Bounce back loan scam

Django x2

Django x2

Django x2

Soldato
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Genius.

Car dealer receives a call about a used Porsche Cayman retailing for just over £40k. Purchaser doesn't want to leave a deposit, just asks for bank account details to transfer the full balance.

The dealership raises an invoice. The scammer says he owns BB Limited and that's the name of the account that the funds will come from.

Scammer gets dealers name, dob, address daily from on line details, then applies for a bounce back loan in the dealers name for cost of car.

Fortunately for the dealer, they smelled something funny when the purchaser only asked about the condition of the tyres. :D

Doing the rounds, in case any of you are in the car dealership business.
 
Don't think this is a new one - I remember reading a thread on it before where it caught a dealer out a few months back.

Definitely the kind of stuff dealers need to be wary of - though it is probably a well known one to the more established traders.
 
Rroff said:
Don't think this is a new one - I remember reading a thread on it before where it caught a dealer out a few months back.

Definitely the kind of stuff dealers need to be wary of - though it is probably a well known one to the more established traders.
Click to expand...
Yes, this is the story from around July
 
I hadn't even heard of bounce back loans until now and don't know how they work exactly, but surely you need to verify the person/business before handing over the money (especially £40k+!) to anyone that can use easily obtainable information?
 
Razor-BladE said:
I hadn't even heard of bounce back loans until now and don't know how they work exactly, but surely you need to verify the person/business before handing over the money (especially £40k+!) to anyone that can use easily obtainable information?
Click to expand...

They were designed to be 'quick access' emergency loans for businesses suffering during coronavirus
 
Razor-BladE said:
I hadn't even heard of bounce back loans until now and don't know how they work exactly, but surely you need to verify the person/business before handing over the money (especially £40k+!) to anyone that can use easily obtainable information?
Click to expand...

Basically in this instance I think the only information of the company that was required and not publically available was the bank details. The scammer offered to buy the car via a business he was supposedly affiliated with, called BBL Ltd. That way when the funds showed on the dealerships bank account, the incoming 40k from the Bounce Back Loan (shown as BBL on the statement) would look like the scammers company.

The dealership handed over the bank details for the transfer to go ahead from what they thought was BBL Ltd. Bingo, Mr Scammer had all the necessary details.

The loans, when given out weren't due to be repaid, in installments, until 12 months after the loan was given out so had the dealership not cottoned on they would have been a Cayman and 40k short when the Government came knocking for their cash back.
 
Resident said:
Basically in this instance I think the only information of the company that was required and not publically available was the bank details. The scammer offered to buy the car via a business he was supposedly affiliated with, called BBL Ltd. That way when the funds showed on the dealerships bank account, the incoming 40k from the Bounce Back Loan (shown as BBL on the statement) would look like the scammers company.

The dealership handed over the bank details for the transfer to go ahead from what they thought was BBL Ltd. Bingo, Mr Scammer had all the necessary details.

The loans, when given out weren't due to be repaid, in installments, until 12 months after the loan was given out so had the dealership not cottoned on they would have been a Cayman and 40k short when the Government came knocking for their cash back.
Click to expand...

This makes a BIT more sense, but how do they get the funds showing on the dealerships bank account from the Bounce Back Loan prior to getting the bank details?
 
hmm..I got a 'BBL' but it shows as LOAN ADVANCE, maybe they changed it to try and avoid the 'scam'

fairly sure it's your own bank that lends the money but it's backed/guaranteed by the goverment
 
Razor-BladE said:
This makes a BIT more sense, but how do they get the funds showing on the dealerships bank account from the Bounce Back Loan prior to getting the bank details?
Click to expand...

They didn't. It's part of the scam. They say they need a day or so for the funds to clear in their own account before being able to transfer it.

The Government made the application streamline to get the cash out rapidly but it came with less security, hence the scam was born.
 
Kenai said:
They don't need to get it showing before?
Click to expand...
Resident said:
They didn't. It's part of the scam. They say they need a day or so for the funds to clear in their own account before being able to transfer it.

The Government made the application streamline to get the cash out rapidly but it came with less security, hence the scam was born.
Click to expand...

Oh yeah, apologies, I just misread what you wrote!
 
Serves the dealer right for being greedy. Should have insisted on a deposit only until they arrive to view the car properly/collect.
 
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