As you browse a popular social media site or search the internet, you’re likely to come across a tempting ad selling something at an incredible price. You get excited and click the link because you don’t want to miss out on this rare opportunity.
Before you do anything, stop and investigate a bit more because you might be falling for a shopping scam.
Links:
Learn more tips on how to spot fake shopping sites
Report a suspicious site with the Federal Trade Commission (FTC)
As you browse a popular social media site or search the internet, you’re likely to come across a tempting ad selling something at an incredible price. You get excited and click the link because you don’t want to miss out on this rare opportunity.
Before you do anything, stop and investigate a bit more because you might be falling for a shopping scam.
Links:
- Learn more tips on how to spot fake shopping sites
- Report a suspicious site with the Federal Trade Commission (FTC)
- Report a suspicious site with the Better Business Bureau (BBB)
- Learn more about Triangle Better Checking with identity protection
- Follow our Facebook, Instagram and Twitter pages!
- Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
80% of Americans shop online. That comes to a count of over 263 million people.
Online shopping is fun and convenient, plus you can find almost anything you want. Unfortunately, like other things associated with technology and the Internet, online shopping can also be a way for fraudsters and thieves to steal your personal information and money.
If you’re an avid online shopper, it’s important that you stay informed of these shopping scams, so you don’t fall for these fake stores trying to rob you.
A recent report from Experian has stated that online shopping fraud is rising. This is partly due to the growing volume of internet users and online shopping platforms we are accustomed to browsing on a daily basis.
Online shopping scams tend to be more common around busy online shopping days like Prime Day and Black Friday but are still very real threats that can pop up any time of year.
Scammers set up websites to deceive you into purchasing something from them. You may end up getting a shoddy product or you may not get anything at all.
How do these scams work?
They set up a storefront or website that looks very convincing and offers products that you might recognize from other sites or brands. They’re even known to copy professional photos and graphics to try to make the website appear as legitimate as possible.
These scammers then post an ad with a very appealing offer to direct you to the website. For example, it’s not uncommon for a scam to offer a luxury item at a ridiculously low price.
You may have come across some of these ads on social media or in browsers. They’re designed to get you to act quickly and purchase the item before you even realize the ad led to a dishonest site.
Luckily, if you’re aware of the ways to recognize these scams, you can easily keep yourself from falling for them. Here are a few tips on spotting a fake shopping site.
- If you see a bad or mismatched domain name. If the domain is slightly different, it should be suspicious. Check the URL for added words or misspelled names. If the name should be Namebrand.com but instead reads like NamesBrand.com or NameBrandOnline.com then it’s most likely a lookalike site trying to trick you.
- If there’s no S in HTTPs in the URL address string. Look at the web address in the top of your browser for the letters HTTPS. The S stands for secure and it means the site is encrypted. You should also see the little padlock icon at the front of the URL. If you don’t see an S then the site isn’t encrypted, and you shouldn’t give them any of your information.
- If there’s no return policy. Look around the product information or description for the company’s return policy. If there isn’t one at all, on a site that looks like it should have one, that’s a big red flag.
- If you get pushy popups asking for your financial information. Some sites set up annoying pop ups that ask you for your payment information while you browse. This is a serious red flag. Don’t give them your information and leave the site right away.
- If you see luxury items for unbelievably low prices. If it looks too good to be true, it probably is.
- No credit card payment option. If the site requests immediate payment, wire transfers or other forms of payment without accepting credit cards then it’s probably not legitimate.
Even with all the awareness and precautions we can take, sometimes scammers are so convincing we fall for them anyway. If you think you fell for a scam you can report the malicious site with the Federal Trade Commission. If you unfortunately used a credit or debit card on the scam site, contact your financial institution immediately. And finally, contact the BBB to report the fake business and help protect others from falling for the same trick.
One last note, make sure you have identity theft protection. If you have a Triangle Better Checking account, you have identity theft protection and you have access to other tools that can help protect your identity from the many ways thieves try to get a hold of it. Learn more at trianglecu.org or check the link in the show notes.
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
