October 20, 2021
Business

How to avoid falling victim to rising vehicle scams

Sameer Kumandan

SOUTH Africa’s biggest banks are warning customers about a marked increase in vehicle purchase scams. Criminals place adverts for fake vehicles online at hugely discounted prices to lure in buyers hunting for a great bargain.

South Africans are turning to online content for everything from comparing prices to doing more in-depth research, particularly when it comes to long-term financial commitments such as buying a car.

According to reports, fake vehicle adverts are relatively sophisticated and usually include photos to match the vehicle description with the contact details of the so-called seller. Fraudsters appear to be genuine sellers by being willing to provide additional information together with a convincing explanation for the massive discount. Criminals then pressure buyers into making an urgent deposit or full payment to secure the vehicle. Once payment is…

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