Dealers dealing with rising motor fraud attacks
Motor fraud attacks on UK dealerships are on the rise, according to the latest Forecourt Foresight survey carried out by Close Brothers Motor Finance.
It found that 20% of dealers have already been victims of fraud while 31% said they detected and prevented scams.
As a result, 79% of dealers questioned said that the potential impact of fraud is serious business concern.
To mitigate risks, 76% said they now carry out comprehensive ID and credit checks on customers, with 64% training staff specifically to look out for potential fraud.
So far just 40% said they have adopted fraud protection software, but only seven per cent have no plans to do so in the future.
Anti-fraud measures
John Cassidy, managing director of sales at Close Brothers Motor Finance, said: “Unfortunately, fraudulent activity is becoming increasingly prevalent in the motor trade. Dealers must consider tightening their checks and investing in the right technologies to stay protected.
“At Close Brothers, we’ve implemented enhanced ID verification, biometric checks, and fraud scoring tools like Experian’s fraud score and Resistance AI – measures that have already stopped nearly £800,000 worth of attempted fraud.
“We’re fully committed to helping our dealer network stay secure. But it’s crucial that all dealership staff remain vigilant and proactive in identifying and addressing suspicious activity.”
