700Credit, LLC, an automotive industry provider of credit reports, compliance solutions, soft pull and identity verification products, announced results of an industry-wide survey about RV dealers and their processes for securing customer data during test drives, obtaining copies of consumers drivers’ licenses, placing those copies in the deal jacket and the significant challenges RV dealers still face in multiple fraud scenarios.
The RV industry has seen significant growth over the past decade as more people seek the freedom and adventure that RV life offers, the company stated in a release. With this growth comes an increasing responsibility for RV dealers to protect customer data, particularly during processes like test drives and sales transactions, 700 Credit said. Dealers often collect sensitive personal information, such as driver’s licenses, often without following compliant procedures for data privacy laws, according to the company.
This creates vulnerabilities not only in the form of data breaches but also in increasing incidents of synthetic ID fraud. These issues can result in lender chargebacks, which are financially and operationally problematic for RV dealerships. 700Credit commissioned an online industry-wide survey of RV dealers and the results illustrated the following key findings on capturing driver’s license data, synthetic fraud awareness, vehicle theft and more.
To review some of those findings, visit the article posted on GlobeNewswire.
In the company’s news release, 700 Credit said that these findings underscore the pressing need for enhanced security measures and fraud prevention strategies in the RV industry. The prevalence of synthetic fraud and vehicle theft highlights vulnerabilities that could lead to significant financial losses for dealers.
“The results of this survey are a wake-up call for the RV industry,” said Ken Hill, Managing Director of 700Credit. “It’s clear that many dealers are still not adequately prepared to properly manage sensitive consumer data privacy, nor are they equipped to combat sophisticated fraud techniques. We urge all RV dealers to reassess their security protocols and implement more robust identity verification systems.”
700Credit recommends that dealers invest in advanced identity verification technologies, improve staff training on fraud detection, and implement stricter drivers’ license collection procedures and test drive policies to mitigate risks.