A Guide to Fraud Detection & Prevention

As a business owner, you have seen and heard about scams that others have gotten caught up in. These increasingly sophisticated deceptions can create a lot of headaches for your staff and your finances. Your industry peers within the marine and powersports markets are experiencing the same pressures as you. To maintain a healthy business, you should understand all the potential threats to your dealership.

Fraud is a mounting hazard that needs your full attention. But it’s not always easy to detect. It’s not as simple as seeing a snake oil salesman roll up in his horse-drawn wagon and start hawking foul-smelling hair tonic. Modern-day swindlers aren’t as easy to spot and their ploys are more calculated and persistent.

The pace of technology creates a constant race to keep up with the latest scams. You must properly train your team and have the correct resources to help you avoid wasting time and money.

The MRAA has partnered with 700Credit, an MRAA Education Champion, to create the free, 10-page MRAA mini guide “Fraud Detection and Prevention in the Marine & Powersports Industry.” This resource will help your team understand what fraud is. Use it to gain insight to identify and combat the types of fraud most likely to affect your dealership today, offering you preventative solutions to reduce risk and maintain profitability.

Multiple types of fraud are impacting marine and powersports dealers. The four most prominent are:

  1. Identity theft
  2. Synthetic ID fraud
  3. Driver’s license fraud
  4. Misrepresentation of income and employment

Because fraud is here to stay and clever offenders continue to evolve their tactics and implement new attempts to deceive, you must know what to watch for and install defenses and processes to shield your dealership. Stay in tune with companies like 700Credit,  which monitors fraud and provides solutions to help your business improve at both detecting and preventing it!

Download Fraud Detection and Prevention in the Marine & Powersports Industry here.