 forensic tests for robust document authentication. Digital data capture and real time CRM export ties the customer, the test-drive vehicle and sales agent together as part of the lead record. ID DRIVE has scanned millions of driver licenses before test-drives and has never provided a "pass" scan result that turned out to be a fraudulent driver license document.
ID DRIVE MOBILE - great for remote test drives and deliveries, where online and remote attempts at vehicle purchase fraud is thwarted.
IDENTIFY- matches up consumer PII data against hundreds of databases including customer residence addresses with local municipal utilities, date of birth with government databases and customer phone numbers with mobile phone carriers. IDENTIFY establishes "proof of presence" with one-time pass code to ensure the identity being used belongs to a real, physically present person.
DMV DATA MATCH - extracts the data from scanned driver license documents and matches them up with official government DMV databases in real time through API's with participating government agencies in 41united states.
700CREDIT IDENTITY VERIFICATION PLATFORM - integrated with 700Credit delivers identity verification tools to include OFAC Terrorist Search, ID Match, Synthetic Fraud, Military Lending Act, Red Flag and Out of Wallet Questions.
PRE-SCREEN or PRE-QUALIFICATION Reports - can be pulled from data extracted from driver license scans, instantly identifying a customer's buying power prior to the test-drive.
ID DRIVE and ID DRIVE MOBILE are available via subscription with the other tools available as add-ons.
eLEND Solutions suite of Identity solutions store ID data for 7 years in its SOC 2 Type 2 compliant platform that is in alignment with FTC safeguard rules. In addition, eLEND's platform creates frictionless ID verification, and simplified workflows lead to a faster moving buying experience –improving customer satisfaction while helping dealers sell more cars faster with increased profitability.
About eLEND Solutions
eLEND Solutions™ (formerly DealerCentric®), is an automotive FinTech company providing a vendor neutral, API-based middleware solution for true end-to-end connected retailing. Our solution bridges the gap between shopping and buying - delivering transactable, lender matched payment options and funding scenarios at the point-of-sale, online and in-store.
For more information, please visit www.elendsolutions.com.
Media Contact
Crystal Hartwell, eLEND Solutions, 1 714-987-1016, [email protected], www.elendsolutions.com
Angela Jacobson, eLEND Solutions, 1 714-454-8776, [email protected], www.elendsolutions.com
SOURCE eLEND Solutions
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