Motor industry solution combats fraud and financial crime

A risk mitigation company that helps many of the UK’s most well-known financial institutions to fight fraud and other financial crime has launched a solution aimed specifically at the motor industry.

Synectics Solutions used the Finance Leasing Association (FLA)’s Financial Crime Conference this week (Wednesday) to unveil SIRA for Motor Finance, while also reporting increases in motor finance application fraud.

Discussing the evolution of fraud at the event, Richard Wood, Business Development Director at Synectics Solutions, said that with the increasing popularity of Personal Contract Purchase (PCP), there was a greater risk of financial crime and issues to consider around credit affordability.

Synectics is already working with some of the largest motor finance brands in the industry, who have adopted the SIRA solution. Synectics hopes that by launching SIRA for Motor Finance at the FLA’s event this week will demonstrate the advantages of using one of the UK’s leading financial crime and fraud solutions to help them reduce risks within their businesses.

Richard added: “It’s becoming evident that motor finance providers need to check and validate potential customers more closely than ever before, and it’s a challenge facing the industry as fraud methods evolve and become increasingly sophisticated.”

According to the 2017 and 2018 Cifas Fraudscape Report, application fraud in motor finance increased by almost 50% in the two years from 7,318 in 2015 to 10,791 in 2017.

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Within the motor industry, there is a pressure on finance providers to increasingly deliver solutions that smooth the journey for a demanding customer. This is made more challenging in the context of rising financial crime, where criminals exploit the easier access to both financial products and personal data, which market trends have demanded and created.

Affordability has also become an issue within the PCP market and Synectics claims that by deploying a solution such as SIRA Motor Finance providers can improve their affordability and risk assessment checks to address some of these challenges more effectively.

Richard Wood concluded: “We were really pleased to be able to share at the September FLA financial crime committee meeting some deep insight from our analysis of the National SIRA fraud database, which we hope helped to educate and inform the motor industry members, to improve their fraud and finance risk mitigation defences.

“Launching SIRA for Motor Finance at today’s annual conference is an exciting step for Synectics and one which will hopefully help our motor and asset finance clients realise a greater degree of success in mitigating risks and improve their ability to serve their customers.”

To find out more about Synectics Solutions, visit www.synectics-solutions.com or call 01782 664000 or email info@synectics-solutions.com

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