The conditions are ripe for motor fraudsters, which is why we hear all too often about leasing and insurance companies, among others, being left with huge losses in the wake of dishonest customers. The financial consequences can be huge and there have been few opportunities to prevent the fraud. But now the industry has a new tool.

Sound financial statements, a reasonable business history and CEOs whiter than snow - in short, businesses that look good on paper. It can be endlessly difficult to see where the bad guys are hiding and to protect your business from the creative methods of fraudsters.

A new collaboration between IT company DBI IT A/S and yourCompany Aps will now change that.

Prevents fraud from spreading

The result of the collaboration is a digital tool that will help companies assess the risk and creditworthiness of new customers and alert them if there is behavior among existing customer companies that warrants increased attention. In this way, a large part of the fraud can be stopped before it even occurs and limit the opportunities for those who have already slipped through the eye of the needle.

How does it work?

DBI IT and yourCompany, who are behind the risk analysis tool, consists of former police officers and data specialists with a solid insight into both the industry's challenges and the fraudsters' methods. It is precisely this knowledge that has formed the basis for the engine that daily screens the risk profile of all Danish companies with vehicles attached.

The system is designed to pick up on patterns and behaviors in companies that may be signs of unclean practices, and if there are issues that warrant attention, companies will switch to manual screening. If it is assessed that there is a real increased risk, the company will be flagged so that it is clear to users of the system that there is reason to tread carefully - even if they are already customers of the business.

The engine will be embedded as an optional module on bilstatistik.dk, which is already widely used in the industry, including in connection with the registration process.

2000 vehicles are in the hands of high-risk customers

At the time of writing, there are more than 2000 vehicles registered with companies that belong to the high-risk group, and if you ask Morten Teglhus Gottschalck, Head of Automotive at yourCompany, this is an indication of the scale of the problem:

”Every day we see new names being added to the list of companies that engage in sensational behavior, and the losses they can leave in their wake are huge. Until now, insurance companies and other creditors have only been notified that they have assets in trouble much later in the process, which means that the list of costs for lost assets, insurance sums, handling processes with lawyers, debt collection or civil litigation etc. is growing.”

For Peter Andersen, Sales Director at DBI IT, the demand for the system is a good indicator that customers have lacked tools to protect themselves against loss and fraud:

”Our ambition has been to highlight risks based on trends seen in the market every day and make life harder for those who don't play by the rules. It's clear from the reception the system has received that there has been an unmet need and that the value transparency creates is very tangible.”

Want to know more about the risk analysis tool?