PHOTO COURTESY MRAAThe Marine Retailers Association of the Americas and 700Credit, an education partner of the organization, have released a new mini guide, “Fraud Detection and Prevention in the Marine & Powersports Industry” to help dealers understand fraud and implement ways to prevent it.
“Dealership fraud has become an $8 billion industry and the cost continues to rise,” Ken Hill, managing director at 700Credit, said in a statement. “And there isn’t just one type of fraud with one single solution to detect it. This guide was created to serve as a roadmap for dealers to learn about and identify the different types of fraud, where it can attack your dealership and the action you can take to detect and defend your business.”
The free, 10-page guide provides readers with an overview of the presence of fraud in the recreational boating and powersports industries and the possible consequences dealers face if they don’t install processes to stop it. It also dives into the four major types of fraud, including identity theft, synthetic ID fraud, driver’s license fraud and misrepresentation of income and employment. The guide also presents solutions to detect and prevent each type of fraud.
“Fraud has become more sophisticated with technology and more challenging to detect,” Jerrod Kelley, MRAA content manager, said in the statement. “Without the proper tools and training, your dealership could end up wasting time and losing money on thieves instead of reinvesting back in your business.”
