Preventive measures for warranty fraud detection

Warranty fraud detection for brands is like finding a needle in a haystack. And needless to say, brands must avoid the prick while they struggle to recognize such frauds. However, due to the lack of effective warranty fraud detection processes, various organizations lose a major share of their revenues to frauds. However, there is always a solution for those who seek and fraud detection is no exception to it. We will take you through the ways that will assist your brand in detecting warranty frauds. 

Before jumping directly on the preventive measures, let’s have a look at the types of warranty frauds. 

Types of warranty fraud

• Duplicate claims

Claims that occur when a service center submits a claim twice for the same equipment.

• False claims

Claims that are raised falsely for a non-existing product.

• False defect

Claims that occur for a defect that is not covered within the existing manufacturer warranty scope.

• False date

Claims that are raised on a back-date to make it fall within the warranty period. 

• False reason

Claims that arise when a consumer hides a reason for a defect to make the repair fall within the existing warranty scope.

While many other warranty frauds may occur, the above-mentioned are the major ones. Now, we will talk about ways to make the warranty management process as smooth as possible. 

Preventive measures for warranty fraud detection

• Implement internal audit

A brand that lacks effective audit on the inside will never make it to the list of successful brands. To make sure your organization doesn’t fall in the pit of warranty frauds, you need to implement an internal audit and identify the loopholes. 

Secondly, make sure to have anti-fraud policies in place that can be brought into action upon requirement. Working this way will keep the process of warranty fraud detection hassle-free for your brand. 

• Be vocal and take action when required

Most of the manufacturers fail to identify dealers who are playing fraud. And in any case, if they manage to identify them, they lack in taking stringent actions to curb the menace. This is because they fear the loss of brand reputation. As a consequence, they begin to lose the consumers’ trust.

Surprisingly, the truth is that the brands should be vocal and admit it if they get duped. Moreover, they should step forward and penalize the fraudsters in the right manner. Doing this will make other suppliers cautious of the consequences. 

• Adopt a fully-automated fraud detection platform

Brands like yours have to admit the bitter truth, which says that your actions can never be sufficient in making the warranty process fraud-free. With this fact in mind, you should always stay one step ahead of time and adopt what your brand demands.

Having a platform that can fully automate the fraud detection process in the warranty vertical can work wonders for you. Besides, you will buy relief for yourself by bidding goodbye to the manual processes of warranty management. 

Know about DWAM- Digital Warranty Activation Management

DWAM ( Digital Warranty Activation Management ) by Genefied is a one-stop solution for brand owners who are seeking a platform that can automate everything from scratch. This solution is backed by IoT and records a digital history for every case on the web as soon as the product is floated in the market. 

Moreover, this warranty fraud detection solution provides end-to-end validation at the time when a warranty is claimed. This makes it one of the most sought after solutions by the brands.

How to get this solution for your brand?

DWAM  ( Digital Warranty Activation Management ) is a solution that is just so perfect for your brand. And it is just a click away. Call us to know how this platform can assist you at every step. Our team is fully-prepared to provide you with every information.