MRAA says marine fraud is on the rise

Author:
Updated:
Original:

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.

Related

Mercury’s Impact on the Local Economy

A new study shows that the manufacturer has a more than $5 billion annual impact on the Fond du Lac, Wis., community.

Lippert Posts Record Q1

The quarter marked a “watershed moment” for the component supplier, as net sales hit $1 billion.

Rollick Reaches 100th OEM Customer Mark

Customers that use its Aimbase marketing technology represent 65 percent of U.S. marine unit sales.

Safe Harbor Adds Lauderdale Marine Center

The Florida superyacht facility was acquired in a deal worth $340 million.

Don’t Throttle Back Now

As pandemic restrictions ease, folks will be getting back to leisure activities that often compete with boating.

IBEX Announces In-Person Dates

The show returns to the Tampa Convention Center Sept. 28-30 after being held virtually last year.

Brunswick’s Aine Denari Joins CSP Board

The Center for Sportfishing Policy, a coalition of advocates for recreational fishing and boating, also announced that The Billfish Foundation is a Sustaining Member.

Malibu Reports Record Q3

The company reported a 50 percent increase in net sales and a 47.2 rise in net income for the fiscal quarter.