MINNEAPOLIS, Nov. 2, 2023 – The Marine Retailers Association of the Americas (MRAA) and 700Credit, an MRAA Education Champion, announce 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.”
As the leading training and education organization for the marine dealer body, MRAA fuels the success of the boating industry by delivering dealerships resources, implementable tools and education programs they can use to strengthen their organizations. As the second-highest level of membership, Education Champions power the educational programming that the MRAA delivers to its members in a year-round sponsorship program. Through contributions and sharing its expertise, 700Credit, one of 10 Education Champions, bolsters MRAA’s world-class education, helping dealers find the success they desire.
Download the MRAA Guide to Fraud Detection & Prevention here.
Read more about the guide in this recent MRAA blog.
About the Marine Retailers Association of the Americas
At the Marine Retailers Association of the Americas, we believe that for the marine industry to thrive, the retail organizations that interact with the boaters in their community must thrive. With that in mind, MRAA works to create a strong and healthy boating industry by uniting those retailers, providing them with opportunities for improvement and growth, and representing them with a powerful voice. For more information, visit MRAA.com or contact us at 763-315-8043.
700Credit is the automotive industry’s leading provider of credit reports, compliance solutions soft pull products, identity theft and driver’s license authentication platforms. The company’s product and service offerings include credit reports, prescreen and pre-qualification platforms, OFAC compliance, Red Flag solutions, 2022 Safeguards protection, Synthetic Fraud Detection, Identity Verification, score disclosure notices, adverse action notices and mobile and in-store driver’s license authentication solutions. For more information about 700Credit, visit www.700credit.com.