In 2019, there was a reported $7 billion worth of fraudulent transactions in the auto finance industry. Desperation spurred by the pandemic in the second quarter has only exacerbated the issue, sparking an additional $2 million per month in fraudulent auto loan applications from the time the COVID-19 crisis began affecting the industry in March until mid-June.
Todd Wolf is chairman of the Auto Finance Coalition and part of the International Association of Financial Crimes Investigators. He will inaugurate the free virtual 2020 Auto Finance Risk Summit’s summer series with his webinar, “Strategies for Mitigating Fraud,” on Wednesday, July 29, at 1 p.m. ET.
Wolf will touch on some of the paramount issues associated with modern-day automotive fraud, such as synthetic identities, phantom loans, straw borrowers and application inaccuracies. He will also provide suggestions for cost-effective ways to prevent fraud during the financing process as well as discuss upcoming trends designed to alleviate potential losses.
The next two webinars take place on Aug. 5 and Aug. 12, and will feature peers from Exeter Finance, Hudson Cook and McGlinchey to discuss regulatory compliance and balancing compliance with operational costs to provide a steady hand to your leadership team.
The 2020 Auto Finance Risk Summit’s summer series offers participants the chance to learn best practices in risk management as the auto finance industry looks to recovery and sustainable growth, regardless of future threats presented by the coronavirus pandemic.
Originally published on Auto Finance News