Financial Crime Ecosystem in Automotive Finance

Financial Crime for Automotive Finance

Protect your business and customers with artificial intelligence.

Criminals these days are more advanced than ever. As the shift to digital continues to accelerate, it is increasingly important for automotive finance companies to have sophisticated protective measures in place for fraud, faceless transactions, anti-money laundering, digital identity and cybersecurity.

Ecosystem Details

In the United States, it is estimated that automotive finance  application fraud alone costs $2-3 billion per year. The worst part is that this is only one of the myriad of threats facing the industry. Successful companies need to systematically identify threats, understand risk, and deploy counter measures on multiple fronts.

FICO delivers an analytic platform that leverages the latest in artificial intelligence, machine learning, and predictive analytics to help you understand where there is clear fraud and accurately make decisions when you are in the grey area between fraud and risk. This includes providing you with key insights in a broad set of financial crime scenarios, including:

  • The use of stolen identities
  • Synthetic identity fraud
  • Straight rollers
  • Employee and insider fraud
  • Dealer fraud
  • The potential for data breaches and cybersecurity risk
  • Money laundering

Teams we work with:

Credit — Improve your auto-approval and auto-decline rates and reduce subjectivity in the credit decision process.

Fraud — Put in place alerts at point of origination, improve root cause analysis, and use case management to ensure successful resolution.

Line of Business — Improve your profitability and cut fraud losses for your portfolio. Engage with dealers to partner and reduce chargebacks.

IT — Cut through the noise with objective cyber exposure score and prioritize the right counter measures that will reduce the risk of data breaches.

  • Leverage data orchestration and strategy management to ensure you are taking a comprehensive approach.
  • Reduce risk of data breaches with a data-driven Enterprise Security Score to accurately understand cyber posture and prioritize additional security measures.
  • Best-in-class fraud detection with prepackaged fuzzy matching and governed policy roles for rapid simulation, testing and deployment.
  • Case management with optimized investigations to improve time to resolution, provide explainable reason codes, and improve the customer experience.
  • Improve fraud detection in both origination and collections and recovery to ensure fast decisions and efficient use of your internal resources.

Related Products

Featured product

FICO® TONBELLER® Siron® AML

Transaction Monitoring Based on Advanced Analytics.

  • Quick deployment
  • Adaptable to regulatory changes
  • AML powered by machine learning
Featured product

FICO® TONBELLER® Siron® KYC

A lifecycle solution to identify, verify and know your customer.

  • Faster customer on-boarding and superior data
  • Quickly addresses regulation changes
  • Access to the latest customer risks
Featured product

FICO® Cyber Risk Score

The most accurate security rating service to determine the risk profile of any organization.

  • Transparency
  • Self-Service
  • Machine Learning

FICO® Application Fraud Manager

Stop fraud at the source: Applications.

  • Gain fraud protection, fast
  • Reduce fraud’s financial impact
  • Extend existing investments

FICO® Identity Resolution Engine

Resolve individuals' identities and reveal fraud rings.

  • Uncover up to 50% more fraud
  • Increase investigator efficiency
  • Improve collection efforts

Resources

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Combating Synthetic Identity Fraud in Auto Lending

The auto finance industry faces enormous pressure to ramp up its digital presence to appeal to today’s modern auto buyers – a consumer group that is increasingly unwilling to spend time at dealerships awaiting financing. Instead, buyers ar...
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FICO® Application Fraud Manager

Stopping fraud at the point of application is the best defense against future liabilities. While that’s a simple, clear fact, defending against application fraud is a complex challenge. As fraudsters’ methods evolve, ap...
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FICO® Identity Resolution Engine

FICO® Identity Resolution Engine gives banks, insurers, retailers, telecom providers and government agencies the most effective technology combination for stopping financial crimes, bolstering security and ensuring regulatory compliance. I...
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FICO® Cyber Risk Score: The Science of Cybersecurity Predictive Analytics

Cybersecurity strategies often consist of “whack-a-mole” exercises focused on the perpetual detection and mitigation of vulnerabilities. As a result, organizations must re-think the ever-escalating costs associated with vulnerability manag...