Truepic works with automakers and finance and insurance product companies to verify that vehicle images submitted by dealership service departments as part of service orders and warranty claims aren't fraudulent.
This process also can be applied to verifying customer documents. Truepic, which builds identity- and image-verification technology, is working to pinpoint exactly when and where a customer is sending information to businesses. Craig Stack, the company's co-founder and president, said dealerships need to accept that stopping fraudsters is going to take more than scanning a license.
When a customer uploads images of documents such as a driver's license, Truepic's software runs the image through 22 fraud-detection tests. They include comparing the photo against online images and pulling data from the cellphone that took the image to make sure the person is who they claim to be.
Truepic does not have any dealership relationships but works with several large banks and auto lenders. It wouldn't disclose pricing, saying that depends on customization and volume of use for identity verification. The company did note that, for the automotive companies that use its Vision platform to validate vehicle images, pricing generally falls between $9 and $18 per inspection.
Frank McKenna, chief fraud strategist at fraud-detection specialist Point Predictive, said tools such as Truepic can help dealerships but may be too cost-intensive for single-point stores. Auto lenders have more resources for fraud-detection tools than the dealerships they serve. That's why he said dealerships should proceed with caution when a lender flags applications as potentially containing false information.
Lenders "can afford software the dealerships can't, so dealerships should take advantage of it," McKenna said.