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Vehicle matching scams

Many sellers flock to the online platform and post adverts on social sites to maximise the used car's value to get a quick trade. Such deals require meeting unknown people, arranging for test drives, and exchanging cash and documents. 

A vehicle matching scamrefers to the deals offered on social media sites that claim to get you a buyer for your old vehicle fast. Bogus firms target vehicle sellers seeking unusual financial gains through the sale.  

They contact on the phone after seeing the sale advertisements; they claim "we have buyers lined up to get your car," and they quote a huge sum that you will get after a promised sale. 

Once you agree to sell through their platforms, they seek an upfront fee to guarantee a refund once the sale is made. They ask for small deposits at the start, which grows later as they seek shipping charges or multiple payments into spoofed escrow sites or want the seller to transfer funds for insurance. 

However, after getting the payment, they disconnect all the contacts with the victim.

They take advantage of the financial concerns of the motorist to push them into the fake deal. Therefore, the regulators have asked people to be careful before sending any fee or divulging sensitive information to unknown sales representatives or brokers. 

Also, they should not be pressured into making any advance fee payment. The authorities have asked car owners to make a purchase or sale through legitimate methods that one can track in any regulatory issues. 

For example – credit card payment can be traced and reversed, whereas cash payment is almost impossible to track. 

How To Protect Yourself?

  • Do not believe brokers' who offer huge amounts of money for a used car. 

  • Always check the credentials of the buyer or the person seeking a deal.

  • Do not accept overpayment beyond the quoted amount. 

  • Do not make any payment upfront.   

  • If you suspect a fraud, report it to the authorities.

Date Published: Feb 16, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.
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