Finance Group Prevents £3.2 Million In Fraud

The Funding Corporation (TFC) Limited used airport-type scanners and other measures to identify nearly 500 cases of suspected identity fraud in 2011. The scanners and their companion software conduct a full authentication check of documents provided by customers.

fraud prevention photoLast year, this saved the company more than £3.2 million in potential losses and put it on the map with identity thieves.

The company has a dedicated anti-fraud unit that trained staff members at all ACF Car Financing Limited dealerships. Educated staff, combined with Au10Tix document verification technology, allowed the company to identify suspected cases of fraud. The scanners captured forged driver licenses, passports, and other illegally-held documents.

Software used with the scanner analyzes document components like visual and biometric data, holograms, infrared, and ultraviolet. ACF is the first auto retailer in the UK to use the technology, according to Head of Motor Operations Richard Cox. The company is part of TFC and is a leading UK supplier of bad credit car finance. Consumers turned away for traditional car loans may qualify for financing from ACF.

Mr. Cox commented that benefits of the scanners extend beyond reducing company fraud exposure. Consumers no longer need to wait to have documents authenticated manually and showroom staff are able to spend more time with them. It takes only a few seconds for the software to determine that an identifying document is authentic. In addition, innocent customers are notified if their information is being used fraudulently, helping to protect them from future issues.

Each time a document is checked, the action is recorded and an image is electronically stored, eliminating the need to make copies. False car finance applications, forged pay stubs, and false employment details were some of the other fraudulent activities identified.

In many cases, this led police to discover other crimes committed by the same individual, said Mr. Cox.