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The "overseas buyer overpayment" scam: the mystery of the disappearing £2,500 along with your car...
In was contacted by an overseas buyer in response to my advertisement who said he wanted to ship the car to Northern Cyprus. A young relative came around to look at the vehicle and said it was fine and we could proceed. I spoke to the buyer who said he would wire the money plus £2,750 for shipping. I was then to pay the shipper £2,500 and keep £250 myself "for my trouble". The money arrived in the bank and I checked it was clear. The relative then contacted me to arrange collection of the car and the £2500 in cash for the shipper which I drew from my bank. He picked up the car and the money but now my bank are telling me the transfer was fraudulent. My car has gone and so has the £2,500 in cash which I paid out.
carscams says:
This is a variation on the stolen/counterfeit cheque fraud whereby a cheque/draft was given but was later (sometimes months later) was dishonoured leaving the vendor with a substantial loss. For some reason this international scam seems to centre on Northern Cyprus and may well involve bank insiders.
The economics of the automotive industry means it is rarely viable nowadays for a used car to be shipped by an individual and these cases are almost invariably scams from the outset.
UK shipping companies, or Freight Forwarders, belong to the British International Freight Association (BIFA). You can check their site here: www.bifa.org.
best advice
Always be wary of transfers from abroad. If the deal sounds too good to be true it probably is. Make certain that your bank guarantee to confirm the sum transferred in writing as an irrevocable guarantee and they will underwrite any future loss - do not just accept the advice of the teller.
New changes in the APACS system means the UK banking industry will guarantee any UK cheque, bankers draft or building society cheque is cleared after 6 working days but overseas cheques and drafts are not guaranteed to offer value in this period.
If your bank won't guarantee you have value then don't draw on the sum but you should be wary on any international transactions unless a good reason is given.
carscams' comment
better a boring buyer from Leeds and ready money than someone from Lefkosa with an interesting tale to tell.
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