At Meridian Credit Union (“Meridian”), we’re committed to helping each Member live their best life. Part of this commitment includes helping to keep Members informed of fraud and scam trends so they can protect themselves. Fraud on online marketplaces such as Facebook Marketplace and Kijiji continues to increase. While online marketplaces are a convenient way to buy and sell items in the community, individuals who use them should be aware of the risks. Knowing how these schemes work can help you stay safe.
Facebook Marketplace Phishing scam
Facebook Marketplace is a popular platform for buying and selling items locally, however, like any online marketplace, it is not immune to scams.
- The scam typically begins with the seller receiving an offer to purchase their item.
- The scammer sends the seller a link that appears to be a legitimate Interac e-Transfer payment notification.
- When the seller clicks the link, they are directed to a website that appears to be a legitimate financial institutions website and is prompted to enter their login credentials.
- When the victim enters their details, the login information is sent to the scammer, who is then able to access the victim’s accounts to deplete their funds.
Steps you can take to protect yourself
- Carefully review the email address that sent the Interac e-Transfer notification: Notification emails will only come from “@payments.interac.ca”. If the sending email contains strange characters or looks otherwise suspicious, do not click the link.
- Use the Meridian Mobile App: You can use the Meridian Mobile App to complete/receive an Interac e-Transfer right from your email! Simply click “Open in Mobile App” when you open a notification in your email.
- Enable auto-deposit to receive Interac e-Transfers: With auto-deposit set up on your account, there’s no need to click on a potentially fraudulent link to deposit funds.
- Verify your financial institution’s website: When redirected to your financial institution’s website, verify the website is legitimate by checking its uniform resource locator (“URL”). The URL contains information your browser uses to find the webpage you want to visit, for example Meridian’s URL. If the URL does not look right or contains strange text, do not enter login information. Call your financial institution to confirm the correct website URL.
- Be wary of overpayments: You should use extreme caution if a buyer pays more than the asking price. Do not accept overpayments and then refund the difference.
- Inspect items before payment: Inspect any items in person before making a payment. Ensure it matches the description and is in working condition.
- Meet in public places: If possible, conduct transactions at a designated Police Station Buy and Sell Safe Exchange Zones. At a minimum, arrange to meet in well-lit public places, such as coffee shops, mall food courts, etc. Avoid meeting at your home or in secluded areas.
- Verify profiles: Check the profile of the buyer or seller. Look for a history of activity, positive reviews, and/or check to see if anyone in your social circle has used this seller in the past. Be cautious of new profiles with little information. Remember that social media accounts can be fake or compromised. Being connected through a community does not ensure someone is trustworthy.
- Avoid sharing personal information: Do not share personal information, such as your home address or account details, with buyers or sellers.
- Report suspicious activity: If you encounter suspicious behaviour or believe you have been scammed, report it to the relevant buy/sell platform immediately. Use the platform's reporting tools to flag fraudulent listings and profiles. Fake e-transfer notifications can also be reported to phishing@interac.ca.
Other types of marketplace scams
- Fake listings: Scammers create listings for items for sale that don't exist or are misrepresented. They often use attractive prices to lure buyers. The buyer often sends payment but does not receive the item.
- Payment scams: These usually take the form of a request for payment through non-secure methods, such as wire transfers or gift cards, which are difficult to trace and recover.
- Overpayment scams: The scammer, acting as a buyer, sends a cheque for more than the agreed price and asks the seller to return the difference. The cheque eventually bounces, leaving the seller holding a loss.
- Phishing: Scammers send messages that appear to be from Facebook or other trusted entities, asking for personal information or bank account login credentials.
- Shipping scams: The scammer, acting as a seller, insists on shipping the item (instead of an in-person exchange) and asks for payment upfront. The item is often never shipped.
- Fake reviews and ratings: Scammers, acting as sellers, create fake profiles to leave positive reviews and ratings, making their listings appear more trustworthy.
Remember, always take time to carefully consider any action you take. If something seems suspicious or too good to be true, it probably is.
If you encounter a scam, or believe you have been the victim of fraud, Meridian recommends that you:
- Report the incident to your local police department immediately.
- Talk to our Fraud Team at 1-866-592-2226.
- Report the incident to the Canadian Anti-Fraud Centre.
Learn more about how to protect yourself
Protect yourself from phishing
