RouteOne LLC announced today that it is working closely with industry experts to develop a best-in-class identity verification and fraud protection program to incorporate into its existing credit application management system.
RouteOne expects to offer the program to dealers within the third quarter of 2006.
"Protection against identity fraud is critical to the well-being of our dealers and finance sources," said Mike Jurecki, RouteOne CEO. "Fraud remains a serious issue in the automotive finance arena, costing finance sources, dealers, and consumers millions of dollars in losses per year."
Identity verification technologies can enhance a company's risk management ability by assessing a loan applicant's identity risk through a variety of proprietary and third party databases. In addition, an automated process can greatly reduce the number of hours that would normally be spent conducting a manual identity verification.
"We look forward to offering our customers a solution that will lessen their risk and allow them to minimize the possibility of fraud as expediently as possible," said Jurecki.