BANK FRAUD USING AI

By David Cardella, CEO, CIADA

The auto industry has always been a target for thieves using fraudulent documents to purchase (steal) vehicles but with AI they have developed a new tactic. I recently attended a presentation by bank officials and the CBI where they demonstrated how using only five spoken words from an innocent phone call AI thieves could create a conversation. This is another reason everyone at your dealership must be aware that new fraud tactics are created every day. Double and triple check documents for alterations to prevent becoming a fraud victim.

We are also hearing that stolen vehicles with cloned serial numbers are being brought to dealerships for purchase. Tell your buyers before they purchase the vehicle to call a dealer’s service department to see if the vehicle exists in their database and verify the serial number in at least three places. Every vehicle has them stamped to prevent this crime.

CIADA is here to help you and your employees. Stop by or call our office and if you have questions for me, call 303-239-8000 ext. 302.