In the automotive industry, single instances of fraud can amount to tens of thousands of dollars in losses even if the car is recovered. That said, the best way to minimize fraud losses is to prevent fraud from occurring in the first place.
To do this, businesses and dealerships must take preventative measures to combat both in-person and online fraud. Here is a checklist to help you catch fraud before it’s too late and save money:
Having an ongoing anti-fraud training program for your employees is a great way to stay on top of fraud prevention changes and active company fraud practices:
Knowing common forms of fraud can play a major part in preventing them from happening in the first place. Employees must know how to identify these common types of fraud:
Knowing who and why some customers are a high fraud risk client can help your dealership prevent it from happening. Here are some of the common indicators of high risk buyers:
There are lots of resources to help protect your business from fraud, the proper software and tools should be included in your banking partner and your dealership’s checklist.
Intellicheck provides great anti-fraud controls to help make you feel more comfortable with all in-person and online transactions. Intellicheck is easy to integrate into your existing point-of-sale systems, so you won’t have to overhaul the system that is already in place. It is simple to use which will save the dealership time and headaches. Most importantly, Intellicheck reduces the risk of missed fraudsters and helps prevent fraud from happening.
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