In the modern technological era, there are very many ways to do banking. Major mobile applications like CashApp and Venmo make controlling your money more convenient and easier than ever. However, when it comes to the auto industry, the opposite trend has been observed. Alternative methods of financing a car, such as a credit union or a monoline financial institution, have seen large decreases since November 2023. Instead, financing directly with a dealership or financing with the automotive maker has grown by 19.2% and 6%, respectively. However, this is not the only way that technology has influenced the car-buying process.
A more nefarious piece of technology in modern years is synthetic identities, or Syn ID’s. These Syn ID’s allow customers to untruthfully report their credit history or financial status. In general, loans or leases with a Syn ID have a delinquency rate upwards of 3 times higher and have already resulted in $7.9 billion in losses. Fortunately, it is possible to protect your business with the help of Equifax. They offer Know Your Customer (KYC) technology to give insights into buying power before any business transactions are done. They even help to smooth out the buying experience for authentic customers by speeding up the buying process. Regardless of what type of customer you have, you can feel secure with Equifax’s KYC technology.