Increased vehicle ownership has intensified auto loan fraud. Fraudulent income data and employment details, stolen identities, and fake collateral data for filling loan applications further complicate car finance fraud.
Auto financing companies undoubtedly help genuine consumers with their car purchases. However, there are fraudsters who pose as legitimate consumers to cheat lenders. Auto loan fraud in the US increased from $2.1 billion in 2010 to $7.3 billion in 2020.
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