LISLE, Ill., Jan. 24, 2022 /PRNewswire-PRWeb/ — CreditMiner LLC and TransUnion announced a new partnership enabling the offering to the automotive industry of cutting edge fraud prevention technologies via their industry leading API capabilities. Automotive dealerships across the nation can now protect their bottom line from costly fraud by removing suspected synthetic identities from pre-screen campaigns and flag suspected synthetic applicants for additional vetting.
“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 “the Synthetic Fraud Score is just the first step for us battling Synthetic Fraud at the dealership level. An even more intense and focused API offering we are calling IDENTIFY will be released in early 2022 that includes various Drivers License verification integrations as well as the use of mobile phone selfie biometrics. This solution will be a combination of technologies from multiple credit bureaus to keep dealerships in front of these sophisticated thieves.”
ABOUT CREDITMINER LLC
CreditMiner is the only automotive Soft Pull Prescreen API provider that creates 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.
Jenna Anderson, Dealer eProcess, +1 8154056122, [email protected]
SOURCE Dealer eProcess