WesBank warns car buyers of resurgence in online auction scams

WesBank has issued an urgent warning to South African car buyers following a worrying resurgence of online auction scams, many of which are proliferating on social media platforms like TikTok.

“Always ensure that you are dealing with a registered auction house, and in the case of a bank auction, an official bank representative,” says Lebo Gaoaketse, WesBank’s head of marketing and communication.

“Do not be enticed into accepting unofficial offers. It is often a ploy to defraud those looking for a good deal. Trust your instincts and proceed with caution. It's better to err on the side of caution than to fall victim to a fraud scheme.”

Gaoaketse further urged vigilant consumer action: “We urge participants to report any suspicious activity promptly to the auction platform to prevent others from falling prey to scams and contribute to a safer online marketplace. By taking note of these guidelines and exercising caution, buyers can confidently navigate vehicle auctions, maximising their chances of securing a quality vehicle at a reasonable price.”

According to Wesbank, fraudsters are increasingly impersonating its representatives and creating fake accounts with official-looking branding. These scams typically lure customers into paying large sums of money under the false promise of securing bank auction vehicles. Once payment is made, the scammers quickly deactivate their accounts and disappear, leaving victims defrauded and with no means of recovery.

To counter these schemes, WesBank shares vital guidelines to help consumers protect themselves:

• Registration and deposits: Legitimate auctions always require bidder registration and a refundable deposit. A real WesBank auction will never ask for a deposit to hold a vehicle before bidding.
• Know the rules: Read and understand the general terms and conditions of auction sales, including payment procedures, buyer responsibilities, and refund policies. Being informed helps you spot discrepancies early.
• Too good to be true? Probably Is: Always verify auction houses and their representatives. If the deal feels suspiciously enticing, that’s your cue to investigate further.

Wesbank advises consumers to stay alert to telltale signs of fraudulent behaviour, such as:

• Requests for payment outside official platforms
• Unwillingness to share additional vehicle images or information
• Inconsistent or vague descriptions

WesBank says its proactive stance aims to bolster consumer confidence and ensure safety across online auction platforms. “Education is key in the fight against digital fraud,” Gaoaketse says.

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