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Car finance group’s anti-scam drive avoids £3.2M fraud

Airport-style scanners to catch out identity thieves were among a number of measures which helped a major car finance group to save over £3.2 million in potential fraud losses last year.


Airport-style scanners to catch out identity thieves were among a number of measures which helped a major car finance group to save over £3.2 million in potential fraud losses last year.
The Funding Corporation Limited (TFC) says that almost 500 cases of suspected fraud were identified in 2011.
The result was achieved by vigilant staff across the group, trained by a dedicated anti-fraud unit in the company, aided by document checking technology from Au10Tix in all of its ACF Car Finance Limited used car dealerships.
Forged passports and driving licences presented by customers to verify their ID are among the illegally-held documents picked up by the crime-fighting scanners.
The software analyses components of documents such as biometric data, visual data, infrared, ultraviolet and holograms to provide its full authentication check.
ACF Car Finance is the first UK motor retailer to use this technology, says Richard Cox, Head of Motor Operations at TFC, parent company to ACF Car Finance.
However, he comments, in addition to significantly reducing the company’s exposure to the risk of fraud, the scanners also provide both commercial and customer benefits:
“By removing the risk of human error from document checking we are also freeing up showroom staff to spend more time with customers,” said Richard.
"Also, consumers do not have to wait around as long while their documents are manually authenticated - a procedure which some people find irritating and slightly offensive.
“In just a few seconds, we can now ascertain if an item of identity is genuine - and it is a far more robust and customer-friendly way of managing fraud risk than manual checking,” said Richard.
“What’s more, if an innocent customer is involved, for example if their details are used fraudulently, they are duly notified and offered advice on how to protect themselves from ID Fraud in the future.”
Each document check, said Richard, is recorded and the image and attributes stored electronically, removing the time-consuming and costly process of taking and storing copies of documents. 
The estimated £3.2 million of potential losses identified last year by TFC cover a wide range of attempted frauds by unscrupulous would-be car buyers.
They include false car credit applications, false proofs of income - such as forged or doctored bank statements and pay slips - as well as false proofs of address, and false employment details.
In many cases, says Richard, the company’s vigilance helped the police to uncover other crimes such as benefit fraud and money laundering by the same person.
ACF Car Finance supplies used cars direct to customers via its showroom network, and the vast majority of vehicles are financed by a member of its parent company, TFC.
The company aims to help people whose credit records might otherwise prevent them from obtaining finance - and customers are promised a same-day purchasing service when possible.
The company’s new ability to authenticate documents quickly and accurately, said Richard, is helping more customers to be able to buy a car and drive away the same day.
ACF Car Finance Limited ( is Britain’s leading supplier of high-quality used cars to people whose credit status might otherwise prevent them from obtaining vehicle finance. ACF Car Finance has earned a strong reputation within the finance and motor industry for its standards of customer care, and the quality of the friendly, professional advice provided by members of its fully-trained team.
ACF Car Finance Limited. Registered in England number 4757280. Registered office address: International House, Kingsfield Court, Chester Business Park, Chester CH4 9RF.

For further information about this piece, contact:
Jane Whittle
Marketing Manager
The Funding Corporation
01244 625 683


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