When you're selling a vehicle it's important you know how to spot the signs of a fraudulent payment.
- Never send money abroad
- Never pay a large deposit
- Don't hand over your vehicle until you're satisfied the funds are in your account - check with your bank that you can withdraw funds safely on the cheque
- Your bank will not honour fraudulent drafts or drafts that cannot be cleared through lack of funds
- Don't be pressured into releasing your vehicle - a genuine buyer will not mind waiting until the draft has cleared
How-ever you take payment, you should always take care.
- Cash: Ask for the cash to be handed to you in a bank, where the notes can be checked for forgeries and paid in immediately.
- Cheques: Never let the buyer take your vehicle until the funds have appeared in your bank account as the cheque could be forged, cancelled or stolen.
- Bank Drafts: Contrary to common belief, they're not as good as cash, so treat them as a personal cheque.
- Online Bank Transfers: One of the safest ways to pay as it avoids handling large amounts of cash and the problems associated with cheques.