Facebook Marketplace Scam Risk Uncovered by TSB After Secure Investigation
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TSB has warned customers to avoid purchasing goods on the Facebook marketplace after discovering that over 34% of the tested advert posts are scams.
TSB’s team members recently tested 100 Facebook market-related adverts on their feed. These include adverts on watches, air fryers, cars, handbags, and game consoles. The team communicated with the sellers to know if these items were accurate for sale or fake.
34% Of Posts On FB Marketplace Are Fake
After some investigation, the fraud experts concluded that 34% of the posts on the Facebook marketplace were fake, as the sellers used selling strategies that criminals of online purchases mostly use.
For example, the scammers led TSB fraud experts to phony websites, disapproving checking out items in person and demanding upfront payments. TSB also found out that the prices of the items, which the advertisers claim to be brand new, were much lower than the actual retail prices.
For instance, an iPhone 13 was listed at £84 when the price was £599. The TSB’s fraud experts contacted the sellers, who led them to a phony website to make payments. Phones were behind Vehicles and vehicle parts in the items most scammed by fraudsters.
The results equal the high fraud rate on Facebook Marketplace, which makes up 73% of the total buying scams conveyed at TSB. It is the primary cause of fraud in terms of volume. In 2023, TSB’s estimates show that customers from every bank could have lost a total of £60 million via Facebook Marketplace. The calculation shows that £160,000 could have been lost each day.
Tech Firms Collaborate To Reduce Online Scams
Matt Hepburn, the TSB spokesperson, spoke on the fraud case and said that if one-third of the items and goods in a supermarket were fake or old, people probably wouldn’t like to shop there. It should be the same in Facebook Marketplace, where there will be a much higher chance of fraud when making online payments.
Eleven major technology companies and social platforms joined a UK Fraud Charter in November. This collaboration addresses the rising threat of scams from fake advert posts and romance fraud. They pledge to authenticate new advertisers and dismiss any untrue content.
Hepburn suggested in a speech that social media platforms must act fast to fulfill their promises outlined in the online fraud chapter of the government by cleaning their platforms, particularly by promptly eradicating fake advertisements.
