How Your Customers Can Benefit from Preloaded Identity Theft Protection
Identity theft protection has become more mainstream in the last few years with scores of companies, big and small, claiming to be the only thing between you and financial ruin. There is a lot of truth to that considering how many massive data breaches there have been. Millions of consumers have been exposed to potential ID theft and those threats don’t seem to be going away any time soon.
So what does this have to do with auto dealerships? F&I departments are already tasked with protecting the sensitive personal and financial information provided at the time of sale but is there another way to provide a better layer of protection to every buyer at your store?
Yep. Consider a preload of identity theft protection for every buyer as part of an ancillary suite of products that are ‘built in’ to the price of the vehicle. Sound a little crazy? Not really…Why It Works
If your dealership has access to a program like truIdentity (powered by truWarranty), your buyers will have one of the strongest identity theft protections working for them right from the start.Customers will have benefit of:
- Dark Web monitoring for illicit activity
- Identity restoration
- Family coverage including dependents up to 25 years of age.
- No deductible
- No significant exclusions
- Unlimited restorations of identity
- $1 million guarantee
As a preloaded offering included in the Line 1 addendum, it becomes another unique benefit of buying from YOUR store versus another nearby dealer who offers nothing other than a warranty and maybe GAP.
Here you are showing your customers that you understand that their financial security starts with a protected identity and that you can offer it less than the other more well-known plans that have more exclusions and are offered at a higher cost. Offering identity theft protection upfront should see penetration numbers stay high as most customers will likely keep it and appreciate the extra peace of mind. Most of us will not be affected by this in our lifetimes but for your buyers, they can rest easy knowing they are covered by a dealer that cares.
Click here to learn more about how you can offer truIdentity to your customers and keep them protected for the long haul.
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Synthetic ID fraud has a criminal constructing a completely new identity cobbling together personal identifiers from several different people. The fake buyer is literally assembled using a patchwork of personal info and because this new identity is usually cultivated over a period of a few years, it may not be obvious to those trying to root out the crime.
The increased concern over online F&I fraud, or ‘Frankenstein’ fraud, rages on in the news. And with dealerships leaning on digital sales throughout the COVID-19 pandemic, the risk of fraud, particularly buyers using false identities, has popped back into the F&I radar.
