Fraud alerts for dealers to consider
Recently there have been several attempts to scam dealers with fraudulent documents. Some of these are presented as International Bank Drafts with routing numbers from two Treasury bureaus, the Finance Management Services and the Bureau of Public Debt.
These are very sophisticated-looking documents and are being presented with federal routing numbers and creating false checking accounts. In some cases, the individuals are trying to purchase several units at one time.
Remember if it sounds or looks too good to be true, follow your instincts. Be extra cautious in running your OFAC checks as some of these people have connections to questionable groups outside the United States. Have your managers check all bank drafts to insure you can get the funds. Watch for after-hours and weekend transactions, and customers who are in a hurry to complete deals when some of this cannot be verified. Better to wait than be sorry.
Some of the information the government is providing can be found at the following Web site: www.treas.gov/inspector-general/fraud-alerts.
This Web site has volumes of information that you and your managers should all be well versed on to protect your dealership from illegal scams that are being used.
