The digital era has truly and successfully helped in building everything a lot easier! Though the pandemic proved to be fatal in every scenario, it helped in the quick adoption of digital techniques. The serious impacts on social distancing and long phases of quarantine gave rise to a contactless environment. E-commerce, which was just limited to the sale of consumer goods like food, clothing, and electronics has now expanded more than ever. Online sales of cars are on the rise which has eliminated the need for a physical meeting of customers with the dealers. Rapid advancements in technology have enough potential for giving a showroom-like experience to customers sitting in the comfort of their homes. With time businesses are moving online, and it will be the new normal considering the recent events and situations globally.
 

Even though businesses going online have been smooth and profitable, technology has also indirectly supported the fraudsters in stealing. With auto sales largely being executed online rather than in-person, auto theft has been on a rise too. Scammers aka bad guys have comfortably migrated online to target high-value customers with the help of sophisticated methods. They are continuously finding ways and tactics to spitefully exploit the sale of automobiles on online platforms. The rise of frauds using stolen and fake identities are some of the major newer threats faced by the automobile industry. The risk of loss from identity theft is real and cannot be ignored. It is easily succeeding in causing serious havoc in the large automobile industry worldwide. Not only its causing auto thefts but also auto loan thefts. Some reports reveal a whopping amount of $226 million lost in a single year in auto loan fraud due to identity theft. Automotive dealers are suffering huge losses due to the latest identity fraud techniques and methods. 

Therefore, it’s extremely important for the automobile industry to adopt safer and reliable means of identifying customers remotely. The fact that a single theft can cause great damage makes it more essential to fight the scammers and prevent thefts. The automobile industry can achieve the most secured means of identity verification at AZYO.

AZYO is the market leader in Automated Identity Verification! 

AZYO is consistently evolving to verify identities and prevent fraudsters with the power of Convolutional Deep Neural Networks, Powerful Graphical Processing Units, Advanced Machine Learning Algorithms, AI-Driven Automation, Real Optical Character Recognition, Blockchain, Facial Recognition & Liveness Detection.