What is Identity Verification
Identity verification is confirming a person is who they claim to be. Identity thieves often pretend to be real customers so they can steal your equipment by seeking loans in others’ names. Identity verification can be completed by confirming the information provided on the application, including the photo on the applicant’s ID card, matches the person picking up the asset and/or by contacting AgDirect for assistance with digital identity verification.
Fraud Prevention Recommendation:
Processing credit applications without the applicant being present increases the risk of fraud, including identity theft. Dealers can protect themselves, while maintaining an efficient application process, by determining which path is most appropriate for their business and their customers by reviewing the following practices:
Financial thresholds. If it is preferred to allow third-party pick-ups, then it is encouraged to establish a monetary threshold for releasing assets without in-person verification. When applications exceed this threshold, contact AgDirect to obtain a link for a digital identity verification path that is texted to the applicant. Once the applicant passes the ID verification, then the asset can be released.
No third-party pick-ups or deliveries. Release assets to the applicant only when applications are received via phone or email. Upon delivery or pick-up, verify that the applicant’s provided information matches the unexpired ID card, including the photo match for the person collecting the asset. If the photo or information provided does not match the person picking up the asset, the dealer should not proceed with the transaction and can contact AgDirect for verification assistance.
Identity verification is required either digitally or upon pick up. Clearly communicate to applicants that rigorous identity verification processes are in place for all applications to prevent fraud. Inform applicants that additional information may be required to complete the application when the applicant is unable to be verified in person.
Be Alert to Red Flags:
They try to rush you
They won’t answer basic questions
They change their story or it doesn’t make sense
They provide different names, phone numbers or addresses
Guiding Principles for Fraud Prevention
Verify information directly with trusted sources
Resist the pressure to cut corners
Be aware of red flags
