Paays and Tricity Auto Group Prevent Identity Fraud

PORT COQUITLAM, BC, May 30, 2024 - In a striking example of the power of advanced technology in combating Identity Fraud, Paays Financial Technologies Inc. (“Paays”) and Tricity Auto Group (“Tricity”) announced today that their new partnership recently averted a fraudulent vehicle sale thanks to the Paays ID Verifier, an AI-powered identity verification solution. The incident not only saved the dealership from a significant financial loss but also highlighted the importance of robust identity verification in today's business landscape.

The episode unfolded when a “customer” arrived at one of Tricity’s stores to purchase a vehicle. As per standard procedure, the dealership requested the customer's identity document. Using ID Verifier, the dealership was immediately alerted to a red flag on the document provided. Adhering to its security protocols, the dealer representative requested additional information from the customer. At this point, the customer abruptly left and did not return.

Suspicious of the encounter, the dealership's management team searched for and eventually found the “true” identity holder through Facebook. The individual confirmed that their wallet had been stolen and that they had not attempted to purchase a vehicle from Tricity.

Following the confirmation of the fraud attempt, Tricity reported the incident to both Equifax and TransUnion, alerting them to the compromised identity. This proactive step ensured that the victim's credit and identity were protected from further misuse.

“ID Verifier is known for its powerful AI-driven capabilities”, said David Fry, the Founder and CEO of Paays. “Among many other processes, ID Verifier performs detailed and accurate facial recognition, matching the individual's face with the photo on their identity document. Its ability to detect discrepancies with such precision was crucial in thwarting this fraud attempt.”

"We are very happy to have the Paays ID Verifier in our stores, assisting us with our KYC (know your customer) verification process. It prevented what could have been a significant loss for our business,” commented Gord Spears, SVP Tricity. “This incident underscores the value of investing in advanced technology like Paays. It's not just about convenience; it's about security and protecting our assets and our customers.”

The incident at Tricity serves as a compelling case study for other businesses in the automotive industry and beyond. It highlights the growing importance of robust identity verification solutions in the face of increasingly sophisticated fraudulent schemes. By leveraging AI and other advanced technologies, businesses can protect themselves and their customers from fraudsters who seek to exploit vulnerabilities.