Vehicles scam costs consumers £3m

A vehicle scam is costing consumer an estimated £3 million

A scam that promises vehicle sellers a match with a buyer is costing the UK consumer an estimated £3 million a year, a report has said.

The Office of Fair Trading (OFT) said people pay between £80 and £99 each in the promise that a buyer exists.

The seller is often cold-called after putting an advert for their vehicle online or in a newspaper.

More than 1,600 people complained to advice service Consumer Direct about the scam last year.

The number of victims is expected to be a lot larger, however, with many too embarrassed to report the scam.

The OFT has teamed up with the police and the Trading Standards Services to crack down on the car matching scammers.

Mike Haley, OFT director of Consumer Protection, said: "Time is up for rogue traders who attempt to cheat sellers with false promises of a guaranteed buyer for their cars.

"We are working with the industry and enforcement partners across the UK to crack down on scammers who are preying on consumers during the economic downturn."

The OFT is also working with online and print motoring publications to put in place prominent warnings about these scams.

Motor trade lead officer Peter Stratton, Trading Standards Institute, said: "High pressure selling alongside cold calling makes this a very successful scam, often leaving the consumer with very little chance of obtaining redress.