Every day, car dealers and distributors fall victim to bank transfer fraud. Imagine: a customer is convinced that he has paid for his vehicle, but the money never arrives. An intercepted e-mail, a modified bank account number, and the money is embezzled. This very real but avoidable risk deserves your full attention.
In 2023, the average amount of a transfer fraud was 3,346, compared with €64* for credit card fraud. In the sale of new or used vehicles, these frauds can represent up to 10% of annual sales, with a direct impact on your stock rotation and operating margin.
Beyond the financial aspect, it's also customer confidence and your dealership's reputation that are at stake.
The main frauds in vehicle sales and trade-ins
More and more cases involve email interception, RIB modification or identity theft. In 2023, based on data from the Banque de France*an estimated loss of :
- 94 M€ for falsified RIBs: all it takes is for your email or your customer's email to be compromised, and the details replaced when the RIB is sent.
- 143 million for identity theft: documents or identities can be falsified to divert payment, sometimes all it takes is a letter that plays on the pronunciation of your brand.
- 379 million for fraud by manipulation: compromised documents are then used to create one or more fictitious accounts, based on a RIB and a usurped real identity.
Reputational and financial risks for your business
A malicious third party pretends to be the dealer or his team, transmitting false bank details and thus diverting the transfer.
The customer, acting in good faith, finds himself wronged - and, often wrongly, in a breach of trust with the seller.
Even without any direct fault on the part of the professional, the consequences can be long-lasting: a downgraded rating on Google, a negative viral review, or comments on social networks are enough to put the brakes on a purchasing decision. According to a 2023 analysis by Reputationa good online reputation can generate up to 10% additional sales over the course of a year. Conversely, a poor online reputation can represent an equally significant loss of earnings.
In a sector where human relations are central, every detail counts.
Fintecture: secure your flows without changing your habits or business tools
Solutions exist to limit these risks. Fintecture offers an innovative solution that secures your transactions while preserving your business processes and the habits of your payers:
- A unique virtual IBAN for each payer: no need to send bank details by email.
- A secure interface: after verifying his identity via an SMS code, the payer accesses his dedicated IBAN.
- A dedicated account, operated by Fintecture: funds are cashed into a secure account and subjected to prudential checks and due diligence before being transferred to your bank account.
- Irrevocable transfers: once issued, they cannot be modified or cancelled without the customer's or professional's knowledge.
A concrete impact for your automotive business
- Secure payments without complicating the customer experience.
- Less risk of fraud, more peace of mind for you and your customers.
- Save time: complete a transaction in less than half a day.
- Optimized payer experience for enhanced customer satisfaction.
A technical response, without disrupting your customer journey
From the creation of fictitious companies, to complex legal and tax arrangements, to brand image usurpation, the methods are constantly evolving and reinventing themselves.
That's why we've integrated behavioral payment analysis technology into our Fintecture solution, enabling us to detect anomalies in real time and block suspicious transactions.
We integrate this solution into your business tools, reinforcing the security of the customer journey, a guarantee of confidence for your customers, and a performance driver for your sales teams.
Fintecture is approved by the Banque de France and supervised by the ACPR, guaranteeing its compliance with financial sector requirements. As president of AFEPAME, (L'Association des Établissements de Paiement et de Monnaie Électronique), Fintecture is part of a solid regulatory framework, essential in the face of fraud issues in the automotive sector. Like Aramisauto, ByMyCar, Como, Edenauto or Alcopa Auction, secure your transactions with Fintecture.
Let's discuss your challenges together to identify a solution tailored to your day-to-day needs. Get in touch with our teams.
