By Sally J. Clasen
Because of her 30-year career in banking, Annette Isaacs, Senior VP/treasury management sales manager at CBT, is keenly aware of fraud behavior. And when her daughter wanted to sell a used dinette set on Facebook Marketplace, Isaacs was right by her side.
The first “buyer” insisted on paying through a specific payment app she didn’t want to use and asked for her daughter’s email address. It’s a scheme often used by fraudsters to generate a response spoof email.
The buyer insisted Isaac’s daughter make a $500 deposit into the account to cover set-up fees, which would be returned once the payment was sent. That immediately set off red flags and the conversation ended.“
A second prospective buyer turned out to equally unscrupulous,” said Isaacs. “Luckily, the third buyer was willing to meet and pay with cash. You just have to be very careful in any re-sale of your home goods.”
The world of online selling via Facebook, LetGo, and other social media apps and platforms makes it easy to unload unwanted items for quick side cash. But online retail transactions aren’t always what they appear to be. Even though your slightly used table or designer purse is legit, your enthusiastic buyer might not be.
Don’t get tricked out of your money—or identity—by scheming online customers. Here’s how to avoid being a victim of Internet retail scams:
- Never give personal information to an online buyer, including your full name, phone number, home address or email, which is handing fraudsters an invite to steal from you.
- Limit the conversation and keep it within a platform’s messaging system. If the buyer wants to keep negotiating and change the selling terms, it’s probably a sign they are fishing (and phishing) to rip you off.
- Don’t accept personal checks, cashier’s checks, money orders or other electronic payment such as a wire transfer. Likewise, payment platforms such as Zelle, Venmo, and PayPal are typically safe, convenient ways to transfer money, but the risk of a bait-and-switch exists. Use them only if you know the buyer. Otherwise, demand cash in person.If possible, make the exchange at an offsite location, but don’t go alone. If the item is too large, such as furniture, only release your address a few hours before the agreed pickup time (daylight is best) and have others present.
- If you ship the item, use the suggested platform shipping method because if the buyer claims they never received it (another scheme to steal), the liability typically falls on the seller.
Bottom line: If something seems too good to be true, it is, according to Isaac. “Whether it’s business or personal, be cautious, aware and prepared,” she says.
This content was originally published in our award-winning magazine In Your Corner. See issue 13 of In Your Corner here: In Your Corner Magazine | Fall 2022 (flippingbook.com)