The Finance & Leasing Association has selected Dun &
Bradstreet as part of a wide-ranging attack on fraud in asset
finance.
The credit report provider will track asset data and “share
intelligence focused on attempted frauds at the credit application
stage”, said Julian Rose, the FLA’s head of asset finance.
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“It will allow our members to share information securely on
possible fraudulent applications, in full compliance with the legal
constraints on data protection and defamation,” Rose added.
This latest move by the FLA forms part of its drive to put in
place a national register of leased assets for the UK.
The register is partly targeted at multiple financing frauds
where either dealers, customers or brokers purport to pass legal
title to a single asset to several different lessors at the same
time.
“It will also aim to beat fraudsters who apply to many finance
companies simultaneously, hoping to obtain funds from at least one
of them,” said Rose.
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By GlobalDataThe new system is due to be launched during the spring of 2009.
It will include key safeguards to ensure that it is used for
approved purposes only, and not to gain intelligence on the
marketing strategies of competing lessors.
The asset finance industry has long been able to use the HPI
register to counter motor vehicle frauds. Devising a similar system
for other assets, in the absence of a statutory licensing
identification system as for road vehicles, has been a much more
challenging proposition.
