Fraud scheme racks up $5.5M in fake loan applications | Auto Finance News | Auto Finance News

Fraud scheme racks up $5.5M in fake loan applications

Last month, 340 auto loan applications totaling $5.5 million were identified as fraudulent due to a scam that involves altering Social Security Numbers, PointPredictive’s Chief Fraud Strategist Frank McKenna told Auto Finance News. The scheme, which is expected to increase the risk of fraud for auto lenders, is perpetrated by modifying the last four digits of a legitimate […]

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