(SPEECH)
[MUSIC PLAYING]
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A man sits in a kitchen and knits as a woman walks in and gestures with her hands out.
(SPEECH)
BRYAN: What? I told you knitting calms me. Plus, I've turned this into a nice side hustle, Bryan's Booties, hand-knitted camo booties. Find them online.
AMBER: Wait, isn't this how you almost got scammed last week?
BRYAN: [SIGHS] Unfortunately. But I am learning from that little episode.
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Logos, Navy Federal Credit Union. Making Cents.
(SPEECH)
What you need to know about online marketplace scams. Bryan here, your full-time Navy Federal security guru and part-time needle crafter.
[NEEDLES CLICKING]
Being on the buying and selling end of online transactions with this little hobby has shown me my fair share of scams. So far, I've managed to avoid getting snagged by it. But I'll admit, it's come close a time or two.
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The woman holds up two fingers.
(SPEECH)
Let's dig into a few of the common tricks out there so you don't wind up a victim.
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He throws a blanket in the air and it lands on the floor. The woman looks at it, then at Bryan. She picks up the blanket and holds it out and smiles. An animated face on a laptop screen appears on the blanket. The face wears an eye mask and knit cap.
(SPEECH)
Here's a common one that's pretty sneaky. It's called an overpayment scam, and this is how it works. Say you have something for sale on an online marketplace. A buyer reaches out and offers to purchase the item with a check. At the last minute, though, they come up with a reason to write the check for more than the price of the product, asking you to wire back the difference as soon as you deposit the check.
So you do, sending the product to them along with a wire for the overage. Here's where things go wrong. In this scam, the check you were sent was counterfeit, which means it will bounce and you'll be without those funds and the product you were selling. Major bummer. But that's not the only one out there.
Another one I've seen a few times relies on Google Voice and other similar voiceover internet protocol, a.k.a. VoIP tools. VoIP services allow users to make voice calls using an internet connection rather than a regular phone line. This is how the scam works. You've got something for sale. This time, the buyer-- hmm, scammer says they've heard about fake online listings and want to ensure you're a real person before buying.
To do so, they send you a text message with a code to verify, only that code is actually a Google Voice code, which they'll then use to create a Google Voice number linked to your phone number. Once they've done that, they can use the Google Voice number to rip off other people. That means that if someone tracks the Google Voice number, say because they're being scammed by the same scammer, it'll be linked to you. And let's be honest, you do not need that to happen.
So even though these two scams are pretty different, they can both really put a knot in your yarn. Here's how you can avoid getting snagged by either of these. First, know the risks involved with accepting a mobile payment for someone you don't know. Second, never accept a check for more than the selling price of whatever you're listing. And finally, don't share any verification code with someone you don't know. If you do find yourself a victim of a scammer, immediately contact your bank. Next, report to the Federal Trade Commission at reportfraud.ftc.gov. Here's to making cents of your money and staying safe together.
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The woman wraps herself in the blanket.
(SPEECH)
AMBER: Five stars, Bryan. I'm going to keep this. Is this alpaca?
BRYAN: For more smart money strategies, visit navyfederal.org/makingcents. Navy Federal is federally insured by NCUA.
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Logos, Navy Federal Credit Union. Making Cents. Our Members are the Mission. Text, This information is not legal or financial advice; instead, it is provided for general informational purposes only. You should consult your own attorney or financial advisor regarding your particular situation.
