WesBank urges vigilance as festive season vehicle auction scams rise
With year-end bonuses soon to be paid out, South Africans are being advised to exercise caution amid a rise in fraudulent vehicle auctions targeting festive season buyers.
Industry figures from late 2024 indicate that almost 70% of South Africans were targeted by fraud, with victims losing an average of more than R12,500. Digital banking fraud increased by 86 percent, costing the industry R1.888 billion, and vehicle auction scams have become a growing contributor.
WesBank has warned that increased buyer activity in December creates an opportunity for fraudsters operating online and in person.
“Vehicle auctions can provide excellent opportunities for South Africans to access quality vehicles at competitive prices. However, it is important to be vigilant. Understanding the common tactics used by scammers is your first line of defence,” said Lebogang Gaoaketse, Head of Marketing and Communications at WesBank.
The bank identified several common warning signs:
- Unrealistic prices remain the most frequent tactic, with criminals advertising vehicles at far below market value.
- Fake websites often use professional layouts, copied branding, and fabricated customer reviews to appear legitimate.
- High-pressure sales techniques are also common, with buyers told that time is running out or that other bidders are ready to purchase. This pressure is intended to prevent consumers from conducting proper checks.
- Another red flag is requests for large deposits to “secure” a vehicle.
Gaoaketse said consumers should confirm whether the auction house is registered, noting: “Before paying any deposit, consumers should verify that the auction house is registered with the South African Institute of Auctioneers and has verifiable contact information, including a physical address.”
Fraudulent platforms may also request identity numbers, banking details, or passwords before bidding. WesBank advises buyers to independently verify any claimed association. Gaoaketse said: “If the auction mentions WesBank or displays our logo, contact WesBank Auctions directly through our official website or customer service channels to confirm the legitimacy of the affiliation.”
Consumers have been urged to inspect vehicles in person at official premises, avoid cash or crypto payments, and insist on secure, traceable transactions. “If you encounter what you believe to be a scam, report it.”