TORONTO, Feb. 4, 2025
/CNW/ - Dealertrack Canada, the leading financing platform provider
in the automotive and recreational sectors, is proud to announce a
transformative collaboration with Equifax Canada and Interac Corp.
(Interac). This partnership introduces an industry-leading
identity verification solution, using Equifax identity
orchestration services integrated with Interac® document
verification service. This innovative solution is designed to
help combat identity fraud in Canadian auto-lending
and deliver fast and secure identity verification for lenders and
dealers.
As fraud prevention remains a top priority in
Canada, this partnership harnesses
Dealertrack Canada, Equifax Canada, and Interac extensive reach and
integrated workflow capabilities to deliver a seamless experience
to Dealertrack users. Integrating cutting-edge technology, this
solution aims to set a new industry standard in fraud
prevention, enhance compliance, security, and efficiency, and
fortify the auto-lending ecosystem.
Interac® document verification service delivers fast and
accurate verification results by leveraging advanced artificial
intelligence and biometric recognition technologies. It provides
real-time verification to ensure that applicants are who they are
presenting to be by ensuring their accepted form of
government-issued identity documents (including select
international passports) matches to the applicant through a
liveness check. Seamless API integration makes adoption easy for
lenders and dealers, with minimal disruption and maximum
impact.
"Combating fraud is an ongoing focus in the lending
industry, and we have been listening closely to our partners'
needs. We believe Dealertrack Canada is uniquely positioned to
deliver the tools necessary to mitigate risks and improve security.
With our new identity verification solution, dealers and lenders
will experience quicker, more reliable fraud detection
to help meet compliance requirements." said Jill Hadfield, President of Dealertrack Canada
and CMS.
"This solution provides a powerful, practical way for lenders
and dealers to strengthen fraud prevention while
accelerating approvals," Carl
Davies, Head of Fraud and Identity at Equifax
Canada. "By enabling quick, accurate identity verification, we're
helping our partners protect their businesses without compromising
the user experience."
"The car buying experience is an important financial decision in
Canadians' lives, and one that requires multiple touchpoints to
verify their identity along the way," said Giles Sutherland, Head of Business Development
at Interac. "Bringing Interac document verification service into
the process with Equifax and Dealertrack creates a simple,
efficient and secure solution. This collaboration is a great
example of how additional verification solutions can streamline
public and private sector applications."
Dealertrack Canada invites lenders and dealers to connect with
their teams to learn more about this game-changing solution set to
launch in March 2025.
For details on how identification verification technology can
transform fraud prevention strategy, please email us
at idv@dealertrack.ca or contact your Dealertrack
representative.
About Dealertrack:
Dealertrack Canada, a division of TRADER Corp., is the leading
provider of web-based financing software solutions and services for
all major segments of the automotive, recreational and marine
industries. Dealertrack Canada serves dealers, lenders, OEMs,
third-party retailers, agents and aftermarket providers with its
comprehensive set of solutions including Sales/F&I products;
market data for dealers, lenders and OEMs; and digital document
services.
Dealertrack, established in 2001, operates the largest online
credit application network in North
America. Dealertrack Canada is headquartered in Toronto, Ontario, Canada, and has more than
100 team members committed to delivering a uniquely Canadian
service.
About Equifax:
At Equifax (NYSE: EFX), we believe knowledge drives progress. As
a global data, analytics, and technology company, we play an
essential role in the global economy by helping financial
institutions, companies, employers, and government agencies make
critical decisions with greater confidence. Our unique blend of
differentiated data, analytics, and cloud technology drives
insights to power decisions to move people forward. Headquartered
in Atlanta and supported by nearly
15,000 employees worldwide, Equifax operates or has investments in
24 countries in North America,
Central and South America,
Europe, and the Asia Pacific region. For more information,
visit Equifax.ca.
About Interac:
Interac empowers Canadians to transact digitally with confidence
by providing payment and value exchange services. In helping to
develop the future of money, data, and verification in Canada, security is the core of everything we
do. Through our privacy, fraud mitigation, governance,
and verification and authentication services, we help keep Canadian
customers safe and secure when transacting. With nearly 300
financial institutions connected to our network, Canadians choose
Interac products over 20 million times a day on average to exchange
money. Interac champions workplace culture and corporate
citizenship based on the principles of responsibility, diversity,
and inclusion. We are proud to be one of Canada's leading and most trusted financial
brands.
To learn more about Interac document verification service and
our suite of verification solutions, visit
Interac.ca/verified
SOURCE Dealertrack Canada
