As the world of aircraft sales increasingly shifts online, so too does the risk of encountering fraudulent inquiries. I am here to equip you with the tools and knowledge to avoid being a victim. Whether you’re listing your aircraft on reputable platforms or promoting it through social media, the threat of online scams is real. At Airspace we are well versed in fraud avoidance and can support your buying or selling relationship keeping you safe from fraud. Here’s how to protect yourself by spotting the telltale signs of phishing and fraud.
1. Examine the Email Address Carefully
One of the first lines of defense is checking the email address of the sender. Fraudulent emails often come from addresses that mimic legitimate ones but with slight variations. Here’s how to verify:
- Step 1: Hover your cursor over the sender’s name to reveal the actual email address.
- Step 2: Look for unusual domains or misspelled company names (e.g., “info@airplnemail.com” instead of “info@airplanemail.com“). <<see they look the same but are not!
- Step 3: If you’re unsure, visit the official website of the company and compare the email domain.
2. Reveal the Actual Link Content
Fraudsters often disguise malicious links to look like legitimate URLs. Here’s how to uncover the real destination:
- Step 1: Hover over any link in the email without clicking on it. The true URL should appear at the bottom of your screen.
- Step 2: Check if the URL matches the company’s official website or if it redirects to a suspicious or unfamiliar domain.
- Step 3: Avoid clicking on shortened URLs (e.g., bit.ly) unless you’re confident about the source.
3. Be Cautious of Inquiries from Certain Countries
Some countries are known hotspots for online fraud. While not every inquiry from these regions is fraudulent, exercise extra caution when dealing with buyers from these areas:
- Top 5 Fraudulent Source Countries:
- Nigeria
- Russia << we have seen a major uptick recently in fraud originating from .RU domains
- China
- India
- Brazil
If you receive an inquiry from one of these countries, thoroughly vet the buyer before proceeding.
4. Never Accept a Letter of Intent as a Substitute for a Deposit
A legitimate buyer should have no issue providing a deposit along with a Letter of Intent (LOI). If a buyer insists on only providing an LOI without any financial commitment, consider it a red flag. Some countries take LOI as a handshake commitment. Do not allow yourself to miss a sale opportunity unless you have an actual binding contract and deposit to a reputable 3rd party escrow company like AIC Title.
5. Use Third-Party Title and Escrow Services
To safeguard your transaction, always use a trusted third-party title and escrow service. This ensures that the buyer’s funds are verified before you transfer ownership of the aircraft. This also give the opportunity to ensure clear title prior to purchase.
6. Watch for Inconsistent or Poorly Written Communication
Fraudulent inquiries often contain grammatical errors, awkward phrasing, or inconsistent details. If an email feels off, trust your instincts and proceed with caution.
7. Verify the Buyer’s Identity
Before engaging in any transaction, ask the buyer for verifiable information such as a phone number, business address, and company details. Cross-check this information online to ensure it matches.
8. Beware of Overpayment Scams
Overpayment scams are a common tactic used by fraudsters. Here’s how they typically work:
- Step 1: The scammer offers to buy your aircraft and sends you a check or money order for more than the agreed-upon price.
- Step 2: They then ask you to refund the excess amount, claiming it was a mistake or that the extra funds are meant for shipping or other expenses.
- Step 3: The check or money order turns out to be fake, and by the time your bank discovers this, you’ve already sent the “refund.” You’re left without your aircraft and out of pocket.
How to Avoid This:
- Never accept payment in excess of the asking price.
- Wait for any check or money order to fully clear your bank before taking any further action.
- If anything feels suspicious, contact your bank or financial institution for advice.
9. Research the Aircraft If You’re the Buyer
If you’re on the buying side, do your due diligence before proceeding with any purchase:
- Step 1: Research the specific aircraft model and its typical market value.
- Step 2: Check if the aircraft is listed elsewhere and compare prices. If it’s being marketed by multiple sellers or if the asking price varies significantly, proceed with caution.
- Step 3: Be wary of prices that seem too good to be true. If an aircraft is priced significantly below market value, it could be a sign of fraud.
10. Insist on Face-to-Face or Video Meetings
Scammers are often reluctant to engage in face-to-face meetings. If possible, arrange an in-person or video meeting with the buyer or seller to discuss the sale. This can help verify their legitimacy.
11. Trust Your Instincts
Finally, if something doesn’t feel right, it probably isn’t. Trust your gut and don’t hesitate to walk away from a suspicious inquiry.
I have had several attempts to purchase my airplanes by frauds. In addition to your valid comments there are several other clues I have observed. They do not try to get a lower price. They are prepared to purchase sight unseen and are not prepared to pay to have s qualified person inspect the airplane prior to purchase. Also, it soon becomes obvious they know very little about GA airplanes. They are too busy to pick up the plane so they are sending someone else to pick up the airplane and of course he will have the payment with him etc. Initially everyone is a potential purchaser so I early on I make it clear that payment is to be by a Bank Draft which means he has to pay to purchase that bank draft. I usually will not hear back. Right now, I am dealing with an individual who claims to be an airplane Broker and he has a purchaser for my airplane etc. This started over six months ago then he goes quiet and then he is back again with a revised story. All the Best.