Fraud is an unfortunate reality in the production equipment industry. As technology improves and new equipment becomes increasingly more expensive, your rental inventory becomes a target for dishonest customers.
To keep dishonest customer from using InsureMyEquipment.com, we have built several fraud prevention controls into our application process. We now also utilize Blockscore to verify the identity of online applicants.
When a new customer successfully purchases a policy and sends a Certificate Of Insurance, the certificate holder will be notified if the customer is a first-time policyholder with InsureMyEquipment.com. To verify that the Certificate Of Insurance received has not been illegally altered; verify it online at any time here.
Though we’re doing all we can to fight fraud, we hope you’ll join in the effort too. Here are guidelines to follow to avoid releasing equipment to dishonest customers:
- Always require ID to rent.
- Consider Investing in an ID Verification System
- Multiple forms of ID should be provided for suspicious customers
- Do not ship to first-time customers.
- Always require first-time to come in person to pick up equipment
- Especially avoid shipments to first time customers living in another state
- Require industry references.
- Perform an online search for a company or individual website, LinkedIn, facebook and/or imbd account
- Ask for three industry referrals or teachers, if they are still a student
- Require the person listed on the policy to pick up the equipment.
- There could be coverage issues if the individual who physically has the equipment is not listed on the policy.
- Check the credit card.
- Make sure the credit card is valid before releasing equipment.
- Check that the address associated with the credit card matches the address listed on the policy and rental contract
- Identify strange customer behavior.
- For example, the client is renting multiple expensive cameras simultaneously
- Or, if the customer refuses or is unable to provide project details
- And, if the customer has no industry knowledge of any items being rented
- Identify high-risk rentals.
- Policies that only cover the rental dates
- Walk-in first-time customers who try to rent equipment for the same day
- Short-term policies for first-time customers lasting 1 day to 2 weeks
- Communicate with other rental houses.
- Reach out to local rental houses to find out if the same customer has attempted to rent there
- Reach out to national rental houses via this website.
- Register your equipment.
- Join ESTA.org
- As members of ESTA’s Rental Guard program, one can receive notifications from within the production equipment industry when a theft has been attempted or perpetrated. Details of the criminal or suspicious customer are provided within the email.
- One does not have to become a member of ESTA to subscribe to Rental Guard notifications.
- Submit suspicious activities or theft via ESTA’s Rental Guard to warn other rental houses