MRAA says marine fraud is on the risePosted on
In recent months the marine and RV industries have seen a significant increase in fraudulent transactions, according to a recent Dealer Alert from the Marine Retailers Association of America.
MRAA says the National Marine Bankers Association has noted several trends and has identified some best practices to avoid additional risk of fraud.
In particular, the NMBA has seen an increase in fraudulent transactions involving Internet applications and no-income-verification loans. The majority of the recent fraudulent transactions have involved new boat/RV loan requests. The retailers group says all lenders should increase their due diligence on loan applications to respond to this increased fraud.
Some best practices may include obtaining hull number tracings, verifying insurance premiums are paid, obtaining proof of down payment, requesting hull number searches through the U.S. Coast Guard, obtaining additional verifications of identity such as U.S. passports, and contacting manufacturers to confirm delivery.