Last year was challenging; the number of thefts, in the countries we are active in, was low and it was harder to locate stolen vehicles. And as for most of our customers, this is good news that the car thefts are lower, we, unfortunately, see a huge increase in the numbers again.
US and Canada
For example, in the US Nationwide, it looks like auto thefts are rising enormously. In Washington, Law enforcement agencies, report that vehicle theft is up by 88% and by 31% in Jersey. And, in the US this is not something new; it very much depends on the current trends. According to the police, in Canada, only in Toronto, the auto thefts are up by 55% compared to 2021.
In Italy, Viasat states that by the end of April 2022, 75.000 cars disappeared; which means that every hour 9 cars are stolen!!! And the bad news for Italy is that finding the cars back is almost impossible. Italy is at the top of the European countries with the most car thefts. Moreover, Spain finds itself in the Top 10 of this list approximately 37.000 auto thefts per year. And again only 10% of the vehicles are found. In the Netherlands, in the first quarter of 2022, there were 43% more stolen vehicles than in 2021. And even if the number of thefts was lower in the previous two years due to COVID-19 pandemic, looking into Europe and, also in the US and Canada, we see that these numbers are getting much higher than before.
We think there are a lot of ways to prevent crime and avoid car theft. Many times, obligated by Insurers, customers themselves choose to protect their cars. And when this happens there are, also, many tools and systems to find the vehicles back. Moreover, the Police and Law enforcement do a great job. For example, Interpol did a great job uncovering organized crime.
But the successful solution can only be found when all parties are involved in the prevention, researching, locating, confiscating, and finally the recovery of the vehicle!
As we all know that the first 48 hours after the theft are the most critical in order to find the car. This means that data should be shared fast so that the research can start immediately. Also, insurers need to work together with all the parties to speed up the processes and not focussing on the obstacles or the long-lasting procedures - which is something that happens too often.
At Legentic, we strive to work together with our partners and customers in the best way possible to improve the processes and to stay ahead of the crime.
Our Big Hairy Audacious Goal is to uncover more the 100 financial crime cases per day by the end of 2024.
So if you are interested in working together on this battle please contact us or book a demo with our reps. We really love to share knowledge and experience with whoever is involved in this fight against financial crime.