Credit Bureau Connection

Fresno,  CA 
United States
  • Booth: 6002N

Credit reports, fraud, prequalification, web tools

CBC is the automotive industry’s preferred credit report & compliance provider. CBC delivers products that support the entire credit report & compliance process, from web applications, soft-pull and hard-pull credit reports, alternative data, Red Flags, ID Fraud detection, liens & judgments, and more.

 Press Releases

  • The automotive industry has become quite familiar with the reality of synthetic identity fraud. Defined by the creation of fictitious identities, we conservatively estimate that synthetic identity fraud accounts for more than $2.50 lost for every automotive loan made in North America. Multiply that by the tens of millions of automotive loans originated ever year, and synthetic identity fraud is a costly and growing problem.

    We’ve seen the synthetic identity fraud issue cause concern across industries. According to a recent report from the Federal Reserve, “Detecting Synthetic Identity Fraud in the U.S. Payment System,” synthetic identity fraud accounts for roughly 20% of all credit losses.

    With that much money at stake, automotive dealers and lenders need to address the problem head-on. Unfortunately, there are obstacles that make synthetic identity fraud a less than simple issue to tackle.

    No Crime Reported

    Synthetic identities demonstrate positive credit behavior to access larger amounts of credit — enough to qualify for auto loans. The trend toward online loan origination provides criminals with a safe haven to probe loans and vehicles to determine what they can qualify to buy.

    Synthetic identity fraud is difficult to detect. The “owner” of the identity is collusive in the crime. Without a victim to confirm that a loan was opened fraudulently, it’s difficult to identify synthetic identities and figure out ways to treat them.

    Given how long synthetic identities take to create and cultivate — between 12 and 18 months — many fraudsters will look to maximize their profit margins. The automotive industry is ripe for attack.

    All of these factors combine to put dealerships at risk.

    The SSA Is on It

    While the primary objective for automotive dealers and finance sources is to sell cars, it’s important to have the appropriate processes in place to prevent the headache that synthetic identity fraud will ultimately provide.

    The Social Security Administration plans to launch the pilot program for its new electronic Consent Based Social Security Number Verification service in June 2020. eCBSV is designed to make the verification of Social Security numbers more efficient and minimize the risk of synthetic identity fraud.

    Dealers and finance sources need to implement a multilayered approach that leverages advanced data and technology.

    But the SSA’s program should not be viewed as a silver bullet. The concern is that the threat of eCBSV is enough to prompt criminals to monetize the synthetic identities they’ve created before their work is devalued.

    To bridge the gap to June 2020 and beyond, dealers and finance sources need to implement a multilayered approach that leverages advanced data and technology.

    Make a Connection

    There’s an overreliance on basic demographic information and identity snapshots that are not effective at identifying synthetic identities. That information only tells half the story.

    Deep analysis of an identity’s history, behavior and link analysis that connects details across the entire consumer universe are required to successfully identify synthetic identities.

    Credit Bureau Connection is an example of an organization that uses advanced data and technology to help automotive dealers and lenders combat the rise in synthetic identity fraud.

    In fact, earlier this year, CBC’s tools helped a Southern California dealership identify and apprehend an individual who attempted to purchase a luxury vehicle with a synthetic identity. It was later discovered that the individual was connected to an automotive fraud ring.

    Synthetic identity fraud is an issue that will continue to cause problems for the automotive industry. Dealers and finance sources need to adapt to stay one step ahead. Advanced data and innovative technology, along with a multilayered strategy, can help these organizations detect fraudulent behavior early on and minimize the financial losses.

    Chris Ryan is Experian’s senior fraud solutions consultant.

    Additional Testimonial from Chris Cleveland, Compliance Director, Legal Affairs Dept. Galpin Motors, Inc.

    Credit Bureau Connection’s (CBC) new fraud prevention product allows our dealership to better identify synthetic identity theft, which seems to be occurring at a higher rate than ever before. Using this new tool, one of our Galpin Motors Sales Managers was able to quickly stop the deal in its tracks and notify the compliance department of the alert. After investigating the incident and referring it to the police, it turned out that the individual was using the identity of a person who happened to share the same name. While we were able to prevent the thief from obtaining a brand new luxury vehicle, he had already obtained other luxury vehicles from local dealerships (who I suspect were not using CBC). Fortunately, the information we provided to the police eventually led to the arrest of two individuals involved in scamming the other dealers. I would like to thank CBC for being on the cutting edge of fraud prevention and Red Flag compliance, which is why we chose CBC in the first place.

  • FRESNO, Calif., Jan. 21, 2019 /PRNewswire/ -- Credit Bureau Connection (CBC), the industry leader of credit reports, compliance solutions, alternative credit data, and soft pull products, announces a new Synthetic Identity Fraud prevention solution. An additional set of identity fraud detection tools created to detect and prevent this new, rapidly increasing form of fraud.

    Synthetic Identity Fraud differs from tradition identity theft in that the perpetrator creates a new synthetic identity versus stealing an existing identity. Understanding what synthetic identity fraud is, is the first step in detecting it. CBC uses proprietary logic that unmasks how thieves create synthetic profiles and have developed an in-depth and effective way to thwart Synthetic Identity Fraud by distinguishing a fraudster from a legitimate customer at the beginning of the sales process.

    CBC's Synthetic Identity Fraud detection solution complements the current suite of fraud detection tools available with CBC's eCredit Complete software. By adding this new advanced level of fraud detection, we can identify potential threats that may not be detected using traditional fraud detection methods.

    CBC utilizes industry-leading technology consisting of over 40 different risk-related elements that are used to create synthetic fraud credit profiles and delivers an easily detectable Synthetic Identity Fraud score that is very effective in detecting those synthetic identities that are established and approaching the maturity level necessary to perpetrate fraud.

    "Early detection of potential Synthetic Identity Fraud is paramount to its success. We have added synthetic fraud detection to our industry-leading ID Theft/Red Flags Rule compliance to deliver a one-of-a-kind solution our customers have come to expect," says Mike Green President/CEO Credit Bureau Connection.

    The Synthetic Identity Fraud solution is available as an add-on to Credit Bureau Connection's Advanced Red Flags compliance suite. For more information, contact: 800.448.0183

    About Credit Bureau Connection (CBC)
    Credit Bureau Connection is the leader in credit reports, compliance management, and consumer prequalification solutions for automotive, motorcycle, power sports, and RV dealers; along with a vast network of lenders, brokers, and integrated software partners throughout the automotive industry. CBC provides traditional and non-traditional credit report products along with soft-pull credit reports, consumer-facing web credit application tools, and compliance services. CBC sets the standard with superior customer service, fully responsive cross-platform software, comprehensive data security, and the best up-time service levels available. CBC's forward-thinking business and technology approach is the driving factor in the companies' substantial growth year after year for over a decade.

 Additional Info

This company does business in International markets.
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