Crime Stoppers urges victims to come forward as auto loan fraud cases spike

Metro Vancouver Crime Stoppersis urging anyonetargeted by fraudulent auto loans to contact them anonymously following what it calls a wave of crimes involving mostly high-value vehicles.

Lenders who finance auto loans in B.C. and car dealerships report beingincreasingly targeted by organized criminals seekingfraudulent car loans this year, a statement from the non-profit crime watchdog said Wednesday.

Since December last year, Scotiabankalone has reported24such cases in B.C., most of them sincemid-March when the COVID-19 outbreak began, it said.Many other Lower Mainland banks have been hit by the same crime.

The spike in casesis likelydue to the increased need to avoidface-to-facecustomer interactions, which criminals have used to their advantage, the statement said.

"All we want from you is your information," said Linda Annis, executive director of Metro Vancouver Crime Stoppers, in a plea to fraud victims.

"You'll never be called back by police, you'll never have to go to court and you could be eligible for a cash reward," Annis said.

Crime Stoppers saidthe financial losses arising from this type of crime drive up consumer loan costs at lending institutions and can affect an identify theft victim's credit rating.

How the crime happens

Thefraudsters' vehicles of choice are typically worth$80,000 or more, according to Crime Stoppers.

The loan is typically applied foronline or over the phone, and the fraudster uses stolen identification such as a fake driver's licencewith an image of the fraudster superimposed over the real photo.

Crime Stoppers said because many financial transactions and requestsare now done online,banks and credit unions often never meet the applicant in person.

It's only when loan payments startdefaulting,or the identify theft victim starts getting loan demand notices, that the bank and dealership realize what's happening.

The watchdog said by that point, the car has usually been sold to another victimor it'sbeen exported overseas for cash.

Losses to consumers and banks have reached $1.5 million to date, Crime Stoppers said.

"Maybe you know where the fraudster lives, or you're connected somehow to the crime but want it all to end," Annis said.

Anyone wishing to report this type of crimecan leave an anonymous tipby callingCrimeStoppersat 1-800-222-8477, or by reporting online atsolvecrime.ca.