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Facebook has become a hotbed of trading as millions of people around the world use it to buy products. Through the Facebook Marketplace platform, people can easily buy and sell products to other Facebook users. In fact, according to Renalon, Facebook Marketplace sales reached $28 billion in 2022, up from $26 billion in 2021.
But this does not come without risks as the ease of trading in the FB marketplace has made it easier for scammers to lure unsuspecting buyers. According to a recent FTC report, 9 out of 10 online scams were conducted or started through Facebook or Instagram.
With that in mind, what can consumers do to protect themselves from being scammed on the Facebook Marketplace? Here are 5 tips to protect yourself against FB marketplace scams.
One of the biggest advantages of Facebook Marketplace is that’s easier to communicate and the communication can be retrieved. Scammers, on the other hand, will try as much as possible to convince you to move off the platform to Telegram, Whatsapp, email, or another, difficult-to-trace medium. This way, it becomes impossible for Facebook to track or retrieve the communication between the buyer and seller.
With FB, users enjoy Facebook’s Purchase Protection which means buyers are well protected should anything go wrong with the purchase. The policy only covers payments made through Facebook Checkout, hence taking communication and payment outside the platform leaves you exposed.
One of the easiest ways to identify a FB Marketplace scammer is if they insist on taking communication or payment off the platform. It shows they are not ready to use Facebook Checkout and hence no moneyback guarantee can be offered.
Paying in advance, especially outside Facebook is a direct ticket to being scammed. One of the most common tricks used by scammers is when they tell you a product or item is in high demand and you need to make an advance payment to secure your product.
If a seller is using high-pressure tactics to try and lure you into making an “urgent payment”, chances of you getting the products are slim. Never make advanced payments, especially outside Facebook.
If a seller is pressuring you into making an advanced payment, they are most likely a fraud who has no product to deliver.
While there is nothing wrong with offering discounts, larger-than-normal discounts are a huge red flag. Usually, scammers will lure buyers with enticing offers which are often too good to be true.
When buying a product from Facebook Marketplace, it's always good to do your due diligence. If a product is selling at a price way below the market price, that’s a red flag that should not be ignored. The chances of you never getting the product, or getting a counterfeit is always high.
When you come across a product with a huge discount, it's often wise to check out prices on other platforms like Amazon or eBay.
One of the signs to look out for on Facebook Marketplace is a buyer who keeps on changing their prices. If for instance, you spot a deal and when you contact the seller they change the price, keep off. Scammers have a habit of luring buyers with low prices, only to bait and switch when the buyer shows interest.
It is very easy for scammers to post dubious links to their profiles as Facebook does not properly verify all links. This has made FB Marketplace a rich hunting ground for phishing scams. Usually, scammers post enticing giveaways, especially for cryptocurrency tokens, on their Facebook profiles.
Unsuspecting customers click on the links which leads to pages that steal information or install malware. In the long run, scammers can access your vital information like address or credit card information. To avoid falling prey, it's always wise to avoid clicking on suspicious links, especially those from shoddy-looking links.
The Facebook Marketplace is a great place to get products. But the marketplace is also riddled with scammers so it's better to come prepared. Since Facebook does not verify the products that are sold on that platform, it's wise to do your due diligence. Just to recap; Keep all communications on Facebook, avoid paying in advance or making reservations, when the deal is too good, think twice, inconsistent prices are a bad sign, and be on the lookout for fake giveaways. You can read more about how to protect yourself on other online marketplaces here
Image source: Pexels.com
