Facebook Marketplace has become a popular platform for buying and selling everything from furniture to electronics. However, its popularity has also attracted scammers looking to exploit unsuspecting users. Understanding the common scams and how to avoid them can help you stay safe while using online marketplaces.
Common Scams
Phishing: Scammers may offer to purchase items via e-Transfers by sending links or QR codes to fraudulent websites designed to steal your bank account credentials or personal information. Never click on suspicious links or scan unknown QR codes and always verify the authenticity of the website.
Fake Listings and Advance Payments: Scammers create fake listings for high-demand items at lower prices to lure buyers. They may ask for payment upfront and then disappear or sell you a fake or non-functional item. Always be cautious of deals that seem too good to be true and do not make advance payments before receiving the working product in hand.
Immediate Interest Scams: When you list something for sale, it’s exciting to receive an immediate offer at full price. However, take a moment to ensure the offer is legitimate. Scammers often use bots to respond to new listings, aiming to trick you into sharing financial or personal information. They may also send you a fraudulent link that appears to be for depositing money into your account, but it actually debits your account. If someone shows interest unusually quickly, check their profile to verify their identity and look for any negative reviews as a buyer or seller.
Stolen Goods and Unrealistic Deals: In some cases, scammers may sell stolen goods at lower-than-market prices, which may be seized by law enforcement if tracked. If you suspect the goods being sold are stolen, report the listing to Facebook and to your local law enforcement.
Concert Ticket Scams: Scammers create fake listings for popular concert tickets at attractive prices. These listings often look legitimate and may include detailed descriptions and images. Once you show interest, the scammer may pressure you to act quickly, claiming that the tickets are in high demand. After payment, you might receive fake tickets that look real but won’t be accepted at the event or you may not receive any tickets at all. Another tactic scammers use is to send you legitimate tickets through an official ticketing app and gain your trust. After you make the payment, the scammer recalls the ticket, leaving you without access. They then repeat this scam with other victims using the same legitimate ticket. If the deal seems too good to be true, it probably is a scam. To avoid these scams, purchase concert tickets from official sources or if you’re buying from a reseller, use reputable platforms that offer buyer protection.
Fraudulent Verification Code Requests: Scammers posing as buyers may claim they need to send you a verification code via text message or email to confirm your identity. However, they may be using your name to sign up for an online service, and the code you provide completes their account setup. While verification codes may be used to validate your identity when conducting business, such as with your bank or insurance provider, they are not used on Facebook Marketplace transactions. Do not provide verification codes to potential buyers as they cannot legitimately authenticate your identity.
Fake Payments: Scammers may try to buy an item from you without paying. They might send fake screenshots of a payment confirmation, report the transaction as fraud after receiving the item, claim they never received the item, or simply not pay at all.
Overpayments: The overpayment scam is when a scammer sends a payment that exceeds the agreed amount and asks for the excess to be refunded. The original payment is usually fake and will bounce, leaving you out of pocket.
Gift Cards: Scammers may request payment for items via gift cards, which are difficult to trace and recover.
How to Protect Yourself
Meet in a public place: Whenever possible, conduct transactions in person, in public (preferably in front of a police station), and in cash.
Use secure payment methods: If you are unable to conduct cash transactions, use secure payment methods. For shipped transactions, always pay via Facebook Checkout or PayPal Goods and Services, as they offer built-in buyer protections. Never agree to unusual payment methods like wire transfer, gift cards, cryptocurrency, or Venmo, Zelle, or Cash App.
Setup auto-deposit for e-Transfers: If you need to receive payments using e-Transfer, setup auto-deposit and verify you have received payment before handing over any items. If a buyer claims that auto-deposit isn’t working and asks you to click on a link, stop all communication with them immediately, as this is likely a scam.
Inspect before you buy: Thoroughly inspect the item you are buying, especially electronics. Do not rely solely on photos and descriptions provided by the seller. Use a reverse image search program to see if the photos in the listing have been used elsewhere.
Be wary of unrealistic deals: Avoid suspiciously low offers for popular or hard-to-find items, as they are most likely scams. Do not send deposits to hold onto items.
Research the buyer/seller: Social media accounts can be spoofed or compromised. Even if they are linked to you through a community or friends list, it does not mean they are trustworthy. Check the buyer or seller’s profile for reviews, ratings and other listings. You can also search their name online for any scam reports. Also avoid dealing with high-pressure buyers or sellers. They’re often scammers trying to manipulate you. To protect yourself, simply block them on Facebook.
Track your transactions: Document all transactions, including the seller’s information, the date and location of the transaction, and any other relevant details. In case of any issues with stolen goods, this can help demonstrate that you were unaware the items were stolen.
Report suspicious activity: If you encounter a scam or suspicious behavior, report it to Facebook immediately. This helps protect other users from falling victim to the same scam.
Bottom Line
While Facebook Marketplace is a convenient platform for buying and selling items, it is important to stay vigilant and be aware of potential scams. By understanding common scam tactics and following safety tips, you can protect yourself from fraud and enjoy a safer online shopping experience.
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This article is provided for general information purposes only. It is not to be relied upon as financial, tax, or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, fees, and other investment factors are subject to change without notice and Cost Capital Savings Federal Credit Union is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and Coast Capital Savings Federal Credit Union does not guarantee accuracy or reliability of such sources. Readers should consult their own professional advisor for specific financial, investment, and tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
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