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How To Deal With Facebook Marketplace Scams? Steps To Follow

Facebook Marketplace Scams

No one wants to get scammed, especially when it comes to online buying and selling. However, unfortunately, various news have been circulating about Facebook Marketplace scams, as the platform has become an attractive place for scammers. They have several tricks and techniques so that you can give away your money or products to them. However, by following some careful steps, you will be able to stay safe in the Facebook Marketplace.

In this article, you will learn about Facebook Marketplace scams. Apart from that, we will also discuss some of the most common scams on Facebook Marketplace that you might face. We will then share with you how to ditch those scams so that you can stay away from getting scammed by some random scammer. Finally, we will also show you how to report a Facebook Marketplace scam on Facebook. Hence, read on to learn more.

What Are Facebook Marketplace Scams?

What Are Facebook Marketplace Scams

According to AndroidPolice.com,

Millions of users buy and sell goods on Facebook’s e-commerce platform every month. It’s free, simple to use, and an attractive option to get rid of unnecessary Christmas gifts and other items. While the overall shopping experience on Facebook Marketplace is seamless, you should be aware of growing scams on the platform.

In recent years, the Facebook Marketplace has become a go-to destination for many local buyers and sellers who want to buy and sell small goods online. Apart from that, the most important reason why so many buyers and sellers are present on the Facebook Marketplace is because Facebook does not charge any fee for listing on the Marketplace platform.

However, with time, as the Facebook Marketplace got popular, it became an attractive destination for scammers. However, these scammers are not hard to detect if you know what to look for. All you need to do is get the right knowledge of how the Facebook Marketplace works and what you must do to deal with scams. This will help you to stay safe and not lose your hard-earned money.

Read More: What Is Continuity In Business, And Why Is It Important?

Common Facebook Marketplace Scams: How To Detect One?

According to NordVPN.com,

Facebook scammers use quite a few methods to steal your money or credentials. Modern cybercriminals will often resort to social engineering to trick unwitting consumers into falling for scams. A scammer can fool someone into a false sense of security by relying on a victim’s craving for the cheapest deal.

The following are some of the common things to stay away from on Facebook Marketplace if you do not want to get scammed:

1. The Buyer Wants You To Send The Item Before Payment

If you are a seller, never send an item to a buyer before receiving payment. The buyer might be a scammer and not pay you later.

2. The Seller’s Listing Is Too Good To Be True

The price for which the seller listed the product is too good to be true. Hence, you must avoid such listings and move on so as not to get scammed.

3. Electronic Products

The item you receive might be faulty. The best way to buy electronics is in person. If not, then buy it from a top-end, assured seller in an eCommerce platform. 

4. Overpayment And Then Asking For Refunds

Here, Business Insider warns –

Someone sends you an overpayment — usually in the form of a check — and, for some convoluted reason, asks you to refund the overage. If you do this, you’ll find that the check will eventually bounce.

Hence, you will lose the item you are selling. Therefore, never receive an overpayment.

5. Someone Asking For A Code They Texted You

The scammer asks you to send back a code to check whether you are “real” or not. The code can be a scam where the scammer might hack all the details of your accounts.

6. Claims Of Lost Packages

A buyer can claim that he/she never received the product, even though they did receive it. They just want to get the money back. Hence, always use a tracking number for the shipped product.

How To Report A Facebook Marketplace Scam?

If you think you are about to get scammed, or you have already been scammed, there are certain things you can do to not get scammed any further.

The first thing you should do here is stop communicating with the buyer or seller on Facebook Marketplace. After doing so, immediately report the incident to Facebook or the Facebook Marketplace helpline.

If you think a certain listing on the Facebook Marketplace platform is a scam, here’s what you should do if you are a buyer:

Step 1: Open the listing

Step 2: Click on the three-dot menu on the right alongside the Share button.

Step 3: A dropdown menu will open. Here, choose the “Report Listing” option.

If you are a seller listing products on the Facebook Marketplace, and you think a potential buyer is a scammer, here are some steps you can take to report the individual:

Step 1: Go to the right hand of the listing.

Step 2: You will find a module named “Seller Information.” Hover over to the seller’s name.

Step 3: In the area, click the “Report” option.

Step 4: Click “Scam” and then follow further instructions in the menu to successfully submit your scam report.

In both cases, the authorities of Facebook Marketplace will check the viability of the scam and find out whether the scammer is real or not. Based on the information, they will take further steps.

Read More: Business Continuity Plan – What Is It, And How Does It Work?

Final Thoughts

If you are buying or selling items on the Facebook Marketplace, you will need to be absolutely aware of scammers. You will need to ensure that you ship the item only after you have received payment for the product. Furthermore, it is also important for you to use a tracking number for the product you have just shipped so that you can track the product to the end.

In recent times, the Facebook Marketplace has become an attractive destination for scammers. If you know what to look for, you will not find it hard to detect scammers. Do you have any information to add regarding how to identify scammers on the Facebook Marketplace? Share your information with us in the comments section below.

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Soumava Goswami

Inspired by The Social Network, Soumava loves to find ways to make small businesses successful – he spends most of his time analyzing case studies of successful small businesses. With 5+ years of experience in flourishing with a small MarTech company, he knows countless tricks that work in favor of small businesses. His keen interest in finance is what fuels his passion for giving the best advice for small business operations. He loves to invest his time familiarizing himself with the latest business trends and brainstorming ways to apply them. From handling customer feedback to making the right business decisions, you’ll find all the answers with him!

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Here, the accountant does not update the account regularly or after each sale of products and services. However, this system of accounting is a great option for small businesses only. When it comes to larger companies, they use the perpetual inventory system. Here, the companies update their inventory lists regularly (or after each sale). How Does A Periodic Inventory System Work? The inventory of a business is nothing but the goods that the company has in its hand, and it can make them available for sale. In general cases, a business holds inventory in the normal course of business. Furthermore, the inventory is also one of the most valuable assets of the business. This is because those inventories create the primary source of revenue for the business. According to FreshBooks.com, “In a periodic inventory system, no continuous record of changes is kept. The yearly inventory purchases are recorded in the purchases account, which is a ledger listing all inventory purchases and their costs. At the end of the year, a physical inventory count is done to determine the ending inventory balance and the cost of goods sold.” In this accounting system, the business keeps a physical count of inventory at certain periods of time. With the periodic inventory system, the time is mostly monthly, quarterly, or annually. This means that the company that uses this system tracks its inventory at hand both at the beginning and the end of a specific accounting period. Here, the company does not track its inventory on a regular basis or during sales. With this inventory system, the company also finds it easier to track the costs of all the goods sold. This inventory updating system is popular among smaller companies that do not have the necessary tools and manpower to conduct regular updates of inventory. Also, these companies have smaller quantities of inventory. Periodic Inventory System Vs. Perpetual Inventory System In the periodic inventory system, the company does not have full information regarding its levels of inventory. Apart from that, it also does not know all the costs of goods sold until the completion of the physical count process. Hence, this system is the best option for businesses that have a smaller number of stock-keeping units (SKUs). Furthermore, the company also needs to operate in a market that plods. In other cases, the perpetual inventory system is a better option for all. The following are the major differences between a periodic inventory system and a perpetual inventory system: The perpetual inventory system updates the inventory asset ledger on a regular basis or after each sale. As a result, the management gets an instant view of the inventory. On the other hand, the periodic inventory system is more time-consuming and does not get updated information. With the help of the perpetual system, the company can always keep its COGS updated. On the other hand, the periodicity of the periodic system makes it less useful when it comes to staying updated. The perpetual system tracks individual items in the inventory. Hence, it is easier to locate defective items quickly. However, the periodic system does not help in this regard. When To Use A Periodic Inventory System? According to Netsuite.com, “Any business can use a periodic system since there's no need for additional equipment or coding to operate it, and therefore it costs less to implement and maintain. Further, you can train staff to provide simple inventory counts when time is limited, or you have high staff turnover.” However, the periodic system is most suitable for small companies with a low number of SKUs. This is because such a business is not concerned fully about scaling its business at the given moment. 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