Social media scams key concern for car buyers
Social media scams have been identified as the number one fear for car buyers worried about fraud.
According to research from Close Brothers Motor Finance, 34% of consumers surveyed said they believed social media was where they were most likely to be targeted.
The research also revealed that private sales (15%), online auctions (14%), and classified ads (eight per cent) were main areas of concern for prospective car buyers. However, just three and four per cent of those surveyed worried about being scammed when dealing with finance providers and dealerships.
Motor fraud is a growing concern, with 14% of drivers saying they or someone they know has been a victim, while 20% of dealerships have also reported instances of car-related fraud.
A further 31% said they had managed to detect and prevent fraud, with 80% of dealerships admitting it is a key business concern.
Fraud more common
John Cassidy, managing director of sales at Close Brothers Motor Finance, said: “Fraud is sadly becoming more common in the vehicle market, and it’s something that both buyers and sellers need to be aware of. While many people still feel confident buying from trusted dealerships, fraudsters are getting smarter, especially online.
“At Close Brothers Motor Finance, we’ve put in place extra security checks to help protect our customers and dealer partners. This includes using advanced ID and document checks, as well as working with organisations like Cifas to spot suspicious activity. These tools have already helped stop nearly 800,000 potential cases of fraud.
“We’re also providing training to our dealers to help them stay alert to scams, and we’ve created a team of fraud experts within our business to offer support when it’s needed.”
