Sjerlok is a powerful tool to fight embezzlement and car theft. One of the leading Scandinavian finance institutions started using Sjerlok last year, with impressive results. We had a chat with the Head of Debt Collection, to hear about their experience.
One of the challenges that lands on his desk is when buyers of expensive cars suddenly stop paying their car loans. A problem that is actually quite substantial in Sweden.
“Since we have a big problem with car embezzlement in Sweden, we decided to test Sjerlok here first.”
Saves both time and money
After six months' use, the company can safely conclude that the test has been a success:
“The tool is really powerful. It is easy to use and gives a good overview – clear and simple. We particularly appreciate the combination of data sources and searches available - from GPS/IOT-tracking, to classified ads and registrations. Some of this we have gotten from other sources before, but it’s great to have all the data gathered in one platform.”
The company has used Sjerlok on 100-150 car cases since the roll-out, and have concluded that the tool saves them both time and money:
“It’s always difficult to present an exact figure, but our evaluation showed beyond any doubt that Sjerlok has a positive ROI for us. We find and retrieve more cars with the tool – and do so faster.”
Mercedes GLC 220 recovered and retrieved
Head of Debt Collection continues to share a success story that he remembers particularly well:
“Our customer bought a Mercedes GLC 220, and took it out of the car dealership in March 2020. He did his down payments for a while, but suddenly the payments stopped coming. The man – and the expensive car – had completely disappeared. The pattern of the scheme indicated that the car was taken abroad and we acted accordingly. This is the usual course of action for these cases. We sent out an international search warrant for the car, but didn’t get any hits.
In October we used Sjerlok’s GPS-tracking function to run a search on the car. And what do you know – the car was still in Sweden, roaming the streets of Gothenburg! Our team easily confiscated and retrieved the car. Case closed and money saved - thanks to Sjerlok!”.
A powerful tool
When asked if Sjerlok is something he would recommend to other financial institutions, Head of Debt Collection nods his head enthusiastically:
“We have been doing this for 20 years, and Sjerlok really is a powerful tool. The fact that we can set up an automated search for luxury cars, and get a notification if a predefined “trigger” happens, is extremely helpful. This means we can be one step ahead of the fraudsters, and more effectively fight embezzlement and financial crime”.