Yahoo Finance CARFAX Canada Helps Canadians Tackle Auto Theft and Fraud
LONDON, Ontario, June 25, 2024--(BUSINESS WIRE)--CARFAX Canada, the country’s most trusted and comprehensive source of vehicle history information, is on a mission to equip Canadians with the knowledge, tools, and information they need to help protect themselves from potential auto fraud and to feel confident in the vehicles that they are buying, selling, financing or insuring.
Drawing on billions of data records from thousands of sources and advanced data analytics technologies, CARFAX Canada is uniquely positioned to help combat the growing issue of auto theft and fraud. With a collection of newly enhanced fraud detection tools, CARFAX Canada provides Canadians with critical details about a vehicle’s history, including stolen vehicle status and potential fraud indicators.
For insurers, CARFAX Canada’s VIN fraud detection tools help to flag vehicles that are inactive or have multiple current registrations, stolen vehicles, title brands, as well as possible VIN clones and potential fake VINs. This critical data can help insurers mitigate risk by proactively detecting potential fraud before a policy is issued, rather than finding out about the fraud at the time of claim.
CARFAX Canada President, Shawn Vording explains "CARFAX Canada has been helping Canadians identify auto theft for over 25 years. In a recent study of Canadian car buyers, 70% stated that being able to check for stolen vehicle status is essential prior to buying a vehicle." Vording points out that "in 2023, CARFAX Canada Vehicle History Reports found 13,355 vehicles identified as actively stolen." In addition, Vording emphasized, "fraud is also becoming a major issue and CARFAX Canada uses VIN data to create insights to help protect Canadians from possible VIN cloning or the potential use of fake VINs."
On February 8, 2024, CARFAX Canada participated in the National Summit on Combating Auto Theft in Ottawa. As well, Vording spoke at the House of Commons on February 26th, 2024, for the Standing Committee on Public Safety and National Security (SECU) about the Growing Problem of Car Theft and VIN Fraud in Canada and outlined the various ways CARFAX Canada continues to help combat it.
CARFAX Canada is dedicated to helping insurers, government agencies, provincial and territorial vehicle registrars, law enforcement, dealers, consumers and partners to recognize potential auto theft and fraud. This commitment includes building innovative solutions, creating new partnerships, and helping to accelerate existing industry efforts. By using its VIN data for good, CARFAX Canada is empowering Canadians with insights to make better decisions about vehicles and bringing more transparency to the industry.
To learn more about how CARFAX Canada solutions can help insurers detect theft and fraud, please email big@carfax.ca or visit go.carfax.ca/big/insurance.
About CARFAX Canada
CARFAX Canada, a part of S&P Global (NYSE: SPGI), is Canada’s definitive source of automotive information, delivering vehicle history, appraisal and valuation. Drawing on billions of data records from thousands of sources, its products enable used vehicle buyers and sellers to make informed decisions. CARFAX Canada is dedicated to transparency and is trusted to provide vehicle history and valuation information to dealerships, vehicle manufacturers, consumers, major auctions, governments, insurance providers and police agencies. www.carfax.ca
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Contacts
For further information or for an interview with a CARFAX Canada representative, please contact:
Kristy Pinder, Brand Director at CARFAX Canada
kpinder@carfax.ca
+1.519.854.0571
