UK Car Finance Group’s Avoids £3.2M in Identity Fraud

The Funding Corporation Limited (TFC) says that almost 500 cases of suspected fraud were identified in 2011 (Press Release)

The result was achieved by vigilant staff across the group, trained by a dedicated anti-fraud unit in the company, aided by document checking technology from Au10Tix in all of its ACF Car Finance Limited used car dealerships.

Forged passports and driving licences presented by customers to verify their ID are among the illegally-held documents picked up by the crime-fighting scanners.

The software analyses components of documents such as biometric data, visual data, infrared, ultraviolet and holograms to provide its full authentication check.

ACF Car Finance is the first UK motor retailer to use this technology, says Richard Cox, Head of Motor Operations at TFC, parent company to ACF Car Finance.

However, he comments, in addition to significantly reducing the company’s exposure to the risk of fraud, the scanners also provide both commercial and customer benefits:

"By removing the risk of human error from document checking we are also freeing up showroom staff to spend more time with customers" said Richard.

"Also, consumers do not have to wait around as long while their documents are manually authenticated - a procedure which some people find irritating and slightly offensive.

"In just a few seconds, we can now ascertain if an item of identity is genuine - and it is a far more robust and customer-friendly way of managing fraud risk than manual checking" said Richard.

“What’s more, if an innocent customer is involved, for example if their details are used fraudulently, they are duly notified and offered advice on how to protect themselves from ID Fraud in the future.”

Better ID management is good for companies and their customers.