FORT WORTH, Texas — If there is one product that is most prone to the different types of fraudsters out there, it’s ATVs, Sandra Giron, collateral manager of the risk and strategy department at Yamaha Motor Finance Corp. USA, told attendees during a presentation at PowerSports Finance 2018.
“ATVs are easier to sell, and they’re easier to get rid of,” Giron said. “Motorcycles on the road have a title. If you’re 100% certain that there is fraud [involved], and you have all of your probable cause to report it — you can report it as stolen.”
With off-road vehicles, though, “people are not checking a registration to see if their vehicle is stolen,” she said.
On the marine side of powersports products, the most common type of fraud is called “first-party fraud,” Giron said. With first-party fraud, scammers remove the engine and haul it away.
For any kind of fraud, dealers serve as the first line of defense. “We have dealer partners and they automatically — if they feel something that isn’t right — they always communicate with us,” she said. “It’s key to have a great dealer and have a great relationship with them, because that’s the only way you’re going to be able to [mitigate] fraud.”