We Like Quick Decision - So Do Fraudsters

We Like Quick Decisions… So Do Fraudsters



Carl worked for the Sytner Group for over a decade and was always one of those guys with an interest in Technology and how it could change the retail marketplace.

Sytner is the UK’s leading retailer of prestige cars and the largest overall automotive retailer in Europe.  Working his way up to General Sales Manager, overseeing and responsible for both the New & Used Car Operations, including the Finance teams of an Audi dealership. His team were awarded Audi Centre of the year by Audi UK.





Do you like quick decisions? Well, so do fraudsters…

In my last blog, I explored how dealerships have experienced huge changes in customer expectations around the speed and simplicity of buying a car. Customers now expect to be able to nip to the showroom, pick a car, then drive away. It’s like fast food, but with expensive engines. Unfortunately, speed and simplicity to this scale isn’t always achievable with the current processes and systems.

Any Dealership worth their salt strives to streamline customer experience, but naturally, friction can occur due to Finance Providers’ delayed decisions.

So, why do Finance Providers take so much time to make decisions?

In layman’s terms, they need to check to ensure customers meet appropriate creditworthiness and try to prevent instances of financial crime.

The scrutiny of these checks has increased recently to meet stricter regulations, aimed at protecting consumers, whilst looking to mitigate dodgy dealings, such as identity theft or money laundering.

In the same way customers have access to tons of data when purchasing a new car, criminals can utilise technology and data to their advantage.

●    Data breaches are becoming more and more common, making it easier for fraudsters to access customer data

●    Fraudsters constantly acquire the best technology to stay one step ahead of security teams

●    Fraudsters share vulnerabilities with each other to beat controls and take advantage of weaknesses


If you haven’t guessed by now, fraudsters have their own chat rooms on the infamous Dark Web and for obvious reasons, they like to conceal their identities by using browsers like TOR (bounces internet users’ and websites’ traffic through “relays” run by thousands of volunteers around the world, making it extremely difficult to identify the source of the information or the location of the user).

TruNarrative have even found surface                      web examples of fraudsters wholesaling                Fullz. Take a look at this, screenshot from a UK classified ads website  Badly written? Of course,                                               Worrying? Definitely! 


Because of this, fraudsters feel they can safely and easily buy and sell stolen or acquired packets of customer data (their slang for this is a ‘Fullz’) on the Dark Web to commit fraud when applying for finance. They can even source fraud encyclopaedias, detailing step-by-step guides on how to acquire the right equipment and data, then successfully commit their crimes. Sneaky…..


As the fraudsters use of technology evolves they are able to blend real and fake data, it becomes harder for finance providers to detect them. To try and fight back, the finance providers are adding extra checks and safeguards which take time, adding delays and causing disruption for dealers, which ultimately lengthens the process and affects genuine customers.

Why do fraudsters like us making fast decisions?

Fraudsters take stolen customer data, then mix it with contact details, such as an email address or a pay as you go phone number controlled by them. This means there are potential ways to spot them if time is taken to analyse data, but due to the ever-increasing volumes finance companies receive, combined with the pressure to make faster decisions, it’s understandable financial providers struggle to connect the dots and fraudsters continue to prosper.



My Previous Blog – 0-60mph, How Customers’ Expectations Have Accelerated When Buying Cars

My Next Blog – Coming soon – Turning Tech Against the Fraudsters…..

I now work here at TruNarrative helping banks and lenders improve their internal process, by decreasing friction and ultimately taking on more satisfied customers. If you are a Lender or Broker and want to talk IDV, KYC or Compliance, fill in the form below and one of my team will be in touch.