The Impact of Fraud Fraud and identity theft continue to be huge problems for dealerships, auto lenders, and consumers. So, it’s no surprise that there are increasing regulations around consumer data security. With the expectation that this trend will continue, compliance must be top of mind for every dealership. Last year ended with a flurry of new provisions of the FTC Safeguards Rule, but the deadline has been extended to next June. Still, it’s worth examining how those upcoming new requirements can be a solid framework for building policies and procedures to help your dealership bolster its compliance program. Finally, we have identified some areas of compliance where knowledge gaps still exist in the industry and will work to clear up the confusion that surrounds them. 2,789,161 M Fraud Reports* 1,434,676 M Identity theft reports* $7.7 B Auto loan fraud exposure for top U.S. auto lenders** *FTC Consumer Sentinel Network Data Book 2021 **Point Predictive 2022 Auto Fraud Trends Report What You Don’t Know About Compliance Can Cost You Three Things to Think About in 2023 By Dealertrack FTC Safeguards Rule – New Requirements as of June 9, 2023 The new provisions establish a single point of contact to take charge of compliance at the dealership, to ensure that information systems and consumer data are safe, and to make plans for worst-case scenarios. This individual will also monitor and report on the status of the compliance program. 12 Virginia Auto Dealer
RkJQdWJsaXNoZXIy ODQxMjUw