All posts by Liz Lasher

Risk & Compliance FICO @ AFSA: Auto Lenders Losing $2-3B to Fraud

Jan312017

One of my favorite movie scenes is from Blade Runner. A policeman is interrogating his detainee, asking a series of questions to determine whether the person is a real human-being or a synthetic. Funnily enough, this scene parallels the problems discussed at a FICO roundtable on ‘How to Fight Auto Loan Fraud’ held this week at the AFSA Vehicle Finance Conference & Expo. While none of the 25 attendees resembled Harrison Ford, they agreed they were getting busier looking for synthetics, just a different kind of synthetic. In this case, we were talking about synthetic identities, a type of fraud in which a criminal combines real and fake information to create a new fake identity that is used to open fraudulent accounts and make fraudulent purchases. The use of synthetic IDs in the auto loan industry has been a growing problem in the last 18 months. Attendees at the roundtable... [Read More]

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