Avoid Fake 'Malfunctions' with GPS Asset Tracking

Customer fraud is on the rise and equipment rental companies are bearing the greatest brunt of it. However, few people know that they can prevent fraud with the help of asset tracking. For Wayne Francis, an Operations Manager for FMT, an equipment rental company, this problem was proving frustrating until he discovered this aspect of tracking devices.

Be Confident That You're Prepared

A major benefit is the “confidence” that you will gain when speaking to customers that are planning to rip you off. Like this story that Wayne from FMT shared about a woman that tried to tell him his refrigerated trailer malfunctioned and ruined her products:

The "Malfunction"

Wayne rented a refrigerated trailer to a restaurant owner in Texas. At the conclusion of the rental, he went to pick up the trailer. The owner of the restaurant told him that the refrigerated trailer had malfunctioned during the rental period and caused her to lose a lot of product and money in food sales. Wayne very quickly advised her that this was not possible. He explained he was aware the unit had no issues for the entirety of her rental period. At that point, she did not challenge him as to how he knew there had been no issue with the unit.

Wayne then said that had he not had Rastrac on this trailer, who knows what she may have tried to back charge him for. In the end, she even asked if he would rent to her again!

Combat Fraud

To combat fraud and manage risks, you need software that does more than you bargained for. While you may have been expecting simple software that just tracks your assets, you can also obtain valuable performance data and analytics. This means getting the equipment quickly back in action if the malfunction is genuine and the ability to analyze the data on the go.

When you rent out your expensive, specialized or heavy equipment (like generators or refrigerated trailers for semi-trucks), you would naturally want them to be taken care of to prevent damage that could take them out of commission. You might need to monitor such equipment to ensure that the renter utilizes it in an appropriate manner as per your agreement.

For Wayne, the ability to continuously monitor the status of a rented piece of equipment and access records proving it was immensely useful.

Also, if something does actually happen, the data from the GPS device would allow Wayne to dispatch a technician or replacement trailer to fix the issue even before the customer would be aware of it.

Tamper Detection for Your Rental Equipment

Fortunately, for rental equipment business operators, some GPS trackers are also capable of detecting fraud by sending you alerts regarding tampering of rental equipment.

A GPS asset tracking system can provide a complete suite of features that help you know when the malfunctions reported by clients are genuine. You can find out the following about your equipment when you have GPS tracking:

• Unusual activity: Your asset tracking can provide you with evidence of fraud if there is unusual activity. You can compare the reports generated and compare it with activity stored in the company database. Unusual activity is often a red flag against future claims of malfunction.
• Motion with ignition off: You can use a tracking device to monitor battery voltage for alternator activity. If a driver tries to disconnect ignition monitoring, you will get an instant alert and even record the activity for future reference and evidence. You will also know if the driver moves the vehicle with no engine activity.
• Battery disconnection: This is one of the most common complaints. Some drivers and equipment If the driver disconnects the main power supply from the vehicle, your tracker will send a “battery disconnected” alert to you. Unknown to the driver, the tracker has a backup rechargeable battery, which it will use to send the signal.
• GPS communication issues: The racking system can provide you with regular health-checks, even when the equipment is idle. Sometimes the vehicle could have been taken off the road intentionally to give a perception of stalling.
• GPS signal issues: It is also possible to monitor the tracking systems on your equipment and vehicles for signal issues. Some clients even try to block the system to avoid remote surveillance. Your tracker shows signal strength on every satellite channel in the form of signal to noise ratios. The reports sent by the GPS could help you determine whether it is a true malfunction or an artificial one.

If a customer deliberately causes a malfunction of your equipment, you will be able to receive instant notification, and you will be better-equipped to avoid unwarranted payouts.