Auto finance fraud exposure slips to $7.9B in 2023
Applications with evidence of fraud increased 6% YoY
Synthetic identity fraud contributed to an estimated $7.9 billion in fraud exposure across the auto finance industry in 2023, fueled by affordability concerns as fraudsters employed income misrepresentation, employment falsification and credit washing to conceal negative credit histories. Auto lenders’ total estimated loss exposure due to fraud dipped nominally from $8.1 billion in 2022 due […]
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