As technology has developed, identity theft has become more widespread, as has the financial destruction it often leaves in its path. Another area that has been greatly impacted by the proliferation of identity theft is car theft.
In the 1990s, about 10% of stolen vehicles were acquired using fraudulent applications. By the 2000s, that percentage had ballooned to 70-75%. In 2003, The Red Flags Rule was enacted by the FTC. This rule requires businesses and organizations to design and enforce a written identity theft prevention program to detect “red flags” of identity theft in their day-to-day operations, take steps to prevent it, and minimize its damage.
To help you detect potential identity theft, we put together this list of 5 key areas you should watch out for.
Reporting
Receiving alerts, notifications or warnings from a consumer-reporting agency.
Customer Behavior
The customer presents suspicious documents.
Suspicious Documents
The customer presents suspicious personal identifying information, such as a suspect address.
Suspicious Account Activity
Dealership staff notices unusual use of or suspicious activity within an existing account.
Existing Accounts
You receive notices from customers, victims of identity theft, law enforcement authorities or other businesses about possible identity theft in connection with an existing account.
F&I Software & Services Designed for Dealerships
Vera F&I software and services are specifically designed for vehicle dealers including automotive, truck, RV, marine, and power sports. Our F&I compliance solutions will help you develop compliant sales processes, train sales and finance teams, safeguard consumer information, and maintain clean deal jackets—all to help you minimize risk and maximize profits.
