Tips to lower consumer credit fraud – August 14, 2006

Consumer fraud, a problem that results in millions of lost dollars, can be decreased at the dealership level by practicing attention-to-detail tactics.
Here are some of those tactics, courtesy HSBC, that dealership personnel can use to possibly cut down on such fraud:

  • Acquire at least two major pieces of identification, including a driver’s license and a major credit card.
  • Review signatures on applications to those on the driver’s license and second form of ID.
  • Watch for abnormal behavior, such as customers acting in a hurry, as the credit application takes place.
  • Other abnormal behavior to look out for is if a customer has to look at their ID for basic background information, like their home address or home phone number.
    Other red flags to watch out for on an ID:

  • Make sure the age on the driver’s license matches the consumer;
  • The expiration date on the ID has expired;
  • And, is the customer far from home?
    Finally, a policy that may help if consumer fraud does occur is the required practice of writing down the license plate number of vehicles that consumers use to pick up their new unit in. psb

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