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bounce back loan scam

Car dealer warns about Bounce Back Loan scams

A car dealer in Scotland is warning business owners to be on their guard after he almost parted with a £40,000 Porsche in a Bounce Back Loan scam.

Jim Bogan, who is a partner and director at a prestige used car sales business in Airdrie, posted a video on Facebook with the warning after he was contacted by a businessman who offered cash to buy the car and even transferred the funds, before Mr. Bogan discovered the man had tried to pay for it using a Government Bounce Back Loan applied for on behalf of the car sales company itself.

In the video, Jim Bogan explained that the potential fraudster had obtained basic information about him and the company’s bank account details to have enough credentials to apply for the loan in the company’s name. He then went on to try and purchase the car using their own money which would have left them over £80,000 out of pocket.

Suspicions were only raised because the speed of the transaction led Mr. Bogan to double check where the money was coming from with his bank.

He said in the video: “You need to be unbelievably vigilant for more absolute toe rags out there that are going to exploit these Bounce Back Loans. Had we not been so careful – double checked with the bank – we’d have put this car out paid for by our own Bounce Back Loan.”

He added: “We’ve asked the bank what checks they’re doing and said they should check their own due diligence.”

Here is the video Jim Bogan posted on Facebook with a warning of some understandably strong language in the middle.

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