Multiple reports have surfaced in Ontario, Canada of buyers of heavy machinery and farm equipment being victimized by scammers.
The provincial police in Ontario (OPP) have received multiple reports detailing instances where victims have lost hundreds of thousands of dollars by purchasing heavy equipment and ag gear from fraudulent online sellers believed to be located in the United States.
Here’s what to look for
Here’s how the scam works: buyers searching for heavy equipment and farming machinery are searching online and finding listings that are “too good to be true.” In other words, equipment items are priced way below market value in order to entice buyers.
The fraudsters usually use stolen images of heavy equipment and information from websites so that it looks like they legit listing ads. The buyer usually begins communicating with the scammers about price, logistics, and delivery methods. Once a price is agreed upon, the fraud artist will request payment usually via a wire transfer. According to reports, the wire transfers are going to financial institutions based in the United States.
After the criminals receive payment, they will “ghost” the victim by immediately ending all communication. And to no surprise, the equipment never arrives.
How to protect yourself
The best advice when it comes to protecting yourself in the heavy equipment market is to take your time and do research. Don’t be rushed into a sale by a pushy seller offering a suspiciously good deal. If the offer is really good, and below market value for pricing, there’s a chance it can be the kind of carrot a fraudster would use to trap you. If possible, research the seller by googling their addresses to see if it’s attached to a business, or reverse image search, and see if a local heavy equipment repair shop is familiar with the seller.
Of course, buying heavy equipment sight unseen poses a risk. If possible, inspect the equipment in person or rely on trusted inspection services to preview your purchase.
If you think you have been victimized already by one of these heavy equipment fraudsters, you should contact your local police service or report (in Canada) it to the Canadian Anti-Fraud Centre (CAFC).
Ritchie List: Your trusted resource
Navigating the private heavy equipment market can be a daunting task, but that’s where Ritchie List comes to your rescue. Ritchie List is a leading online platform that connects buyers and sellers of heavy equipment. It offers a wide range of benefits for purchasers seeking private equipment deals.
Verified sellers you can trust
When you see the “Verified Seller” icon on the Ritchie List website, you can be confident knowing it’s a seller who’s been thoroughly vetted by Ritchie List.
Extensive listing of equipment
Ritchie List boasts an extensive inventory of heavy equipment, from excavators and bulldozers to cranes and loaders. Their platform provides a diverse selection of privately-owned machinery, making it easy for you to find equipment that aligns with your specific needs.
Equipment information and additional services
Our comprehensive listings include the option for sellers to add detailed specifications, images, and seller contact information. We also offer PurchaseSafe(TM) which helps facilitate a smooth and safe transaction between buyer and seller.
Expert Assistance and Support:
Should you require guidance throughout the purchasing or selling process, Ritchie List’s team of experts is readily available to assist you. From answering inquiries to providing valuable insights, their customer support ensures a seamless experience. Ritchie List is brought you by Ritchie Bros., helping people buy & sell around the globe for 60+ years.
Always good abvice.