Look Out for Red Flags While Using Facebook Marketplace
Publish Date: October 12, 2022
Facebook Marketplace has become a popular platform to buy and sell used items online. With more than 1 billion active users, this convenient tool has also become a target for fraudsters. October is Cybersecurity Awareness Month, so Your Hometown Bank is shining a light on how to spot a scam on this increasingly popular platform.
“Facebook Marketplace may be convenient, but like many online platforms, it is important to be diligent and know how to spot scams so you don’t become a victim,” said Heidi Shumaker, Vice President of Risk at Fidelity Bank & Trust. “While Facebook Marketplace is increasingly being targeted by scammers, transactions can be conducted safely if you know what to look for,” added Shumaker.
Watch for these red flags that may indicate the person you’re dealing with is trying to commit fraud:
- MOVING THE CONVERSATION OFF OF FACEBOOK MESSENGER
A scammer may want to do this to get your phone number or other personal information. Keep the conversation on Messenger to better protect your personal data.
- ASKING FOR YOUR PHONE NUMBER
If the person you’re conducting business with asks for your phone number, it is best to end communication. A fraudster can use your phone number in malicious ways and is another reason to keep your conversation on Messenger.
- NO PROFILE PHOTO
When you decide to communicate with someone buying or selling an item, it’s a good idea to do some research. Examine their photo, location and their Facebook interactions. This can help you determine if the person is legitimate or if it’s a spoofed account.
- REFUSAL TO MEET IN PERSON OR PREVIEW OF THE ITEM
If the buyer/seller refuses to meet in person to exchange an item, or will not allow you to view the item before you purchase it, it should raise suspicions about their legitimacy. Always meet in public places with other people around when conducting transactions using Facebook Marketplace.
- SCREENSHOTS
Be cautious of the legitimacy of a screenshot for proof of payment or even screenshots of a conversation. Screenshots can easily be made to look legitimate and can be re-used over and over with new victims.
- PAYING WITH A BUSINESS ACCOUNT VIA PEER-TO-PEER PAYMENT SERVICES
If using a peer-to-peer payment service such as Venmo, PayPal or Zelle, fraudsters are increasingly claiming to pay with a business account, which requires the receiver to upgrade their account in order to receive the payment. This is a way fraudsters are trying to gain your trust without actually paying for an item.
- OVERPAYING FOR AN ITEM
Fraudsters have been known to offer to send an additional payment as a sign of good faith as long as you promise to refund the overpayment. A willingness to overpay for an item is another way for them to gain your trust. It is best to end communication in this circumstance.
- CRAZY LOW PRICES
If a normally expensive and popular item is listed for an unusually low price, it’s probably a scam. Never trust anything online that appears to be too good to be true.
If you think you have been scammed, end communication and report the buyer to Facebook Marketplace. If you are concerned your Fidelity account may have been compromised for any reason, contact your local branch immediately or call our toll free number, 800.403.8333. View additional tips for keeping you and your finances safe online.
