As the economy weakens, title fraud continues to rise, and that too without the sellers knowing about it until they are left with nothing. Bottom line is that this practice is a form of misrepresentation to change or modify a vehicle title to obfuscate important information like accident history, salvage history, and, believe it or not, even to the extent of changing once the vehicle was stolen. Naive purchasers who do not have this documentation carefully reviewed may well pay substantially more for a car than it is worth.
The most widespread form of car title fraud is called “title washing.” This happens when fraudsters transfer a vehicle across state lines or fudge paperwork to eliminate negative designations like “salvage” or “rebuilt.” And a car once deemed unsafe would be able to give the illusion of having a clean history. Fraudsters can also employ stolen identities or counterfeit signatures to carry out illegal sales, and buyers will generally have little to no legal recourse.
To combat car title fraud, you should check the Vehicle Identification Number (VIN) against databases and obtain a vehicle history report. Cross-referencing the miles, repair history and owner info can also uncover discrepancies. And of course, exchanging through secure and reliable methods helps minimize the risk of getting scammed.
The best defence against title fraud is to be aware and vigilant of the potential for fraud when purchasing a car, to continue making car ownership a safe and reliable investment.
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