Protecting yourself from vehicle fraud

Car purchase scams and vehicle fraud are amongst the more unpleasant pitfalls of purchasing a new motor vehicle. But how can you reduce the risk of a fraudster driving away with your hard-earned cash?

Motor Finance Commission Complaints Compensation Scheme

The FCA (Financial Conduct Authority) recently announced a compensation scheme for car finance customers who were treated unfairly. Details of Borderway Finance’s approach to the compensation scheme can be found here. Along with information about the compensation scheme, you can also find out more about the practical steps you can take as part of the scheme.

Fraudsters may exploit this announcement to extract information from unsuspecting members of the public. You should always be cautious when receiving unsolicited calls, texts or emails that request information or for you to click on a link.

If unsure, hang up the phone and contact the company through a known number. In the case of an email or text, don’t click on the link. Instead open a new browser window and navigate to the company’s known website for more information.

The FCA have a Firm Checker on their website which you can use to check the details of a firm.

Citizen’s Advice have created a handy guide detailing what to look out for and some common approaches taken by fraudsters.

Purchasing a vehicle

Whilst most car sellers and purchases are genuine, fraud around vehicle purchasing does take place. There are lots of useful guides detailing what to look out for when purchasing a vehicle. You’ll find some of these on the links below:

• We Buy Any Car
• WhatCar?
• AutoTrader

Our top 3 points to remember when purchasing a vehicle to avoid fraud are:

1. Always view a vehicle in person before agreeing to purchase it. Photos on websites or sent to your phone are easy to fake – always ensure that the vehicle is real.
2. If the price sounds too good to be true, then it usually is.
3. Don't be pressurised into purchasing a vehicle. Take your time and do your research.

The UK government website allows you to check that the car you’re being sold matches the DVLA record of the vehicle.

Financial Transactions

If you have paid money for a motor vehicle which you have not received, we recommend that you contact the Fraud department of your bank or card provider to investigate this for you.

If the payment was made through a Cumberland Building Society account, please click here to find out more.

Who to call?

If you are in immediate danger, if the crime is currently in progress, or if the suspect is still in the local area, call the police on 999 straight away.

For non-emergency situations, such as if you know the suspect but they are no longer nearby, you can call 101 to report the incident.

If you suspect you’ve been a victim of vehicle fraud, please call Report Fraud on 0300 123 2040 or visit the Report Fraud website for further information.

We hope that your motor vehicle purchase runs smoothly. Should you have any queries or concerns regarding a vehicle purchased with financing from Borderway, our customer care team will do their best to help or to provide the information of somebody who can. They can be called on 01228 595939 or contacted via the online form.