Credit Card Company and False Pretense Coverage

March 4, 2014

Insured is a used car dealer risk and has submitted a new report concerning credit card fraud in a car sale.  The car is identified as a 2009 Ford Fusion dealer owned vehicle for sale. The vehicle was sold to a customer for $13,900. The customer was out of state and this was an internet sale. There was use of a credit card to complete the sale. The sale was in 3 increments; $12,150 on 12/3/2013, $1350 and $450 on 12/18/2014. Cities Bank notified the insured on 1/14/2014 the card was fraudulently used. The buyer was from Boston and the card belonged to a woman from Florida. Funds paid to the insured were revoked.