An investigation has been launched after a report that a man in a black Mini approached an 11-year-old boy in Parker Street, Colne, at about 4pm on Tuesday.
Police are investigating the incident, but say no abduction or attempted abduction took place.
A spokesman for Lancashire Police said: "We understand there are rumours about this incident on social media sites and understandably the public are going to be alarmed and concerned by these rumours.
"It is really important that people report to us first hand instances of concerning suspicious behaviour and to try and avoid repeating gossip and third hand information."
Anyone with information should contact police on 101.