Don’t let a “great deal” turn into a costly mistake

Social media marketplaces make it easy to buy and sell items locally. Unfortunately, they have also become a common place for scams that target people just looking for a good deal.

How the scam works

Scammers post listings for popular items like phones, furniture or electronics at prices well below market value. When you reach out, they often have a believable story. They might say the item was an unwanted gift, that they are moving, or that they need money quickly.

To complete the sale, they will often:

• Refuse to meet in person
• Ask you to act quickly
• Request payment through Zelle, wire transfers, checks, or cryptocurrency

Once you send the payment, the scammer disappears and the item never arrives.

A common scenario

Imagine you come across a listing for a brand-new phone at a price that seems too good to pass up. The seller responds quickly and even sends photos of the unopened box.

They explain they cannot meet in person but promise to ship it as soon as they receive payment through Zelle. You do not want to miss out on the deal, so you send the money.

Days or even weeks go by and nothing arrives. The seller stops responding. At that point, it becomes clear it was a scam.

What to watch for

Here are some common warning signs:

• Prices that seem too good to be true
• Sellers who will not meet in person or offer secure payment options
• Requests to pay using peer-to-peer apps, wires, checks, or crypto
• Pressure to send money quickly

How to protect your money

As an NGFCU member, protecting your money is important. Keep these tips in mind:

• Use trusted payment methods. Only send money to people and businesses you know and trust
• Treat instant payments like cash. Once sent, it is very difficult to recover
• Shop smart. Use reputable retailers or platforms that offer buyer protection when possible
• Take a moment before paying. If something feels off, trust your instincts and verify the seller

Stay alert to impersonation scams

Scammers may also pretend to be NGFCU or another trusted organization through calls, texts or emails.

If you are ever unsure:

• Do not respond or click on links
• End the conversation
• Contact NGFCU directly at 800.633.2848

Remember: If a deal seems too good to be true, it usually is. Staying cautious can help you avoid scams and protect your money.