RouteOne Introduces New Red Flags Compliance, Fraud-Prevention Solution
FARMINGTON HILLS, Mich. — RouteOne has launched a new tool, powered by TransUnion, that can help dealers comply with the Federal Trade Commission's Red Flags Rule and also protect themselves from fraud.
As most know, enforcement of the Red Flags Rule, which requires dealers to implement an identity theft prevention program, was pushed back to May 1, 2009.
Essentially, the identity verification and authentication solution, which is integrated with RouteOne's credit aggregation system, can help validate the identity of credit applicants. The tool can access both captive finance sources and non-captive lenders.
The solution can be used to help easily detect identity thieves from within the RouteOne platform by utilizing a scoring system and out-of-wallet questions for triggered applicants based on a configurable risk threshold.
Subscribing dealers can also access real-time data matching against comprehensive consumer and fraud databases to help reduce the risk of fraud.
"RouteOne's identity verification and authentication tool can assist dealers in protecting their dealership from fraud, which is especially critical in these challenging economic times, in addition to meeting the Red Flag requirements," explained Mike Jurecki, chief executive officer of RouteOne.
"Fraud can cost finance sources, dealers, and consumers millions of dollars in losses per year. We look forward to helping dealers use our identity theft tool to protect all their financing business."
Pete Turek, TransUnion's vice president of automotive, added: "TransUnion is pleased to support RouteOne in its efforts to assist the industry in managing the risk associated with identity fraud.
"With the use of advanced analytics, together, we are providing dealers with the tools to help them comply with the new FTC regulations in an efficient and effective manner," he continued.
According to officials, no long-term contracts are required for the service. Dealers can chose from a subscription- or transaction-based model, depending on their stores' needs.
AFIP Certification
Moving on, RouteOne also launched its Best Opportunity Association of Finance & Insurance Professionals Certification campaign
As part of the partnership with AFIP, RouteOne dealers can buy the AFIP Certification program at its wholesale price of $550 instead of the retail price of $870.
The AFIP Certification curriculum focuses on the federal and state regulations governing the F&I process. It also features an ethics program developed in conjunction with the Walsh Institute for Ethical Behavior.
According to officials, the certification process is recommended by the National Automobile Dealers Association and the National Independent Automobile Dealers Association.
"The theme of the campaign reflects the positive impact AFIP Certification has on every phase of the vehicle funding process — from establishing essential customer trust to wiring the deal and getting the deal bought," Jurecki added. "RouteOne is pleased to present this training program in association with AFIP."
David Robertson, AFIP's executive director, added: "Knowledge is power when structuring deals. Operating ethically ensures that they stay bought. When a customer selects a vehicle, AFIP Certification creates the best opportunity for the customer to actually drive it home.
"In a litigious landscape, hard times demand that constraints and standards be in place and enforced. The AFIP Certified F&I Professional on Staff ad logos and door stickers show customers that the dealer best meets their needs."
The AFIP Certification Program includes the CARLAW F&I Legal Desk Book, a course syllabus with additional text and pretest self-check quizzes, audio and video course lectures presented by a Northwood University professor, a Reynolds & Reynolds LAW installment sale and consumer lease review CD, access to the CARLAW StateLaw Counselor database and a situational ethics module.
Officials noted that no out-of-store time or travel is required to prepare for the certification exam. AFIP is also offering special RouteOne final exam review sessions through conference call system. Testing will be conducted locally at Lasergrade sites throughout the country. Lasergrade is a testing resource for the FAA, officials noted.