INTERNATIONAL TIMESHARE SCAM HITS QUEENSLAND

Minister for Fair Trading Margaret Keech has warned Queenslanders of an international timeshare reselling scam which has just hit Australia.

Timeshare is a form of vacation property ownership, where people can buy a slice of the property and are entitled to use it for a specific period during the year.

“The new scam sees Spanish scammers call timeshare owners out of the blue, offering to buy the timeshares on behalf of their clients,” Mrs Keech said.

“A generous offer is made and a contract is sent to the owners. However, in order for the deal to go through they must first send an evaluation or administration fee by money transfer. Afterwards the owners hear nothing back and the advance, often totalling a few thousand dollars, is lost.”

A couple in their 40’s from Everton Hills in Brisbane have been stung by the scam, and are warning others not to fall for it.

Mrs Keech said the couple received a call out of the blue from a person who claimed to be the representative of a timeshare reselling company who buys timeshares on behalf of overseas clients.

“They said they were interested in buying their timeshares and, after consulting with their clients, they would give us them a quote.

“What appealed to the couple was the quote which was ways above market value.

“When the couple agreed to sell they received a contract via email that had to be signed and returned along with a 2,500 Euro ($4,200 AUD) evaluation fee.

“After sending the money the couple heard nothing back, later realising they had been scammed.”

Mrs Keech said these kinds of scammers are very convincing, clever and can seem genuine.

Timesharing is regulated by the Australian Securities and Investments Commission (ASIC).

Mrs Keech said that anyone buying or selling timeshares should check with ASIC that the person you are dealing with licensed and if they are from overseas, is their company a registered foreign company?

To check these details, to find our more about timeshares, or to make a timeshares complaint visit www.asic.gov.au or call 1300 300 630.

For all other scams, or to report a new scam or suspicious offer, contact the Office of Fair Trading on 13 13 04 or visit www.fairtrading.qld.gov.au for more information on common scams.

Inquiries: David Smith 3224 2007 or Olivia Nemeth (OFT) 3119 0067