CARFAX Canada Helps Canadians Tackle Auto Theft and Fraud

Rhea-AI Summary

CARFAX Canada, a trusted vehicle history information provider, is enhancing its efforts to prevent auto theft and fraud. Utilizing billions of data records and advanced analytics, CARFAX Canada offers vital information on vehicle history, including stolen vehicle status and potential fraud indicators. The company has enhanced its fraud detection tools, helping insurers identify inactive vehicles, multiple current registrations, stolen vehicles, title brands, VIN clones, and fake VINs. In 2023, CARFAX Canada identified over 13,000 actively stolen vehicles. The company is committed to collaborating with various stakeholders to combat vehicle fraud and theft, including participating in national summits and speaking at government committees.

Positive

• CARFAX Canada's advanced fraud detection tools provide critical vehicle history details.
• The company identified 13,355 actively stolen vehicles in 2023.
• CARFAX Canada supports insurers in mitigating risk by flagging potential fraud before issuing policies.
• Participation in national summits and government committees demonstrates CARFAX Canada's commitment to combating auto theft and fraud.

Negative

• None.

LONDON, Ontario--(BUSINESS WIRE)-- CARFAX Canada, the country’s most trusted and comprehensive source of vehicle history information, is on a mission to equip Canadians with the knowledge, tools, and information they need to help protect themselves from potential auto fraud and to feel confident in the vehicles that they are buying, selling, financing or insuring.

Drawing on billions of data records from thousands of sources and advanced data analytics technologies, CARFAX Canada is uniquely positioned to help combat the growing issue of auto theft and fraud. With a collection of newly enhanced fraud detection tools, CARFAX Canada provides Canadians with critical details about a vehicle’s history, including stolen vehicle status and potential fraud indicators.

For insurers, CARFAX Canada’s VIN fraud detection tools help to flag vehicles that are inactive or have multiple current registrations, stolen vehicles, title brands, as well as possible VIN clones and potential fake VINs. This critical data can help insurers mitigate risk by proactively detecting potential fraud before a policy is issued, rather than finding out about the fraud at the time of claim.

CARFAX Canada President, Shawn Vording explains “CARFAX Canada has been helping Canadians identify auto theft for over 25 years. In a recent study of Canadian car buyers, 70% stated that being able to check for stolen vehicle status is essential prior to buying a vehicle.” Vording points out that “in 2023, CARFAX Canada Vehicle History Reports found 13,355 vehicles identified as actively stolen.” In addition, Vording emphasized, “fraud is also becoming a major issue and CARFAX Canada uses VIN data to create insights to help protect Canadians from possible VIN cloning or the potential use of fake VINs.”

On February 8, 2024, CARFAX Canada participated in the National Summit on Combating Auto Theft in Ottawa. As well, Vording spoke at the House of Commons on February 26^th, 2024, for the Standing Committee on Public Safety and National Security (SECU) about the Growing Problem of Car Theft and VIN Fraud in Canada and outlined the various ways CARFAX Canada continues to help combat it.

CARFAX Canada is dedicated to helping insurers, government agencies, provincial and territorial vehicle registrars, law enforcement, dealers, consumers and partners to recognize potential auto theft and fraud. This commitment includes building innovative solutions, creating new partnerships, and helping to accelerate existing industry efforts. By using its VIN data for good, CARFAX Canada is empowering Canadians with insights to make better decisions about vehicles and bringing more transparency to the industry.

To learn more about how CARFAX Canada solutions can help insurers detect theft and fraud, please email big@carfax.ca or visit go.carfax.ca/big/insurance.

About CARFAX Canada
CARFAX Canada, a part of S&P Global (NYSE: SPGI), is Canada’s definitive source of automotive information, delivering vehicle history, appraisal and valuation. Drawing on billions of data records from thousands of sources, its products enable used vehicle buyers and sellers to make informed decisions. CARFAX Canada is dedicated to transparency and is trusted to provide vehicle history and valuation information to dealerships, vehicle manufacturers, consumers, major auctions, governments, insurance providers and police agencies. www.carfax.ca

Connect with CARFAX Canada on Instagram, Facebook and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240619120718/en/

For further information or for an interview with a CARFAX Canada representative, please contact:

Kristy Pinder, Brand Director at CARFAX Canada

kpinder@carfax.ca

+1.519.854.0571

Source: CARFAX Canada

FAQ

What is CARFAX Canada's role in preventing auto theft and fraud?

CARFAX Canada provides advanced fraud detection tools and critical vehicle history information to help Canadians identify and prevent auto theft and fraud.

How many stolen vehicles did CARFAX Canada identify in 2023?

CARFAX Canada identified 13,355 actively stolen vehicles in 2023.

How does CARFAX Canada help insurers detect fraud?

CARFAX Canada's tools help insurers flag inactive vehicles, multiple current registrations, stolen vehicles, title brands, VIN clones, and fake VINs before issuing policies.

What events did CARFAX Canada participate in to combat auto theft and fraud?

CARFAX Canada participated in the National Summit on Combating Auto Theft on February 8, 2024, and spoke at the House of Commons Standing Committee on Public Safety and National Security on February 26, 2024.