Vehicle scams are on the rise in the UK, according to a new report by Lloyds Bank. The report, which is based on data from the bank’s fraud prevention team, reveals that vehicle scams increased by 74% in the first half of 2023, compared to the same period in 2022. Victims of these scams lost an average of £998 each, making it one of the most costly types of fraud.
The report warns that fraudsters use social media platforms, especially Meta-owned ones, to advertise fake vehicles and parts. They lure buyers with attractive prices and photos, and pressure them to pay by bank transfer before seeing or receiving the items. Once the payment is made, the fraudsters disappear and the buyers are left with nothing.
The report also calls for social media companies to be held accountable for their lax approach to preventing fraud. It urges them to verify the identity of sellers, remove fraudulent adverts, and cooperate with law enforcement.
CyberSolace invites any car company or dealership that is concerned with fake impersonation attempts on social media platforms to get in touch to discuss ways to detect brand impersonation and the means to take down fraudulent content. We are currently working with a few large car companies to provide security solutions in this space.
Read the LLoyd’s report by clicking the button below.