Over the past few months there has been growing media attention on scammers targeting the car leasing sector, conning unsuspecting customers into taking out fake vehicle leasing deals.
The British Vehicle Rental and Leasing Association (BVRLA) recently issued a stark warning after a spate of fraudulent activity was reported.
It turns out scammers are advertising bogus leasing deals on social media apps like Instagram. The dodgy accounts ask potential victims to direct message them to take out a policy.
Online scams are becoming more sophisticated every year, with only 9 percent of Britons now able to spot one.
The BVRLA and its members are committed to helping spread the word to help protect customers from digital fraudsters and keep their money safe.
To help you separate fact from fiction, we’ve put together a list of key things to consider before you say yes to a car leasing deal or give out any personal information:
If you see an advert online, think twice and always check on the BVRLA website that a leasing broker is a legitimate member
Genuine leasing companies will always carry out a credit check before offering you a deal in order to adhere to Financial Conduct Authority (FCA) rules
Scammers often bombard potential victims with jargon to confuse them. If a leasing company isn’t giving you clear information but expects you to sign a contract, walk away
Never give out personal information like your address, date of birth, car registration details or bank details to any company over social media
A common tactic by scammers is to pressure you into making a quick decision to bypass your rational thought process. Anyone who tries to rush you should not be trusted, after all, signing any contract is a big decision
Always report a suspicious advert or leasing company to Action Fraud.
Hippo Leasing is a regulated member of the Financial Conduct Authority (FCA) and the British Vehicle Rental & Leasing Association (BVRLA) and is committed to protecting the public from online fraud.