How does this scam work?
Discussion
Loach1 said:
Payment via bank transfer is not risky. You tell the buyer your bank details, he wires money, you get money. Easy, safe, quick. At no point will any bank allow them to do anything other than send you money. PayPal will suck one of you dry with their fees. Actually, some banks aren't much better, for the buyer.
Not strictly true.....http://www.theguardian.com/money/2008/jan/07/perso...
I sold a Lotus to a German guy and he wanted a copy of the V5 as well. All went through without issue, but I did make himpay in Sterling. He drove it all the way back home from the northwest and I never heard another peep from him, so either he got back safe n sound or died in a fireball on the continent somewhere...
Here in Germany you can buy a special insurance which allows you to drive the car, which must be taxed in the GB, right from your country to Germany and use it here for 30 days.
You can buy the insurance from the ADAC, but you need the V5 for that. Some local affiliates of the ADAC wants the Original V5, for some a copy is enough.
You can buy the insurance from the ADAC, but you need the V5 for that. Some local affiliates of the ADAC wants the Original V5, for some a copy is enough.
I have sold two cars overseas. One went to Germany the other to Italy. In both cases the V5 was requested and I emailed the relevant part but covered any address information. I also placed the wording "copy" across the document prior to mailing. In both cases that was OK and for me all I had sent was the registration details. Even if I had sent it with the address I am not sure what a scammer could do with it. I sent my bank details for the payment...again this is only the detail that would appear on any cheque so no issue IMO. I received the deposit and then I agreed that the payment would be in my bank account and confirmed by my bank before the car was taken by the collection truck. Again once the cash is in my bank it can't be rescinded.
The risk is really with the buyer as there is a chance you could vanish or send an inferior product once the cash is paid. With the V5 all they have is registration details and with your bank details all they have is what would appear on a cheque….just remember never let a vehicle go without the cash in the bank and confirmed by your bank. Confirmed by your bank directly and by no other means.
The risk is really with the buyer as there is a chance you could vanish or send an inferior product once the cash is paid. With the V5 all they have is registration details and with your bank details all they have is what would appear on a cheque….just remember never let a vehicle go without the cash in the bank and confirmed by your bank. Confirmed by your bank directly and by no other means.
I agree you have to look and see what they have to gain, which is nothing. Some insurance companies abroad will ask for certain criteria to insure the vehicle, they may not have a national organisation to verify things like our DVLA (most of the time).
Make sure before you send any genuine documentation you have the monies in your account in full. Ask them to send copies of their identification to you and cross reference their details with the monies being paid into your account to prevent fraud (if there is a trust issue).
Log all emails and telephone numbers, remember someone who wants to commit fraud won't want you contacting them. Think cautious then you won't be far off the mark.
Thack
Make sure before you send any genuine documentation you have the monies in your account in full. Ask them to send copies of their identification to you and cross reference their details with the monies being paid into your account to prevent fraud (if there is a trust issue).
Log all emails and telephone numbers, remember someone who wants to commit fraud won't want you contacting them. Think cautious then you won't be far off the mark.
Thack
JLF said:
I have sold two cars overseas. One went to Germany the other to Italy. In both cases the V5 was requested and I emailed the relevant part but covered any address information. I also placed the wording "copy" across the document prior to mailing. In both cases that was OK and for me all I had sent was the registration details. Even if I had sent it with the address I am not sure what a scammer could do with it. I sent my bank details for the payment...again this is only the detail that would appear on any cheque so no issue IMO. I received the deposit and then I agreed that the payment would be in my bank account and confirmed by my bank before the car was taken by the collection truck. Again once the cash is in my bank it can't be rescinded.
The risk is really with the buyer as there is a chance you could vanish or send an inferior product once the cash is paid. With the V5 all they have is registration details and with your bank details all they have is what would appear on a cheque….just remember never let a vehicle go without the cash in the bank and confirmed by your bank. Confirmed by your bank directly and by no other means.
The risk is really with the buyer as there is a chance you could vanish or send an inferior product once the cash is paid. With the V5 all they have is registration details and with your bank details all they have is what would appear on a cheque….just remember never let a vehicle go without the cash in the bank and confirmed by your bank. Confirmed by your bank directly and by no other means.
I agree you have to look and see what they have to gain, which is nothing. Some insurance companies abroad will ask for certain criteria to insure the vehicle, they may not have a national organisation to verify things like our DVLA (most of the time).
Make sure before you send any genuine documentation you have the monies in your account in full. Ask them to send copies of their identification to you and cross reference their details with the monies being paid into your account to prevent fraud (if there is a trust issue).
Log all emails and telephone numbers, remember someone who wants to commit fraud won't want you contacting them. Think cautious then you won't be far off the mark.
Thack
Make sure before you send any genuine documentation you have the monies in your account in full. Ask them to send copies of their identification to you and cross reference their details with the monies being paid into your account to prevent fraud (if there is a trust issue).
Log all emails and telephone numbers, remember someone who wants to commit fraud won't want you contacting them. Think cautious then you won't be far off the mark.
Thack
JLF said:
I have sold two cars overseas. One went to Germany the other to Italy. In both cases the V5 was requested and I emailed the relevant part but covered any address information. I also placed the wording "copy" across the document prior to mailing. In both cases that was OK and for me all I had sent was the registration details. Even if I had sent it with the address I am not sure what a scammer could do with it. I sent my bank details for the payment...again this is only the detail that would appear on any cheque so no issue IMO. I received the deposit and then I agreed that the payment would be in my bank account and confirmed by my bank before the car was taken by the collection truck. Again once the cash is in my bank it can't be rescinded.
The risk is really with the buyer as there is a chance you could vanish or send an inferior product once the cash is paid. With the V5 all they have is registration details and with your bank details all they have is what would appear on a cheque….just remember never let a vehicle go without the cash in the bank and confirmed by your bank. Confirmed by your bank directly and by no other means.
The risk is really with the buyer as there is a chance you could vanish or send an inferior product once the cash is paid. With the V5 all they have is registration details and with your bank details all they have is what would appear on a cheque….just remember never let a vehicle go without the cash in the bank and confirmed by your bank. Confirmed by your bank directly and by no other means.
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