Synectics Solutions, a provider of IT to detect and prevent fraud and wider economic crime, has rolled out a new intelligence offering for the UK’s motor finance industry.
The announcement follows a sharp rise in the number of motor finance/hire purchase fraud cases in the country driven by cost-of-living crisis.
The new service will enable the motor finance industry to recover assets and money lost to bad debt and fraud, the company claims.
Synectics’ Special Investigations Unit (SIU) will prepare reports on individuals and companies by leveraging UK National SIRA’s syndicated cross-sector risk intelligence data.
These National Intelligence Model-compliant reports in turn will help firms identify suspect purchasers and hirers.
Synectics SIU head Chris Hallett said: “Risk profiles are changing. Organised crime has historically accounted for a sizeable proportion of incidents, but the cost-of-living crisis has introduced a new wave of challenges.
“We’re seeing cases where normally law-abiding individuals with previously good credit are suddenly not able to make payments. They either default or stage incidents to have their car written off in the hope their insurance will settle outstanding motor finance.
“When fraud or criminal activity is suspected specialist intelligence can make a dramatic difference in expediting the location of the purchaser/hirer, to recoup the money owed or seize the vehicle. That’s exactly what we aim to do with this offering.”
Synectics’ SIU, in partnership with various in-house investigative teams, offers ad hoc reports, complex fraud analysis, outsourced investigations among other services.
The company supports motor finance, rental, banking and insurance firms prevent financial crimes.
Earlier this year, Synectics Solutions partnered with National Vehicle Crime Intelligence Service (NaVCIS) to help finance and insurance industries guard against fraud.