The essential premise of the rental industry subjects rental companies to the risk of counterfeit fraud. Whether a company is an international chain or a local company, and regardless if they rent cars, trucks, audio/video equipment, heavy machinery, hand tools or furniture, the model is the same. A customer presents an ID and a rental contract is entered – sometimes secured by a credit card, sometimes not.
Rental fraud losses that can result from a single fake ID presented during a transaction can be significant. An industrial moving truck, a luxury car, a tractor, an LCD TV, a dining set, etc. For this reason, it is vitally important that rental companies proactively take steps to verify ID documents and maintain secured (FTC compliant) records of the individuals who have presented the documents so that they can DETER fraud from occurring, DETECT fraud while it is happening, COMPLY with regulations regarding the treatment of large–scale financial transactions, and if necessary, PROVIDE evidence to law enforcement so that investigation, prosecution and recovery of stolen assets can be achieved.
With rental fraud prevention controls designed to satisfy not only legal requirements, but also the rental organization’s business goals, many rental companies have achieved optimal effectiveness from Fraud Fighter’s proprietary set of Ultraviolet product solutions. Without disrupting workflow or the customer experience, these very simple–to–use devices quickly and accurately enable the rental agency employee to discreetly validate the authenticity of “hidden” UV security features present in driver licenses and credit cards – as well as a host of other important documents, including currency, passports, traveler checks and money orders.
More advanced solutions (ICV products) involve capturing an image of the ID document, conducting complex “authentication” steps to confirm genuineness of the ID, and maintaining encrypted files including the ID image and the information contained on the ID in a digital format for regulatory compliance and law enforcement investigation purposes.