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 test drives, and exchanging cash and documents. 

A vehicle matching scam refers to the deals on social media 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 you 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 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 grow 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 a 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 purchase or sell 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.