3 weeks ago
Remote ID checks have been brought in for finance applications to Close Brothers.
Biometrics now validate the customer’s identity and determine if it’s genuine, which lets them get a pass or fail outcome immediately without having to speak to a member of the team.
Customers are sent a link via text and can complete the checks when they like, uploading photographic ID.
The new system also includes more robust fraud prevention and has already prevented several ID fraud attempts since its launch at the start of the month, said the company.
Research by Close Brothers Motor Finance found that 10% of drivers in a study of 2,005 had been the victim of fraud while buying a car, indicating a need for improved level of protection for buyers and providers.
John Cassidy, director of commercial partners, said: ‘This ID checking tool is tried and tested within financial services and has a good track record of success.
‘The new checks remove a known pain point for our customers, partners and colleagues, which in turn provides a much more efficient process, which also adds an increased level of security against any potential fraud.
‘Feedback from customers, dealers and colleagues has so far been very positive and has highlighted the improvement to the customer journey.
‘Close Brothers Motor Finance continues to find innovative solutions to maximise the user journey while also bringing benefits to our dealer partners.’
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The post Close Brothers brings in remote ID checks for finance applications to help tackle fraud appeared first on Car Dealer Magazine.
