Here’s how to stop criminals in their tracks using tighter fraud controls that protect your dealership and consumers.
Fraudsters are the rise today in ways most of us don’t even think about. Yes, we’ve learned to be cautious online – not clicking strange links and being wary of phone calls from unrecognized phone numbers – but just as we have improved, criminals too are stepping up their game.
Today’s sophisticated crook isn’t looking for the easiest way to steal personal information in an attempt to use a cloned debit card to fill up at the gas station. They’re going for the big bucks – those attempts to turn profits in the 20 – 50 thousand dollar range. To do so, they’re going after big ticket items like cars.
And with major breaches happening at institutions, getting that information to submit a fraudulent application has become frighteningly easier.
This has put today’s car dealerships on increasingly high alert, but the personal information consumers must provide for financing such as their social security number, date of birth and address to get approvals for car loans also remains necessary.
What can you do to help stop these criminals in their tracks? Keep reading to find out how tighter fraud controls can protect your dealership and consumers.
Increase Computer Security & Data Storage
Tightening computer securities and controls is critical today. You should be aware if your dealership is storing customer data in the cloud, or on a local server and have safeguards in place that comply with the law and that offer up to date and tight security controls such as encryption so hackers can’t gain access to the sensitive information.
Focus on Fraud During Hiring Practices
Sometimes the fraudulent hacks don’t come from outside force. It’s important to screen new hires and potential employees to protect your business and customers from risks. Background checks and running risk profiles based on their own credit history or criminal background is key in selecting the right candidates for the job.
Use Proper Shredding Procedures
Properly destroying any and all paperwork with identifying and sensitive information is critical in the fight to stop fraud. The trash is the number one place scammers are going to look for easy access to data. Work with a responsible legal shredding company to ensure documents are properly destroyed and discarded.
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