New auto dealership solution from eLEND Solutions combats epidemic of identity fraud that is impacting nearly 80% of dealerships
Dallas, Texas – January 25th, 2023 – 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:
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:
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-sol...
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