Future Tech

Does it sound too good to be true? Here’s how to spot, avoid online marketing scams

Tan KW
Publish date: Sat, 05 Oct 2024, 12:47 PM
Tan KW
0 495,268
Future Tech

Online marketplaces are great platforms for buying and selling local products. Marketplaces such as Facebook Marketplace, Nextdoor and Poshmark make it easy for locals to sell products to other locals. But with the rise of online marketplace scams, it’s important to be cautious when using these platforms.

Scams can happen to both buyers and sellers, and they can come in different forms. Here are some common online marketplace scams:

Verification code scams

These begin with a fraudster asking for your phone number so you can take communication offline. The fraudster will then send a code to your phone and say they need it to verify your identity before they buy or sell an item.

If you share the code, they can use it to access your online account or create a fake online account in your name with the purpose of spamming your contacts or stealing your identity. There is no reason to give your phone number to a buyer or seller – always communicate through the online marketplace app.

Overpayment scams

In an overpayment scam, a fraudster will overpay you for your item and then request that you send the difference back to them. While it seems innocent enough, the fraudster will file a charge-back, so they get the full purchase price back, plus the extra money you sent to correct the overage.

Another version of this scam is when the fraudster sends you a screenshot confirming a transfer was successful, but they sent too much. Always look at your account and be wary of buyers offering to overpay: It’s mostly likely a scam.

Fake payments from online apps

A common payment app scam is sending fake payments to a seller. As the buyer, a fraudster will claim they paid you through a payment app like Venmo when they haven’t. The fraudster will send a fake screenshot that looks like payment was sent from a payment app. Always check your account to see if payment has been received and don’t rely on screenshots of payment apps.

Shipping scams

It’s easy for fraudsters to take advantage of shipping options. For this reason, it’s a better idea to meet someone in person in a public place such as a police station or only ship to a buyer with high review ratings. Popular shipping scams include:

A seller claiming they shipped the item to you when they didn’t. When you investigate further, you’ll find yourself blocked from the seller.

A buyer sending you a prepaid shipping label, preventing you from tracking or verifying your item arrived.

A buyer sending fake payment confirmation and asking for expedited shipping.

Fake or stolen item scams

While there isn’t a way to know with certainty that an item is fake or stolen, here are signs you could be dealing with someone trying to deceive you:

▪ Lists the item at a very low price.

▪ Pressures you to make a deal quickly or saying there are several interested buyers.

▪ Claims they are selling an item for someone else.

▪ Won’t tell you where and when they purchased the item.

▪ Offers many expensive items.

Bait-and-switch scams

A bait-and-switch scam is when a fraudster offers a deal you can’t refuse. When you attempt to purchase the item, the fraudster will raise the price, or they will try to sell you a different item that is more expensive. If someone increases the price of an item after the initial price, stop the sale immediately, as it could be a bait-and-switch scam.

One key to stopping fraud on online marketplaces is knowing what a fake profile looks like. Fraudsters will often make a fake profile to trick potential buyers and sellers. Look for lack of photos and very few friends or connections. If you’re questioning the validity of a profile, run a Google Image search on the profile photo to see if someone else belongs to that image. Fraudsters also tend to leave vague or no bio information.

Read the reviews to see what other people have to say about the buyer or seller. If a profile doesn’t have reviews, be wary about selling or purchasing an item from them.

The more you know about scams, the better you’ll be to stop them before they start.

 - TNS

Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment