Consumers applying for credit online, such as auto loans and credit cards, better get used to the idea of having their identity checked in the near future by so-called “biometric” means
I cover the pervasive, yet little-understood auto industry. Share to facebook Share to twitter Share to linkedin such as fingerprints or eye scans. Those technologies have become widely available and relatively speaking more economical. But most of all, the need for greater security is urgent, according to a recent phone interview with Chris Ryan, senior fraud solutions business consultant for Experian , based in Costa Mesa, Calif.
Identity theft is a growing problem, especially so-called synthetic identities , where fraudsters cobble together a fake identity using bits and pieces of genuine ones. Auto loans are a particular target, because increased use of chip-enabled credit cards has made it much harder to create phony credit cards, security experts said. That makes auto loans low-hanging fruit by comparison.
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