If you’re selling your car online, there are some warning signs you should be aware of in order to prevent getting scammed.
Lately, scammers have been pretending to be potential buyers and they trick people who are selling their cars into sending money. Here’s how it works:
- Someone reaches out to your online listing saying they’re interested in buying your car.
- They will claim they aren’t local and can’t come meet you in person.
- Next, they send you a check as a deposit to hold the car. The catch: The check they sent you is for more than you expected…
- When the buyer (aka scammer) says they accidentally overpaid, they’ll ask you to send the extra money back.
Still not quite sure how it’s a scam? The check was fake but looked real.
Even if those funds actually showed up in your account, it can take weeks for banks to identify false checks. Once they do spot them, they’ll want that money back. So if you sent the money back to the scammer, you’re out that money x2 because you will now owe your bank as well.
If you or someone you know is trying to sell a car online, keep these tips in mind:
- Don’t accept or deposit checks that are for more than the selling price or agreed-upon sum.
- Never send money to anyone who says they overpaid you via check.
- Consider using online payment services when selling a car online.
If you spot a fake check scam, report it to the FTC at ReportFraud.ftc.gov and if you have any questions, don’t hesitate to reach out to us at Guthrie County State Bank.