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Common Online Buying and Selling Scams - All You Need To Know

Common Online Buying and Selling Scams - All You Need To Know

30 Sep 2022


Shopping on the Internet may be enjoyable, efficient, and fantastic for locating excellent deals or unusual items. Furthermore, selling unwanted stuff through internet marketplaces may be a win-win situation for all parties involved. However, not everyone is trustworthy, and if you're unaware of possible scams, online buying and selling might be a fantastic way to get duped out of your money. Without workable knowledge about these scams and avoiding them, you are prone to losing money via a global money transfer involved in your online buying and selling activity.

According to ACE Money Transfer, naïve buyers and sellers might quickly encounter impostor buyers and sellers keen on acquiring something for them while cheating on them. Anyone has the possibility of being a victim! Let’s study how to avoid such scams while protecting your data, privacy, and money online.

How Do These Scams Work?

While many online retailers are reputable, cybercriminals might exploit the internet's anonymity to deceive naive customers. Scammers employ cutting-edge technology to create false shop webpages that appear to be legitimate eCommerce establishments. They may employ complex designs and layouts, maybe stolen logos, as well as a '.com' domain name and a stolen Business Number.

These fake websites sell luxury things at rock-bottom costs, including prominent apparel brands, jewellery, and technology. Sometimes you'll get the item you paid for, but it'll be a fake, and other times you won't get anything at all. 

Common Scams – What are they?

The payment method is the most obvious indicator that a retail website is a fraud. Scammers may frequently encourage you to pay with a money order, pre-loaded credit card, or bank transfer, but it is doubtful that you will see your money again or obtain your purchased goods if you do so. 

During one frequent scam, a "buyer" pays for products by emailing a fraudulent check for more than the selling price to the seller and asking the vendor to transfer the amount back to them through a transfer of funds. Even before the cheque can bounce, the "buyer" collects the money transfer and walks away with it. In this instance, the seller loses the cheque as well as the sum of funds transferred through the money transfer.

A "seller" pretends only to take money transfers and not credit cards or cheques in other circumstances. When the buyer expresses scepticism, the seller advises the customer to submit the money transfer in somebody else's name, such as a friend or family and then changes the title to the vendor's name after receiving the product. Meanwhile, the seller impersonates making an I.D. in order to collect the money transfer but never sends the products.

A more recent kind of online buying scam involves using social networking channels to create fraudulent online businesses. They set business objectives for a limited time and frequently offer counterfeit branded apparel or jewellery. The scammers move fast that the stores are no longer available for further purchase after a few products are sold. They also utilise social media to promote their bogus website, so don't trust a site simply because you saw it advertised or shared on social media. Before making a purchase, looking for reviews is the most straightforward approach to spot a fake trader or a social network online shopping fraud. Never instantly send money online to such scammers without verifying the business and the credibility of the merchandise you’ve ordered.

Precautionary Signs of Warning!

Some of the warning signs that ACE Money Transfer has compiled for you are as follows:

  1. A product is promoted at an absurdly low price, or it is touted to have incredible benefits or qualities that seem too good to be true. 
  2. The other side demands quick payment or billing through electronic funds transfer or wire transfer. They may require you to pay for vouchers in advance before taking advantage of a low-cost offer or a freebie.
  3. Social platform-based business is very new and offers things at rock-bottom pricing. The store's knowledge of shipping and other rules may be restricted.
  4. An online shop fails to give sufficient information on safety, terms and conditions of using it, dispute resolution, or contact information. The vendor may be situated in another country, or even the supplier may not accept payment via a secure payment, including a credit card transaction.

Tips - Protect Yourself from Scammers 

If you want to buy or sell safely for a great online purchase experience, follow the tips below:

  • Verify and confirm to see whether the website or social media platform has a refund or warranties, and if so, whether the policies appear reasonable. If something goes wrong, the best online shopping and auction companies have extensive complaints or dispute resolution mechanisms in place.
  • Before buying products online, only use a protected payment service. 
  • Look for a URL that begins with 'https' as well as a sealed padlock icon or a payment provider. 
  • Think twice about using digital cryptocurrencies such as bitcoin. Don't have the same safeguards as standard payment methods, so you can't get your money back after you've sent it.
  • Beware of any deals with a stranger that requires advance payment in the form of a money order, wire transfer, international funds transfer, pre-loaded card, or electronic currency, such as Bitcoin.
  • Never transfer money or provide credit card or online account information to someone you don't know or trust. It is uncommon to retrieve money sent in this manner.

Tell US Your Experiences – ACE Money Transfer

We urge our customers to report scammers to the appropriate authorities or contact us using our website's report scam page. This enables us to alert individuals to ongoing fraud, track trends, and disrupt schemes when feasible. Please add information about fraudulent contacts, such as an email or screenshot.

We also give information on protecting yourself from scammers and where to obtain assistance. To safeguard your friends and family, spread the news and join ACE Money Transfer for a safe, secure and amazing remittance experience! Making an online money transfer via ACE’s services keep your funds safe throughout the completion of transactions.


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