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How Odometer Fraud Became A $1 Billion Problem

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Odometer fraud is a stealthy and a lesser known form of fraud that is hard to detect, but can cost a car buyer thousands. Fraudsters will roll back odometers on cars to hide the vehicle's mileage in the hope of extracting a better price. And as used car prices rose during the pandemic, odometer fraud could've become a more attractive way to make some extra bucks. About 10.5 million cars on American roads have had their odometers tampered with in some way, and about 1.9 million individuals have had their odometers rolled back, according to Carfax. The average cost to those affected is about $4,000 in addition to higher taxes. It is enough of a problem that there is even a federal Office of Odometer Fraud Investigation at the U.S. Department of Transportation's National Highway Traffic Safety Administation (NHTSA) It is staffed by agents investigating these types of crimes. The department estimates that about 400,000 vehicles are sold each year with false odometer readings.

Chapters:
0:00 — Introduction
01:28 — Chapter 1: Fraud
03:10 — Chapter 2: Enforcement
05:03 — Chapter 3: Victims
09:56 — Chapter 4: The Problem of Technology

Produced by: Robert Ferris
Editor: Jacob Harrell
Camera: Shawn Baldwin
Senior Managing Producer: Tala Hadavi
Graphics: Jason Reginato

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How Odometer Fraud Became A $1 Billion Problem
Category
Tech
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CNBC, CNBC original, business
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