Three big industry players are teaming up to help prevent fraud in Canadian auto finance.

Dealership software provider Dealertrack Canada has partnered with Equifax Canada and Interac to introduce a new identity verification system using Equifax’s identity orchestration services integrated with Interac’s document verification service that’s designed to deliver fast and secure identity verification for lenders and dealers.

“This solution provides a powerful, practical way for lenders and dealers to strengthen fraud prevention while accelerating approvals,” Equifax Canada head of fraud and identity Carl Davies said. “By enabling quick, accurate identity verification, we’re helping our partners protect their businesses without compromising the user experience.”

In a news release, the companies said the collaboration leverages their wide reach and integrated workflow capabilities to “set a new industry standard in fraud prevention, enhance compliance, security and efficiency, and fortify the auto-lending ecosystem.”

The new system is scheduled to launch in March.

“Combating fraud is an ongoing focus in the lending industry, and we have been listening closely to our partners’ needs,” said Jill Hadfield, president of Dealertrack Canada and Collateral Management Solutions. “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.”

Interac’s document verification service delivers verification results through artificial intelligence and biometric recognition technologies. It’s designed to provide real-time verification to ensure applicants are who they are presenting to be by matching their government-issued identity documents — including select international passports — matches to the applicant with a liveness check.

“The car-buying experience is an important financial decision in Canadians’ lives, one that requires multiple touchpoints to verify their identity along the way,” Interac head of business development Giles Sutherland said. “Bringing the 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.”