January 19th 2024.
Attention all Facebook Marketplace users! It's important to be cautious when purchasing items on this popular online selling platform. According to fraud experts, a shocking 34% of ads on Facebook Marketplace are fraudulent. This means that over a third of the listings could be fake and potentially scam you out of your hard-earned money.
TSB Bank has taken notice of this alarming statistic and is warning its customers to be on the lookout for scams on Facebook Marketplace. In fact, 73% of all TSB Bank's purchase fraud cases originate from this platform. To provide evidence of this, the bank's fraud team conducted a study where they sampled 100 Facebook Marketplace posts and contacted the sellers directly. The results were concerning as they found that many of the items listed for sale were not actually available and were using deceptive tactics commonly employed by scammers.
The most commonly scammed items on Facebook Marketplace are vehicles and parts, making up 21% of all fraud cases. Mobile phones and shoes/clothing each accounted for 7%, while games consoles and accessories made up 6%, and small electronics made up 5%. The fraud team also found that sellers were directing them to fake websites, demanding upfront fees, and refusing to allow them to view the item in person. This is Money, a reputable website, reported on these findings as well.
One red flag to look out for when browsing Facebook Marketplace is listings that claim to be selling brand new items at significantly lower prices than their retail value. For example, an iPhone 13 that typically retails for £599 was listed as brand new for only £84. When the TSB fraud experts contacted the seller, they were directed to a scam website to make the payment. Similar tactics were used for a Ninja Air fryer, which usually retails for £249 but was advertised on Facebook Marketplace for only £65.
In another instance, the seller of a 2016 Audi Q3 refused to answer questions and provided an email address that was linked to a car fraud scam in 2023. This is extremely concerning and highlights the importance of being cautious when making purchases on Facebook Marketplace.
A spokesperson for Meta, the company that owns Facebook, stated that they have systems in place to block scams and protect their millions of daily app users in the UK. However, it's important to note that Facebook Marketplace is a "local meet up and collection service" and does not facilitate payments or shipping. This means that scammers can take their conversations off the platform, making it difficult to enforce any safety measures. The spokesperson urged the community to report any scams immediately.
In addition to being cautious when buying items on Facebook Marketplace, drivers should also be aware of a new scam called "the resteal". This scam involves the thief stealing the car they just sold to an unsuspecting buyer and then using it to scam the next victim. This cycle continues, causing devastating effects for those involved.
To conclude, it's crucial to be vigilant when using Facebook Marketplace. Always be wary of suspicious listings and never send any money upfront without verifying the legitimacy of the seller and the item being sold. Stay safe and report any scams you come across to protect yourself and others in the community.
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