Waterloo couple loses $50K in a suspected bank draft scam trying to sell their RV on Kijiji — Here’s what happened and how to avoid their loss

Below, see where the couple went wrong and how to avoid a similar loss.

Watch out for online scams when selling

Francoeur told CityNews he thought he did everything right to ensure the deal was legitimate.

He asked for an image of the buyer’s bank draft before they met in person, and showed it to a Scotiabank branch hoping they would help him verify it. The branch said they couldn’t verify the draft based on the image but, according to Francoeur, noted that ‘it looked good’.

When they met with the buyer, Francoeur examined the physical bank draft. He checked for watermarks and perforations around the edge and was satisfied that they had the real deal in their hands; They handed over the RV.

To their dismay, the couple have now lost their RV with no payment to show for it.

Could they have done anything differently?

Protect yourself when selling online

Buying and selling items online comes with risks, but there are ways to protect yourself.

According to the Competition Bureau of Canada, there are a number of things to keep in mind when doing online transactions.

1. Always meet in a public place for the transaction. When it comes to high-ticket items, you can be at risk for robbery, so stick to busy places with high visibility.
2. Beware of buyers who are willing to buy without seeing the item. In this case, the buyer was willing to pay $50K for an RV they had never even seen in person.
3. When accepting a bank draft or wire transfer for an item, make sure the money has been cleared before you release the item to the buyer. This is something you should negotiate with the buyer upfront.
4. Remember, if you feel uncomfortable about a buyer for some reason, you can simply choose not to go through with the transaction.

Red flags can tip you off to a potential fraudster, so be sure to look out for some of the following:

• Wire transfer or requests for Bitcoin, which are almost impossible to track
• Fraudsters who ask for personal information
• Overpayment for an item

The Canadian Bankers Association says that, along with checking for physical evidence when you get a cheque or bank draft, you can ask your bank to call the cheque writer’s bank to confirm its legitimacy.

If you do end up getting scammed, report it based on the type of scam and the situation. You can report the situation to the Canadian Anti-Fraud Centre, or the Competition Bureau. Reporting it helps warn other people about similar situations, and can let the media know to spread the news and to help stop the spread of the scam.

Depending on the situation, you should also let your bank and the local police know.

As for Francoeur and his wife, their trailer is gone.