Telcoe Risk Alert: Fake Car Dealers Trick Buyers with Fraudulent Ads

Scammers are everywhere, and their latest trick is to pose as fake car dealers online. This is a growing fraud scheme that Telcoe Federal Credit Union is warning members about to protect their finances and identities.

The growing scam lures car buyers into sending money for a vehicle, sight unseen, to fake auto dealers. They will clone websites that use stolen photos to trick buyers into sending money for cars that don’t exist. This is a scam that can be very convincing and lead to thousands of dollars being stolen.

For members considering buying a vehicle online, Telcoe Federal Credit Union recommends watching for these common red flags:

• If the price seems too good to be true, it probably is.

• Are the photos of poor quality? Then the vehicle might not exist.

• Do the details not correspond with the vehicle, or are there numerous typos? This is probably a scam posting.

If you have questions and want to speak to a professional, don’t hesitate to speak to a lending professional at Telcoe Federal Credit Union by emailing loans@telcoe.com or calling 501-375-5321.