The collapse of Arena Television in late 2021 revealed a fraudulent scheme that left over 50 lenders exposed to falsified documents and phantom equipment. The aftermath highlighted the industry’s lack of visibility into live agreements, creating a perfect storm for coordinated fraud.

Acquis Lumia, launched in 2022, offers a collaborative platform where asset finance providers share key data points from active agreements to detect red flags in real-time. Each lender submits seven key data fields monthly, including agreement number, lessor ID, start and expiry dates, borrower identification, lessee company name, and net book value of the asset.

The platform’s growth, with Grenke as the 40th member, includes major banks and independents, signaling a sector that views collaboration as a necessity. GBG data shows an 80% drop in identity fraud in the asset finance sector, possibly due to targeted anti-fraud measures like Lumia.

While Lumia isn’t a silver bullet, it represents a shift towards shared intelligence in risk management. With Grenke on board and reaching its 40-member milestone, it could be a turning point in the fight against fraud in the asset finance sector.

The industry may be on the verge of a breakthrough in fraud prevention, thanks to initiatives like Acquis Lumia that enable proactive measures rather than reactive responses.

Read more at Yahoo Finance: Is the UK asset finance industry turning the tide on fraud?