Facebook Marketplace was introduced in 2016 and has reached almost every country. It has become a top and leading platform for buyers and sellers to conduct business activities.
It’s readily available to nearly all parts of the world and requires only a few technical skills to operate.
Although this platform has helped a million sellers do their business right, there are some potential risks for sellers that you must pay attention to.
This blog post is here to enlighten you all about Facebook marketplace.
Why is Facebook Marketplace flourishing and becoming ideal for sellers?
Numerous reasons make Facebook Marketplace one of the top choices of sellers. Here are a few of them.
Simple to buy and sell
One of the most remarkable things about the Facebook marketplace that attracts millions of clients is simplifying the buying and selling process. You can develop complex marketing strategies or find customers in various markets.
You can easily upload a picture of the product you want to sell from the comfort of your home. All you need to do is choose the best view of the product you wish to sell, write its specifics in the caption, and then upload it.
You can even boost a post if you have more reach. Regarding buying the items, you can search for whatever you want by using its category, price range, and even type.
The Facebook algorithm even pushes those products to your feed that they’ve noticed are in your preferences list. Later, you can even resell the products you bought
Price Limits if you want to purchase and resell
Selling is a great idea, but sometimes it is also excellent to buy products to resell them later. If price is the concern, then the price limit feature in the Facebook marketplace can help you stay on track.
It allows you to set up the prices according to your preferences, and once you do, it displays the product listings according to it. For instance you can buy the product cheap and sell it with a high price to make a profit.
This way, you can buy the product you want so you can resell it later and make a profit.
Friendly user interface
People resist anything that’s even a bit difficult to operate. The Facebook marketplace is also the choice of millions of sellers because of its simple user interface.
You don’t have to deal with complicated controls to work on it. Everything is plain and easy to understand in the world of the Facebook marketplace.
Cons of Facebook Marketplace for Sellers
Although the Facebook marketplace has a lot of benefits over other marketplaces, there are numerous red flags for sellers over here that you must take seriously.
Fake receipts
Facebook marketplace may have boosted the business of many sellers, yet it could be more reliable.
Many sellers have been scammed because the buyers would send them fake payment receipts or old receipts as proof.
A naive seller falls prey to such fraud and ends up shipping the item only to find out later that he has never received the payment in his bank account.
That’s why verifying whether you have received your money is essential to proceeding with the order.
Phishing attacks
Phishing attacks are quite common among sellers and buyers in the Facebook marketplace. In these types of attacks, the hacker usually sends you a link or a message that manipulates you into providing them with your personal information.
Once you do this, your finances and even the online data of your customers are put at risk.
Overpayment
This is among the most common scams many sellers deal with on Facebook Marketplace.
In such a case, the buyer will consciously overpay you and then ask you to refund it.
In most circumstances, such a scenario is a scam because the buyer uses a cheque and sends the bogus payment.
Once you have refunded the overpayment amount, you realize that the cheque you’ve received has already bounced back.
Payment delay scams
Another way the sellers can find themselves vulnerable is when the buyer tells them they’ve already sent the payment and the seller will receive it shortly.
In this scenario, the buyer uses the electronic payment delay as an excuse, and the seller often believes him and ships the product.
Once the product is sent, it’s too late, and you never receive the payment you were waiting for.
It’s only because the buyer never really sent the price in the first place. This happens to a lot of new sellers.
Stolen Credit Card scams
Sellers on Facebook Marketplace can fall victim to scams involving stolen credit cards in various ways.
One common scenario is when a buyer expresses Interest in an item and agrees to purchase it using a stolen credit card.
The buyer may then send payment through a platform like Venmo, CashApp, or wire transfer, providing the seller with seemingly legitimate transaction details.
However, once the credit card issuer detects the fraudulent transaction, they may reverse the payment, leaving the seller without the money and potentially without the sold item.
Be on your guard for this scam, and stay educated about reporting it.
Instant Interest in your item
Scammers on platforms like Facebook Marketplace may trick you by asking to communicate through email instead of using the platform’s messaging system.
If someone is overly eager to buy your item and pushes for email communication, it’s likely a scam. Stick to the platform’s messaging, report suspicious behavior, and avoid sharing personal information outside the forum.
Tips for sellers to avoid getting scammed on Facebook Marketplace
Since the Facebook marketplace is quite vulnerable for sellers, there are a few precautionary measures that you can take to prevent this mess.
- Check the profile of the buyer.
The first thing you can do to lessen your doubts and get a good idea about the buyer is to check their profile. You need to find out whether the account is legitimate or not.
To verify this, try to notice the activity on their budget, like new posts, friend lists, etc. This can help you figure out whether the account is fake or real.
- Verification of payment
Now, if you’re dealing with the electronic payment method, make sure that you verify whether you’ve received the amount or not before taking any further action.
Refrain from relying on what the buyer tells you. You need to see the amount in your bank account first and then proceed.
- No personal information
Sometimes, the sellers share their locations or mobile numbers with the buyers. When Facebook has provided you with the messenger, it is advised only to use it for dealing purposes. The buyer can learn about your mobile phone.
At times, these buyers are hackers looking for a way to steal your money, and providing them with even a tiny bit of information can be highly problematic in the future.
- Don’t dwell on anything suspicious
Phishing attacks are usually hidden behind the masks of some reliable organizations and then use this facade to manipulate you into giving away your private details.
Any message or link that asks for anything personal can be categorized as suspicious, and you shouldn’t be taking any risk.
- Activate two-factor authentication
Activating two-factor authentication for your Facebook page is always advisable. 2FA requires a second form of verification, usually in the form of a code in addition to your password.
This extra step adds a layer of protection and makes it harder for unauthorized buyers or hackers to access your account. This enhances the overall security of your Facebook page.
- Opt for verified payment methods.
For sellers, opting for trusted payment methods like cash, PayPal, or Facebook Checkout is advisable. Accepting money offers immediate value without the complexities of online transactions.
Meanwhile, platforms like PayPal and Facebook Checkout provide sellers with additional protection. These services safeguard against potential payment disputes or fraudulent activities from buyers.
PureVPN: Stay secure against Facebook Marketplace scams
Base-level security is the first step to securing yourself against Facebook Marketplace scams as a seller. Here is how PureVPN helps.
- Secure Connection – PureVPN provides a secure connection. It helps you in encrypting data to protect it from potential cyber threats.
- Anonymity – As a seller, you can maintain anonymity online through PureVPN. This feature prevents potential tracking or monitoring of your online activities and can help you keep secure from fraud.
- Secure Transactions – PureVPN helps ensure your financial transactions remain private and protected from malicious attacks.
- Remote Access – As a seller, you can securely manage your online marketplace from various locations. This will enhance flexibility while maintaining a high level of security.
Always exercise caution
Facebook Marketplace can be a relatively safe platform for sellers, but it’s essential to exercise caution. Like any online marketplace, there are risks involved.
To enhance safety, you should follow a few essential practices. Firstly, only transact with local buyers and meet in well-lit, public places when exchanging items.
Secondly, communicate primarily through the platform rather than sharing personal information. Additionally, carefully review a buyer’s profile and history before agreeing to a sale.
Lastly, trust your instincts; if a situation feels suspicious, it’s best to avoid it.
While Facebook Marketplace can facilitate safe conduct, sellers must be vigilant and employ common-sense safety measures to minimize potential risks.
PureVPN
October 9, 2023
2 years ago