Consumers warned about vehicle purchase scams

May 5, 2021 jonckie

Unfortunately, vehicle purchase scams are becoming more and more common.

In these scams criminals place online adverts for fake vehicles, at discounted prices to attract buyers. These advertisements usually include photos matching the description of the vehicle and contact information of the seller.

Once contact is established, the fraudster sends the prospective buyer additional photos along with an explanation for the discounted price. These stories typically pull on the heart strings and pressure the buyer into making an urgent part or full payment to secure the vehicle.

Once payment has been made, the scammer disappears and the money is lost.

Glad you asked!

Our Escrow service makes it safer to buy from, and sell to untrusted parties.

If you’re a buyer, we safeguard your funds in a trust until the seller delivers what was promised. If you’re a seller, we verify that full payment has been received, before you hand over your goods.

Our Escrow solution can be used for almost any transaction such as the once off-sale of electronics, website domains, cars and bicycles – or for deals that require milestone payments such construction work, the building of a swimming pool or freelance work that involves multiple payments.

Who can use our services?

Anyone can sell goods using our Escrow service, but only Standard Bank customers can use the service to buy goods. Not already a customer? No problem! The good news is you can open a MyMo account online for only R4,95 per month to qualify.

Visit www.standardbank.co.za/escrow to learn more about our Escrow solution.