Are your customers worried about identity theft?
Are they worried about their personal credit history being compromised?
Have they ever had the unfortunate experience of having their identity stolen?
Identity theft is a serious crime, and it impacts people far more than just financially. It can be emotionally and mentally draining to deal with the repercussions of experiencing this issue.
Identity theft protection offers some peace of mind and provides people with an opportunity to stop it before it happens.
Offering your customers’ protection is a great way to emphasize the importance of protecting their credit, and it gives your dealership a great marketing tool. Identity theft programs add value to your customers’ lives, and they add value to your bottom line.
Identity Theft in the Automotive Industry
It might seem a bit far-fetched that someone could fraudulently get a car, but it happens. There are instances of identity theft rings that target auto dealerships. These rings don’t just cost your customers money, but they ultimately cost your business money.
Your customers want to know that they are protected. A protection program means a fraud alert can be placed on your credit, and any inquiries into it can require investigation, required by federal law. If your customer isn’t available to verify the information, a hold is placed on the credit inquiry.
It is often enough to deter people from moving forward with someone’s stolen identity, but it’s important to have your dealership processes in place to sniff out potential identity theft. This can protect your organization as much as your customers.
How to Talk to Your Customers about Identity Theft
It can almost seem intrusive to talk to people about their credit history, but your customers will appreciate your candor when talking with them about the potential risks of identity theft.
Knowing what facts and statistics to use can help your dealership sell protection programs with ease. Here are some common identity theft facts that your customers might benefit from knowing:
- New Account Fraud is Up: New account fraud is 13% higher in 2019 than it was in 2018, with the common types of accounts opened being car loans, credit cards, mortgages, and student loans.
- Account Takeovers are Up: Criminals are taking advantage of being able to log into people’s accounts and using that information to commit theft. This type of theft is up 79% from 2018.
- Formjacking is Up: The most significant increase is in Formjacking, where websites are compromised, and the information entered is captured by unscrupulous individuals. This type of fraud is up 117% over 2018.
Each of these types of theft can cost your customer – and your business – a significant amount of money. Protection programs protect both of your interests, and it helps deter criminals from doing this to anyone else.
The ACE Group can help you protect your customers with identity theft protection. Contact us today to see how we can increase your bottom line.