The Marine Retailers Association of the Americas (MRAA) and 700Credit announced the release of a new MRAA Mini-Guide “Fraud Detection and Prevention in the Marine & Powersports Industry,” to help dealers understand fraud and implement detection tactics to prevent it.
“Dealership fraud has become an $8B industry and the cost continues to rise,” said Ken Hill, Managing Director, 700Credit. “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 mini-guide provides readers with a quick overview of the immensity of fraud within the marine and powersports industry and the possible consequences dealers face if they don’t install processes to inhibit its effectiveness. It also dives into the four major types of fraud, which include identity theft, synthetic ID fraud, driver’s license fraud and misrepresentation of income and employment, and presents solutions to detect and prevent each type.
“Fraud has become more sophisticated with technology and more challenging to detect,” said Jerrod Kelley, MRAA Content Manager. “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. That’s why it’s important to have defensive solutions and expert guidance from 700Credit to help your team mitigate risk and avoid financial hits to your dealership.”
Download the MRAA Guide to Fraud Detection & Prevention here.