Synthetic Identity Fraud – The Latest Threat To Shipping Dealers

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Dealer Profit Services

Traditional Identity Theft Steals Information From Real Person – Synthetic Identity Fraud Creates Completely New, Completely Fictitious Entity

ATHENS, GA, USA, June 22, 2021 /EINPresswire.com/ – Synthetic identity fraud is a particularly insidious form of identity theft that creates a completely new and completely fictitious identity. On the basis of a social security number without an associated credit profile, the fraudster creates a complete identity that is not associated with any real person and therefore an identity that is very difficult to trace.

Dealer Profit Services has released a new white paper focusing on this rapidly growing form of fraud, the risk it poses to boat dealers, and outlining some steps dealers can take to help mitigate their risk.

“This synthetic identity fraud is a new and rapidly growing risk for boat dealers. The cost can be quite high and the payback rates are quite low, ”says Myril Shaw, COO of Dealer Profit Services. “Car dealerships have already been very significantly affected. The impact on boat dealers will certainly follow, unless they step in now and implement the necessary procedures to reduce their risk of this new form of fraud.

Lenders and credit bureaus are implementing aggressive new technology solutions to help detect and prevent synthetic identity fraud. Dealers who use and apply sensible fraud detection practices, coupled with these new technologies, can significantly reduce the risks associated with this potentially costly fraud.

“Anticipating the threat and taking the right action is key to reducing exposure and potential expense,” says Shaw. “Acting now helps avoid bad expenses later. “

Questions can be directed to: [email protected]

The white paper “Synthetic Fraud – The Latest Threat to Shipping Dealers” can be accessed here.

Myril Shaw
Dealer Profit Services, LLC
+1 678-641-8419
[email protected]

Myril Shaw
Dealer Profit Services, LLC
+1 678-641-8419
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