Established in 2016, the Facebook marketplace allows buyers and sellers to connect over a Craiglist sort of e-commerce platform. Unfortunately, although the site is renowned for hosting incredible products, it also drives in hackers, fake sellers, catfishers, and other Facebook marketplace scams.
As per recent studies, the Facebook market has shown the following records;
| By April 2021 | Revenue call with over 1 billion users |
| Monthly Users | 250 million |
| Users Contacted by FB Marketplace Scams | 1 out of 11 users |
It represents how Facebook’s e-commerce site captures millions of users each month, with approximately 9% of them falling for Facebook marketplace fraud.
IN THIS ARTICLE
What is Facebook Marketplace?
It was developed to orient people accustomed to an everyday lifestyle with an effortless buy and sell order. The website has no integrated payment system, and you can access it as long as you have a Facebook profile. It’s an uncomplicated procedure that involves capturing the product in a frame, picking a price, uploading, and generating sales to get started as a seller. It isn’t an obstacle course but rather a smooth pathway.
What is the Facebook Marketplace Scam?
The Facebook marketplace acts as a link between buyers and sellers, successfully serving both. The only limitation is that it extends a breeding space to scammers. What distinguishes Facebook Marketplace from Amazon and eBay is that the former depicts all the chaos within the online market. For example, one of the marketplace scams looted a mammoth of $800,000 from the users.
Besides, all the frauds emerging on Facebook are long-rooted, ever since it began as a social media trendsetter. Regardless of how pleasant someone looks on their FB profile, they might have an entirely different persona in reality, which can easily be misconceived by many. Narrowing down our attention onto the Facebook marketplace scams, let’s learn more in-depth about them;
Types of Facebook Marketplace Scams
Bogus Products
Buying high-quality products at affordable rates can be such a steal, right? Not if you get delivered with an inferior quality item after! In certain instances, buyers fall into frauds where they don’t receive any items. The products placed at the front of your screen may comprise branded shoes, electronics, designer outfits, or other items that are hard to resist when you notice them selling at such economical rates. These sellers often post limited specifications or images of the products. Some deceitful suppliers even list and sell commodities acquired through illicit means such as theft.
Odd Payment Requests
If a seller suggests unusual modes of payments for their items, they’re likely to be running a shady business. These sellers elaborate on the advantages of utilizing such payment channels; some of these excuses comfort users by ensuring lowered fees and easy transfers. Facebook marketplace scams on paypal manipulatively gets their customers on Paypal to transfer money to third-party accounts.
Asking for an advanced payment to initiate shipping and packaging is another trick that goes by the name Facebook marketplace shipping scam. Unfortunately, in most situations, the user pays and attains no product.
Paypal Scams
Paypal is a go to online payment method which facebook scammers take advantage of. Although Paypal’s purchase protection policies determine its safe transactions, scammers proceed with other ways to perpetrate forgery. Fraudulent sellers at facebook marketplace know that PayPal’s purchase protection policies are only accountable for regular Paypal payments. Consequently, they ask the buyers to make payments through ‘friends and family’ payment option. Moreover they come up with excuses that they do not prefer regular payment methods as they cost extra fees, but the buyers should consider these as red flags and avoid dealing with such sellers.
Insurance Scams
There are plenty of scams in the automobile industry that play out and fool car enthusiasts. For example, Facebook marketplace car scams ask for deposits to book their car or claim insurance. Then, they reassure the users by promising acceptance of installment payments after the initial deposit. Unfortunately, there are no traces of the car or the dealer once the payment goes through. The car dealer may also post fake and incorrect nameplates. Another similar practice has the scammers seeking shipping insurance with forged shipping costs.
Facebook Marketplace Scammed Buyers
Scams on Facebook marketplace don’t necessarily revolve around sellers alone. Although suppliers robbing, phishing, and misleading the target audience are frequent developments, finding fake buyers within the market isn’t a shocker. It is used as a ground for flushing out black money by some. Masterminds behind such FB marketplace scams also overpay for their purchases, only to fight charges and claim an amount that far exceeds what they’ve paid. Not only do they do that, but they also utilize a chargeback option to deceive the sellers after getting a delivery. While we refer to Facebook marketplace fake buyers, records display that 1 out 11 buyers are deemed to be a fraud.
Is buying on the Facebook Marketplace safe?
Many users have securely exchanged on the Facebook marketplace. It serves as an efficient medium for users looking for local sales within their neighborhood. However, not every exchange is safe. There is substantial risk involved while purchasing and selling goods off a site like Facebook Marketplace. A fundamental reason is that scams persist more on such online platforms than in conventional retail stores. On the contrary, buyers and sellers can curb such risks by spotting Facebook Marketplace scams and practicing safety online. To conclude, the Facebook marketplace is safe when used cautiously and does a great job fulfilling second-hand retail needs for customers.
How to spot a Facebook Marketplace scam?
As the Facebook marketplace outshines the industry with soaring users, revenue, and enhanced popularity, scams have become an inevitable part. Although eradicating such fraud isn’t an attainable goal in the near future. But, dodging these scams is within a user’s discretion. The first step lies in identifying the fraudulent party. Let’s discover how;
- Make it a point to thoroughly verify the seller’s profile and details such as when it was created, their followers, etc.
- If a seller requests payments in advance, there’s something fishy about them.
- Being directed towards strange payment channels is a red flag.
- Look out for refund, return and exchange policies before your purchase.
- Get the tracking id for your product.
- Ensure the seller only connects to you via Facebook.
- If the prices are frequently changing, it’s best to be wary.
- Report or block a seller if they keep spamming you.
- Check the reviews and confirm whether they are genuine reviews shared by real people.
- Always be cautious while dealing with rental providers.
How to avoid Facebook Marketplace Scams?
Listed below are some significant tips and tricks that can help avoid grueling scams;
- If you’ve noticed any red flags while shopping online, go with your gut feeling and refrain from making any purchases.
- Be on the hunt for honest reviews. If a product shows multiple positive reviews from the same person, it’s probably a deceptive seller.
- Be wary of sellers who share little information about the item or offer excessive discounts.
- Maintain a record of your purchase, chats, or any evidence that tracks back to the seller.
- Do not pay in advance or share your bank details.
- Examine the product specifications and the delivered item.
- If you’re a seller, don’t initiate shipment unless you receive your payment.
- Ignore unsolicited messages from sellers that ask for identifications and residential addresses.
- Be wary of fake advertisements available on Facebook marketplace.
- There are plenty of Facebook marketplace fake buyers out there; it is crucial that a seller verifies the buyer’s details before proceeding with their orders.
What should you do If you get scammed on the Facebook Marketplace?
Did you order/sell a product and get scammed by the Facebook marketplace scam? We can only imagine how these times make you judge yourself and your decisions. However, the scammers who double-cross you are to be blamed. Be the one to take the correct initiative.
Here are a few steps to follow if you’ve dealt with such scammers;
- Block the scammer if they constantly harass you for money.
- Report fraud to the appropriate authorities.
- Reach out to recover your lost funds or products.
FAQ
Is it worth selling on Facebook’s Marketplace?
Facebook Marketplace is a great platform for buying and selling products when used cautiously.
Can I get my money back if I get scammed by Facebook?
Purchase protection provides you an opportunity to reverse your transactions when you do not get the service as promised by the sellers, otherwise there are plenty of fund recovery companies available out there on the internet. One can simply find them and seek their help.
Are you a victim of the Facebook marketplace scam? Contact us, and the team at Financial Fund Recovery will help you retrieve your money.