Auto Lending Scams Grow, Prompt Alerts
A Lexus dealership, sun-soaked Miami Beach, a rogue police officer and nearly a dozen criminal accomplices.
It might sound like the early sketches of a Hollywood action film, but the setting and characters are real.
Carlos Molina, risk management consultant in the Credit Union Protection’s Risk Management Division at CUMIS, said credit unions, as member-focused service providers, are considered easier prey because they often sacrifice security to provide service.
As was likely the case with the Florida auto lease theft ring, the car buying experience tends to involve funds being wired and documents being faxed, which can open up gaps for scammers to move in to intercept.