TORONTO, Jan. 28, 2025 /CNW/ - Paays Financial Technologies ("Paays"), a leading Canadian provider of advanced fraud prevention solutions for the auto finance industry, is thrilled to announce today a significant milestone achieved in partnership with Pioneer Automotive Group ("Pioneer"), one of British Columbia's most respected auto dealer networks. Through the implementation of Paays' cutting-edge fraud detection and prevention platform, Pioneer successfully saved over $350,000 in potential fraud losses in 2024.
In an increasingly digital auto finance landscape, fraud remains a persistent challenge, threatening profitability and customer trust. Paays Financial Technologies specializes in delivering real-time, AI-powered fraud detection tools tailored specifically for auto dealers and lenders. By leveraging sophisticated algorithms and machine learning models, Paays' solutions identify fraudulent activity and mitigate risks before they escalate, empowering businesses to operate securely and efficiently.
"We're proud to have played a pivotal role in safeguarding Pioneer's operations against fraudulent activities in 2024," said David Fry, CEO of Paays Financial Technologies. "This milestone underscores the effectiveness of our platform in addressing the unique fraud challenges faced by auto dealers, and it highlights our commitment to helping our partners achieve measurable results."
Pioneer, which operates a network of dealerships across British Columbia, saw a dramatic surge in fraud attempts in 2024. To address this challenge, the company partnered with Paays to deploy its ID Verifier solution. The collaboration resulted in enhanced fraud detection rates, streamlined risk management processes, and ultimately, significant cost savings.
"Partnering with Paays has been a game-changer for our business," said Ray Van Empel, Dealer Principal of Pioneer. "Their platform's ability to detect and prevent fraud in real time has not only protected our bottom line but also improved the overall experience for our customers. In 2024 alone, we avoided hundreds of thousands of dollars in potential fraud losses, which speaks volumes about the value Paays brings to the table."
The $350,000 in savings represents the value of actual thwarted fraudulent transactions and resulting chargebacks that would have resulted from these fraud attempts. This success story serves as a testament to the growing need for advanced fraud prevention solutions in the automotive sector, particularly as the industry navigates the challenges of digital transformation.
About Paays: Financial Technologies Paays Financial Technologies is a Canadian-based leader in fraud prevention solutions, specializing in the auto finance industry. With a focus on leveraging AI and machine learning, Paays delivers cutting-edge tools that protect businesses from financial losses, streamline operations, and enhance customer trust. For more information, visit www.paays.com.
About Pioneer: Pioneer Automotive Group is one of BC's premier auto dealer networks with 14 stores across the province, offering a wide range of vehicles with a history of exceptional customer service. Committed to innovation and excellence, Pioneer continues to set industry standards in automotive sales and service.
SOURCE Paays Financial Technologies Inc.
Media Contact: David Fry, CEO, Paays Financial Technologies, Email: [email protected]
Share this article