Auto finance fraud is costing dealers up to $20,000 per incident
Auto retailers see fraud as a regular part of selling and financing vehicles, something that shows up often enough to plan around, according to Experian. Income and identity fraud lead the list Most fraud problems start with the borrower. Income and employment misrepresentation rank as the most common issues. Fake pay stubs, altered bank statements, and inflated job details continue to surface during loan applications. Identity fraud follows closely behind. Respondents pointed to synthetic identity … More
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