Digital Title Fraud Fight Makes Case for ELT
If ever there was a case for moving from paper vehicle titles to an electronic system, advocates might point to a recent occurrence in Michigan.
According to the Combined Auto Theft Unit in Grand Rapids, Mich., three area men were arrested in late March for allegedly erasing lien holder information on titles in order to take out multiples loans on the same vehicle.
The $825 million SAFE Federal Credit Union in Sumter, S.C., made the transition to ELT in 2006 when it was asked to participate in a pilot program, said Mary Anderson, records supervisor. Decision Dynamics Inc. in Lexington, S.C., contacted several financial institutions including SAFE FCU to test its ELT system. The credit union signed on even though it’s not required in South Carolina, she added.
“We’re able to do a search on every title. We know if it’s a salvaged title. And, it’s faster access, which prevents someone from going in and getting a paper title,” she explained.