Automotive dealerships across the nation can now identify fraudsters eliminating losses by easily and properly identifying high risk consumers.
LISLE, Ill., July 27, 2022 /PRNewswire-PRWeb/ — CreditMiner LLC and TransUnion announced a new partnership to protect the automotive industry from high dollar losses from fraud via yet another industry leading API. Automotive dealerships across the nation can now identify fraudsters eliminating losses by easily and properly identifying high risk consumers.
“Incidence of synthetic fraud in auto lending has grown faster than any other financial sector as we emerge from the pandemic, nearly a 30% increase since Q1 2021.” said Satyan Merchant, senior vice president and automotive business leader at TransUnion. “The rapid growth of synthetic fraud – which is defined as building a fake identity over a period of a year or more – is becoming a complex issue. Synthetic fraudsters look like real people with great credit scores and well established employment, which makes it very difficult for dealership personnel to identify.”
Ken Luna, V.P. Strategic Partnerships for CreditMiner states “we realized that the growth of Synthetic Fraud in the automotive industry was continuing to grow so we decided to focus our API efforts in the dealership arena and the vendors that serve them. What we like about TransUnion was they are ranked by Javelin, an independent agency, the top fraud prevention solution in the industry. These solutions are already being used in the lending industry but are not prevalent at the dealership level where most of the transactions occur, whether it be online or in person”.
Sam Vukas, COO of CreditMiner added “IDENTIFY” encompasses various Drivers License verification integrations as well as the use of mobile phone selfie biometrics. This solution utilizes the vast combination of technologies TransUnion brings to the table to protect dealerships from sophisticated thieves.”
ABOUT CREDITMINER LLC
CreditMiner is the only automotive API provider that interfaces with TransUnion utilizing their TruValidate technology. CreditMiner is also the leader in producing Prescreen Soft Pulls with accurate Firm Offers of Credit that are tied directly to the credit score of the consumer and if available, what vehicle they are searching for. Serving hundreds of dealerships and strategic partners, CreditMiner is a rapidly expanding company in both number of dealerships served as well as new solutions that are being rolled out in 2022.
ABOUT TRANSUNION (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
FOR MORE INFORMATION
Ken Luna, CreditMiner, 1 321-262-6464, [email protected]