Forged Bankers Drafts

Forged bankers drafts when selling a vehicle

Sellers have received 'valid' bankers drafts and later informed by their banks days later that the draft was forged. The money is then taken back out of the sellers bank account leaving the seller out of pocket if they have released their car. Forged bankers drafts look very genune, usually with watermarks and branch stamps on them, so sellers should not release vehicles until they've had firm confirmation from their bank that they can withdraw funds safely on the cheque. Drafts appear cleared before they are in tha case of fraud.

Criminals can try to buy cars with bank drafts based on the sellers perception that drafts are as good as cash, but banks will not honour fraudulent drafts.

Don't release your vehicle until you have had confirmation from your own bank that the bank draft is genuine and has been paid by the bank issuing the bank draft. Ask your bank whether the draft has been 'given value' rather than 'cleared' as it seems there is a difference between drafts being cleared and funds being available to spend.

Be particularly wary of potential buyers who view your vehicle after the banks have closed and produce a bank draft already made out for the price. Don't be pressured into letting the vehicle go- it is unrealistic for a stranger to request you give them your car for an unverified piece of paper.

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