Is this a scam risk? Selling car

saker75

Hi all

I’m selling my car to a private individual. They will pay by bank transfer. Once the money shows up in my account is it safe? I don’t want to transfer the car over to find the money isn’t there!

bluelad1927

The known risk with Bank transfer is someone  who shows you that the money has left their account to go to you and there'appears' to be a delay in getting to your account. This is a known scam where they have a fake banking app that shows the transaction leaving.

Obviously this  doesn't apply to genuine transfers where you can see the money in your account.

Also depending on the value of the car they may only be allowed to transfer a certain amount to a new payee on a first ransaction. This recently happened to me and I was limited to transferring £2000 to a motor dealership. I had to send the remaining unrestricted amount the following day

Aylesbury_Duck

I'd create a new account, or use a dormant one, and once you known the money has landed, move it immediately to another account.

sheramber

Check that the money has transferred on your device, nit his.

Do not hand over the keys until it has transferred.

Get a receipt for the car.

saker75

thank you everyone 

user1977

Aylesbury_Duck said:

I'd create a new account, or use a dormant one, and once you known the money has landed, move it immediately to another account.

Why? I don't see a risk, once you've verified that the money has actually hit your account.

Aylesbury_Duck

user1977 said:

Aylesbury_Duck said:

I'd create a new account, or use a dormant one, and once you known the money has landed, move it immediately to another account.

Why? I don't see a risk, once you've verified that the money has actually hit your account.

Is there a chance they could contact their bank and claim a mistaken or fraudulent transaction and have them try and claw back funds?  I've heard of that happening, perhaps not in this scenario, but where a bank has retrieved some or all funds from a scammer's account.  Belt and braces, and all that, and it costs nothing and takes a matter of minutes to do.

user1977

Aylesbury_Duck said:

user1977 said:

Aylesbury_Duck said:

I'd create a new account, or use a dormant one, and once you known the money has landed, move it immediately to another account.

Why? I don't see a risk, once you've verified that the money has actually hit your account.

Is there a chance they could contact their bank and claim a mistaken or fraudulent transaction and have them try and claw back funds?

Never heard of that happening. We use bank transfers all the time at work and nobody has suggested there's a risk of them somehow being undone.

Cheslea2010

Bank transfers cannot be reversed by the bank. I make hundreds everyday in my job and in the past have mistakenly sent a payment to the wrong account. The bank were powerless to stop it so we had to get the supplier to send it back.

sheramber

Aylesbury_Duck said:

user1977 said:

Aylesbury_Duck said:

I'd create a new account, or use a dormant one, and once you known the money has landed, move it immediately to another account.

Why? I don't see a risk, once you've verified that the money has actually hit your account.

Is there a chance they could contact their bank and claim a mistaken or fraudulent transaction and have them try and claw back funds?  I've heard of that happening, perhaps not in this scenario, but where a bank has retrieved some or all funds from a scammer's account.  Belt and braces, and all that, and it costs nothing and takes a matter of minutes to do.

https://forums.moneysavingexpert.com/discussion/6461132/received-bank-transfer-for-a-item-sold-bank-now-frozen/p1

born_again

Aylesbury_Duck said:

I'd create a new account, or use a dormant one, and once you known the money has landed, move it immediately to another account.

Bank can/will just follow the funds to the new account..

In fact doing this actually make you look like a fraudster 🤷‍♀️

As others have said.
Do not release the cat till funds are in your account you have checked on your APP/PC.

Always good to get proof of ID as well such as driving licence to make sure their details match. not forgetting to transfer ownership online once funds are in place at your end.

https://www.gov.uk/sold-bought-vehicle

That way no parking/speeding fines can come your way.