Surge in vehicle scams

In addition to this, vehicles are now the most common type of online scam reported by victims in the UK, with each victim losing £998 on average to vehicle-related scams.  

Alongside this, 68% of all these scams reported by victims began on Facebook Marketplace and Instagram – eBay is another danger zone for buyers, with 15% of vehicle scams beginning on a popular site. And, while anyone can fall victim to a scam, it’s younger people who need to be the most vigilant – with those aged 25 and 34 most likely to fall victim to fake vehicle adverts.  

Lloyds Bank’s fraud prevention director Liz Ziegler said: “Buying a car is among the biggest financial commitments many of us will make, so the sharp acceleration in reports of people being scammed when shopping for vehicles on social media is alarming. 

“The vast majority of these scams start on Facebook, where it’s far too easy for criminals to set up fake profiles and advertise items that simply don’t exist. It’s time social media companies were held accountable for their lax approach to protecting consumers, given the vast majority of fraud starts on their platforms.

“Buying directly from approved dealers is the best way to guarantee you’re paying for a genuine vehicle, and always use your debit or credit card for maximum safety. If you do want to buy something you’ve found through social media, only transfer funds once the car is in your possession.”