A worrying variety of motor sellers are grappling with rising ranges of fraud and tried scams, in line with new analysis from Shut Brothers Motor Finance.
Findings from the newest Forecourt Foresight survey present that one in 5 sellers (20%) have already fallen sufferer to fraud, whereas practically a 3rd (31%) report having efficiently thwarted tried scams.
The pattern has sparked widespread concern throughout the trade, with 79% of the 100 sellers surveyed, admitting they’re nervous concerning the potential influence of fraud on their enterprise operations. Solely 4% stated they weren’t involved in any respect.
In response, motor sellers are ramping up their defences. The bulk (76%) now conduct thorough ID and credit score checks on prospects, and 64% have launched fraud consciousness coaching for workers.
In the meantime, 40% have adopted fraud safety software program – a determine anticipated to rise, as solely 7% of sellers say they don’t have any plans to spend money on such instruments.
John Cassidy, managing director of gross sales at Shut Brothers Motor Finance, stated: Sadly, fraudulent exercise is changing into more and more prevalent within the motor commerce. Sellers should take into account tightening their checks and investing in the precise applied sciences to remain protected.
“At Shut Brothers, we’ve carried out enhanced ID verification, biometric checks, and fraud scoring instruments like Experian’s fraud rating and Resistance AI – measures which have already stopped practically £800,000 price of tried fraud.”
Shut Brothers has additionally partnered with Cifas, the UK’s fraud prevention neighborhood, to raised utilise shared trade knowledge. Internally, the corporate has appointed fraud champions and integrated fraud prevention coaching into its common supplier masterclasses.
Cassidy added: “We’re absolutely dedicated to serving to our supplier community keep safe. However it’s essential that every one dealership employees stay vigilant and proactive in figuring out and addressing suspicious exercise.”
