Motor finance underwriting technology
Instantly identify fake proof of address, financial and ID documents in car finance loan applications.
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According to CIFAS, Car loan application fraud, which has risen by 16% since last quarter, now accounts for almost half of all motor asset finance fraud.
UK car finance debt has reached £40bn as UK borrowers are at risk of default due to the cost of living crisis. Accurately assess affordability.
Ops teams can waste up to 200+ hours a week manually reviewing financial documents. Automated document analysis eliminates human errors.
Vehicle loan software that helps you scale and mitigate risk
92% of all new car purchases in the UK are purchased using finance agreements with the average car loan now at £25,000.
Reduce the time and manpower it takes to assess the fraud risk associated with motor finance applications accurately. Using an easy-to-use UI or integrated API, our vehicle loan underwriting software analyses: consumer bank statements, business bank statements, payslips, and IDs instantly.
We can easily authenticate foreign documents, returning accurate data for more quicker and fraud risk-free loan approvals.
Customise your risk appetite and make better car loan decisions based on raw banking data lifted straight from business and personal bank statements. Weed out vehicle leasing applications that contain false information and edited documents from the outset. Waste no time at all.
Discover more about our Fraud Finder >
A car loan application can include around 3-8 documents including bank statements, business accounts and proof of identity docs. Reviewing these manually on a large scale creates significant opportunities for human error and fatigue to occur.
Most car loan fraud in documents cannot be detected by humans. By automating the process, you can minimise operational risk and scale while maintaining security.
Discover more about our consumer lending underwriting solutions >
The driving force of vehicle loan underwriting...
How can we measure risk with more precise data and help vehicle financiers scale? We utilise...
Explore the full power of Homeppl technology
Increase the performance of your risk and ops teams by adding fraud & affordability analysis to your customer applications
Read more about how to combat loan fraud
Prevent lending fraud from impacting your business at the point of application
Demo the tech making financial risk assessment more simple for loan providers...
We'll provide a short no-obligation demo of each element of our fraud tech, book below:
All you need to know about car loan application fraud...
Some common types of car loan application fraud that lenders should be aware of include false employment or income information, inflated appraisals or values of the car, misrepresentation of identity, and falsifying credit history.
Additionally, some applicants may attempt to provide false references or use a straw buyer to obtain a loan.
Lenders can protect themselves by thoroughly verifying all information provided in the loan application and keeping an eye out for any red flags or inconsistencies.
Lenders can detect car loan application fraud by implementing several measures. These may include verifying the applicant's employment and income through pay slips, bank statements or other documentation via Fraud Finder. Additionally, checking the applicant's credit history and cross-checking it with other sources, verifying the value of the car through independent appraisals, and confirming the identity of the applicant are also important measures for auto finance lenders.
What are the common red flags? An unusually high income or credit score, multiple loan applications within a short time frame, or discrepancies in the applicant's personal information.
Borrowers who commit asset finance fraud can face serious consequences, including legal action and financial penalties. If detected during the loan application process, the lender may deny the loan or cancel it if it has already been approved. In addition, the borrower may be required to repay any funds disbursed based on the fraudulent information provided, which can lead to financial difficulties and damage to their credit history.
Motor finance companies who approve financing based on fraudulent information can face legal implications, including fines, lawsuits, and damage to their reputation. If a lender is found to have knowingly approved a loan based on false or misleading information, they may be subject to civil or criminal penalties.
In addition, the lender may be required to compensate the borrower for any losses incurred as a result of the fraudulent loan. All lenders have a responsibility to verify the information received and to take steps to prevent fraud.
See more about KYC compliance.