FRAUD

Safe Seller, Smart Buyer: Protecting Yourself Against Marketplace Scams

The ability to purchase or sell new or used items has become a convenient way for consumers to save a few dollars and possibly get rid of a few items taking up space in their homes. With the popularity of this type of business exchange, scammers have found ways to exploit well-intentioned buyers and sellers alike. To stay safe in marketplace transactions, let’s review a few tips to consider.

Be wary of third-party app payments.

Apps such as Cash App, Venmo and PayPal are common tools used by scammers to fraudulently send and receive funds during online transactions. These options may not be monitored by the website used to conduct business, and financial institutions are typically unable to assist with fund recovery after a scam occurs on these payment platforms. Instead, you may encourage a cash exchange to avoid the possibility of being defrauded.

Stay alert to prices far below market value.

As a buyer, one benefit of making purchases through marketplace platforms is cheaper prices. But it’s important to consider the validity of certain products being promoted. If something is priced well below expectations, it may be a good idea to remain skeptical. Not all lower-priced items will be fraudulent, but it may be beneficial to ask as many questions as possible and request a chance to inspect the item before making a payment.

Never do an exchange or transaction on your own.

It may be helpful to have a third party not associated with the process tag along with you. This can keep you safe from unexpected criminal acts, such as violence or theft. You may also choose to share your location with another person who is not present for additional safety measures. Furthermore, conducting the exchange in a populated, well-lit area instead of your personal residence can avoid extra risk.

Conduct a seller or buyer review prior to contact.

Most marketplace apps allow users to receive ratings based on previous transaction experiences. This will give you a chance to see if the person has a proven history of positive business conduct. Profiles with no seller history and no reviews, or new accounts with very few connections, should be approached with a healthy sense of skepticism.

By using these tips and suggestions during your own marketplace journey, you can stay safe and remain a step ahead of scammers looking to swindle you out of your hard-earned money or items you’re looking to sell. Happy shopping!

Sources:

https://us.norton.com/blog/online-scams/facebook-marketplace