GREENSBORO, N.C. — Garage sale, yard sale, or FB Marketplace. No matter how you sell or buy something, you need to be aware of how the scams work in person and online.
According to Consumer Reports, consumers have lost more than $2.7 billion to Social Media scams since 2021!
A classic scam is the overpayment. You are selling something for a certain amount and the buyer sends you a check for more than the asking amount. They tell you to deposit it and send the difference back. But about a week later, you'll find the check was a fake and you've lost all the money and the item you sold.
"Never accept an overpayment from anyone if you're selling something online," said Tej Srimushnam, Federal Trade Commission.
If you're the buyer, try not to pay in cash or by transferring money directly to a seller's account because once it's gone, it's gone.
Facebook Marketplace recommends using a person-to-person payment site. But even with that, you need to be careful.
"You always want to make sure that you're sending money to the right person before you send the full amount. So here's one tip. Send a one-dollar test payment first, then make sure that that person received it," said Lisa Gill, Consumer Reports.
If it's a big purchase, you might think a cashier's check is safe. But take a tip from our experts!
"Unfortunately, fraudulent checks aren't just personal checks; we've seen fraudulent cashiers' checks as well. Have that person get the cashier's check while they're at the financial institution, sign it over to you, and then you turn around and cash it right there at that time. That's probably the best-case scenario," said Michelle Shanks, Summit Credit Union.
And if you're taking cash, it's a good idea to get a counterfeit cash pen. You can find them online or at a local Walmart or Office Supply store. The pen allows you to mark the bill and see if it's real.