Close Brothers Motor Finance has recently integrated remote identity checks into its finance application process to enhance security.
The new system, provided by Lexus Nexus, employs biometric technology to validate identities and the authenticity of ID documents, offering immediate pass or fail outcomes.
Go deeper with GlobalData
It replaces the traditional telephony security systems, streamlining the verification process and bolstering fraud prevention measures.
Customers can now complete identity checks at their convenience by following a link sent via SMS, where they are required to upload a photo of their ID and a ‘selfie’ within 48 hours of their finance proposal being accepted.
Since its launch in early April 2024, the system has successfully identified and thwarted several identity fraud attempts, the financing provider claimed.
The need for such security measures is underscored by research from Close Brothers Motor Finance in 2022, which revealed that one in ten drivers had fallen victim to fraud during the car buying process.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataClose Brothers Motor Finance director of commercial partners John Cassidy said: “This ID checking tool is tried and tested within financial services and has a good track record of success. The new checks remove a known pain-point for our customers, partners and colleagues which in turn provides a much more efficient process, which also adds an increased level of security against any potential fraud.
“Feedback from customers, dealers and colleagues has so far been very positive, and has highlighted the improvement to the customer journey. Close Brothers Motor Finance continues to find innovative solutions to maximise the user journey, whilst also bringing benefits to our dealer partners.”
Earlier in April 2024, Bluestone Motor Finance completed the rebranding of its Irish operations following its acquisition by Close Brothers in September 2023.
With the deal, over 650 car dealerships and their partners in Ireland will now operate under the Close Brothers Motor Finance brand.
