Online motor finance broker Carfinance247.co.uk has integrated credit reference agency Equifax’s Identity Verifier solution to its application process to enhance its customer authentication processes.
The verifier works by confirming the existence of an identity and authenticates that the application comes from the owner of said identity. It also checks all details provided, and will highlight risk factors, such as previous fraud attempts, or if the applicant is deceased.
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Explaining the decision, Louis Rix, director of Carfinance247, said that, despite previous attempts at identity checks, identity fraud had remained a problem for the company.
In 2013, Equifax warned credit providers not to take their attention away from front-end identity verification and authentication, and UK fraud prevention service CIFAS noted that identity fraud accounted for 60% of all fraud in the UK in 2013.
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By GlobalData
