Exchange and Mart clamps down on ‘virtual car’ scams

In a move designed to help close the net on fraudsters selling ‘virtual cars’, Exchange and Mart is checking the data on a vehicle’s ownership before it can be advertised. Now, anyone advertising a car on ExchangeandMart.co.uk will need to supply the date a vehicle was first registered or keeper change data. This is the latest in a string of new security measures Exchange and Mart is introducing to help used car buyers enjoy a safe online shopping experience.

With more and more consumers shopping online for used cars, fraudsters are coming up with new ways to dupe buyers. They may advertise a car, claiming it is out of the country, but located with a shipping company, ready to import back to the UK. The buyer is instructed to transfer payment via a third party holding company on the understanding that the money will be released to the seller once the buyer has received the car and is happy with it. Unfortunately, once the buyer sends the money, the car never materialises and the seller is nowhere to be found.

“Used car buyers need to be aware of the risk of online fraudsters advertising ‘virtual vehicles’ and tricking them out of money by claiming the car is with a shipping company,” explains Frank McCaffrey, Managing Director of Exchange and Mart. “By verifying the owner of a car before it is advertised on ExchangeandMart.co.uk, we aim to clamp down on this type of fraud. If owned from new, a seller must supply the date the car was first registered, and if bought used they must supply the date of the last keeper change. These are detailed on the V5 document, and if the information supplied can’t be confirmed by Exchange and Mart as correct, the car can never be advertised on our site.

“Our new keeper change check will help stop fraudulent adverts from getting on ExchangeandMart.co.uk and help used car buyers shop with confidence.”

For more information, visit ExchangeandMart.co.uk