Car Loan Fraud Losses Exceed Other Debt Types, Study Finds

TransUnion analysis reveals auto loan fraud losses are dramatically higher than other debt types, with the average auto loan fraud losing 21 times more than credit card fraud. Auto loans tend to be bigger, contributing to higher losses. Fraudsters are using tactics like credit washing and synthetic identities to gain access to big car loans for super prime borrowers. This has led to more fraud from borrowers with higher credit scores.