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Identity fraud is on the rise across the UK with CIFA, the national fraud prevention service, reporting a record number of cases in 2018. Our industry is increasingly becoming a target and during Fraud Awareness Week, we wanted to share some top tips from our in-house experts to help you avoid scammers and fraudsters.

Impersonation fraud is when someone pretends to be a different person or company in order to illegally extract money or goods from a business (in this case, to illegally obtain the vehicle and finance). This is an intentional act of deception involving financial transactions for personal gain.

We caught up with Chris Rowthorn, Head of New Business Operations at MotoNovo:

 “With so many individuals and criminal groups working hard to steal personal information to commit fraud we need everyone – dealers and team MNF - to stay alert and up to date with the risks to protect our business and our customers. Sharing information is absolutely key.”

Don’t be afraid to ask for more information if something doesn’t seem quite right. If the customer is legit, they probably won’t object to a few extra checks.

This can pose an additional risk as you can’t monitor the situation as well. Anything irregular should be a red flag.

Common themes are starting to occur in fraud, such as fraudsters working in groups of 2-3 men at a time. They might not question the APR charged and typically don’t want to pay a deposit. They’re also targeting prestige used cars such as BMW, Audi and Mercedes. Just remember, not all fraudsters will follow these trends, but it’s worth keeping an eye out.

You could consider using the PRADO tool to assist with validating driving licences. Fraudsters won’t usually want to proceed if they have to produce a valid payment method, so another way to check their identity is to take a chip and pin card payment of £1 that is refunded straight away.

If you’re a MotoNovo dealer, head to the ‘Downloads’ section of the Dealer Hub and read through our document on the current active fraud ring. Our teams play an important role in fraud prevention for our dealerships, so if you have any questions or concerns, get in touch with your Account Manager.

PRADO - Public Register of Authentic travel and identity Documents Online

Edison - Public Register of Authentic travel and identity Documents Online

Identity fraud is on the rise across the UK with CIFA, the national fraud prevention service, reporting a record number of cases in 2018. For Fraud Awareness Week, we wanted to share some top tips to help you avoid scammers and fraudsters.

Battling financial crime in the dealership

Values in the used car market have been on a roller coaster ride since last year, but what caused the volatility?

Derren Martin, head of UK valuations at cap hpi, is clear on the causes. He believes the drops constitute a “price realignment” following rises in 2017 and 2018, an unusual phenomenon for traditional depreciating assets.

He also singled out high supply levels following the influx of cars entering the used sector from the record breaking new car markets of 2015 and 2016 which totalled over 2.6 million registrations.

This perfect storm was completed by an easing of demand, hardly surprising with consumer confidence dented by Brexit and economic uncertainties.

However, Martin points to a slowing down of value drops in both July and August after a tumultuous period of successive month-on-month and year-on-year falls.

“The used car market pricing realignment has been ongoing since the end of 2018 and accelerated from Easter onwards. Our Live values data points to a more stable period ahead as demand and values are more closely aligned.”

A return to more “normal” trading conditions was also flagged up in Cox Automotive’s Market Insight Overview for August which noted improved demand in the wholesale market.

Philip Nothard, Customer Insight and Strategy Director - Cars, said: “Average values were stable in August. The realignment of the pricing guides that we’ve seen over the past two months stimulated demand in the wholesale market, generating strong conversion rates across the month.”

If the book drops continue to slow down then we can expect to see improved margins. This, of course, will be welcome news for dealers who can finally concentrate on the issues they have control over.

Values in the used car market have been on a roller coaster ride since last year, but what caused the volatility? Our industry expert, Curtis Hutchinson explains...

News - November 2019

Battling financial crime in the dealership

Are used car values stabilising?

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