Buying a used car? Don’t fall for the old “wire me the funds” ruse

Wire transfers can be a convenient way to send and receive money. Scammers love that.

What it is: Scammers claim to have a car for sale. They may use fake photos and safety reports, and they often advertise on legitimate selling platforms alongside real car sale listings.

How it works: You connect with a local or out-of-town “seller” (really a scammer) who claims to be selling just what you want at a price you like. After you negotiate the transaction, they ask for payment via wire transfer, which is difficult to trace and hard to recover. The car never gets delivered, and the money is gone.

Protect yourself:

• If you’re asked to wire money to pay for a car or other purchase, think twice. Refuse to pay via wire transfer.
• Don’t be rushed.
• When you’re buying a car, there’s no substitute for seeing the real thing. Make sure you choose a safe, well-lit public spot to meet the seller.
• Ask to see the seller’s identification, and make sure the same name is on the vehicle’s title.

Read more in an article on the Federal Trade Commission’s website: Put the brakes on phony online car sales.