2024 Automotive ID Fraud Special Report outlines trends, risks for automotive businesses as they combat the use of fraudulent IDs.

NEW ORLEANS, LOUISIANA, UNITED STATES, July 23, 2024 /EINPresswire.com/ -- After analyzing more than 1,700,000 IDs verified on behalf of automotive industry customers, AI-powered identity tech company IDScan.net has published findings from their 2024 Automotive ID Fraud Special Report.

The report comes after several recent fraud attempts made national news. A woman in Nashville attempted to steal rental cars using a fake ID, just weeks after a Tennessee man drove off with a Mercedes SUV after presenting a fraudulent identity document. According to Experian, nearly 80,000 cars were stolen in 2023 using fraud.

Automotive businesses use IDScan.net’s identity verification products: DIVE and VeriScan, to help ensure prospective customers are legitimate by verifying their ID. VeriScan handles brick-and-mortar ID authentication on the lot, while DIVE allows for remote ID validation on the customer’s mobile device before they arrive. IDScan.net has reviewed anonymized results showing the past twelve months of ID verifications on both products across the company’s automotive customer base to reveal new insights into ID fraud trends specific to the industry.

According to data in IDScan.net Automotive ID Fraud Special Report - which can be downloaded on their website - automotive businesses had an average annual ID fraud risk of 4.15% with risk rate in a given month correlated strongly with rises and falls in the national interest rate. Notably, businesses who implemented ID verification - either on-premises or remotely - saw more than 50% reductions in the number of fake IDs presented to the business after 6 months.

“ID verification has been a great deterrent for fraudsters,” said McCluskey Chevrolet executive John McCullough. “Since implementing IDScan.net’s DIVE we’ve reduced the number of fake IDs presented to our dealership by more than half.” The Ohio dealership sends verification requests by SMS to prospective customers who inquire about online car purchases.

Other key findings from the Special Report include fraudulent ID demographics. More than 72% of fake IDs used at automotive businesses list “male” as the gender, with less than 30% listed as “female” (IDs without a gender make up just under 3% of flagged IDs). More than 50% of these IDs list an age between 36 and 55, making middle-aged men the most common identity displayed on the identity document. Corroborating data in the IDScan.net 2024 Fake ID Report, Texas is the most commonly faked ID.

The Special Report also dives into the highest risk time of day for dealerships and other trends related to automotive ID fraud. It is the first of several industry reports which will be published in Q3.

About IDScan.net

IDScan.net is the leading AI-powered identity verification platform focusing on age validation and fraud reduction for high compliance industries, performing more than 15M ID and identity-related transactions monthly.

Jillian Kossman
IDScan.net
+1 504-834-0222
email us here

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