Sharp Acceleration in Vehicle Scams in 2023
October 30, 2023
How Vehicle scams works
Vehicle scams increased by 74% in the first six months of 2023, compared to the same period last year. That’s according to the latest research by LLoyds bank.
The average amount Victims of vehicle related scams lost during this period was £998 and people aged between 25 – 34 are the most likely to become Victims.
The high-street bank says that vehicles and vehicle accessories (including car parts) are now the most common type of online shopping scam reported by Victims in the UK.
The research revealed that used cars and vans are among the most popular items listed for sale on social media, but there’s also a thriving trade in fake ads for parts and accessories, like alloy wheels.
And according to Lloyds more than two thirds of all car and van scams reported to the bank in 2023 originated from Meta-owned platforms.
In June, Lloyds bank blasted Meta for failing to stop a ‘Wild West’ surge in online shopping scams.
Fake posts on social media and online marketplaces are used to advertise vehicles that don’t exist. Scammers will usually include pictures of real cars or vans in an attempt to convince unsuspecting buyers they are genuine.
When a potential buyer responds, scammers will often ask for a deposit or the full amount to ‘secure’ the car.
They may also offer excuses as to why the car cannot be viewed in person before the payment is made.
It’s not unusual for car selling fraudsters to apply pressure selling tactics such as telling the buyer that they have several other offers or imposing a payment deadline.
Victims are then tricked into sending money via bank transfer (also known as a Faster Payment).
Lloyds says: “Many consumers are unaware that bank transfers were not designed as a way of paying for things online and offer little protection if something goes wrong.”
Once the payment is made, the buyer will be blocked and the seller’s profile will disappear. In some cases, fake addresses are given at which to collect the car, leaving buyers with a wasted trip alongside the financial loss.
Which car models are the most commonly reported in vehicle scams?
Lloyds says that fraudsters are most likely to target buyers of one of the UK’s favourite cars – the iconic Ford Fiesta.
The Ford Fiesta is apparently the most commonly reported model for vehicle scams so far this year.
Why? Well according to Lloyds, while there is always high demand for reliable, cost-effective cars, buyers may be even keener to get their hands on the model following Ford’s announcement a few months ago that production had ceased.
But it’s not just the Fiesta. Premium brands such as BMW and Audi also feature heavily in fake ads, usually with deals that appear ‘too good to be true’.
Motorbikes and classic cars are also cropping up regularly and vans are ‘particularly popular at the moment’.
The five models that are reported most often as part of vehicle scams in 2023 are: Ford Fiesta, BMW 1 Series, Volkswagen Transporter (van), Mercedes Sprinter (van) and Audi A3.