Dealertrack Canada teamed up with Equifax Canada and Interac to roll out an identity verification solution meant to address the growing challenge of fraud, including identity fraud, in the Canadian auto-lending market.
The solution, integrated into the Dealertrack platform, leverages Equifax’s identity orchestration services and Interac’s document verification technology to offer a fast and secure way for lenders and dealers to verify identities in real time.
It also uses artificial intelligence and biometric recognition to verify government-issued ID documents.
Dealertrack Canada said auto fraud was up 54 per cent in the past year, while noting that its new solution delivers an 80 per cent success rate — with most results in 15 seconds.
The company plans to launch the solution in March with the promise of a new industry standard that offers reliable fraud detection without compromising the user experience.
