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Protect Your Shopping Transactions on Social Media

If you’ve ever bought something that appeared on your social media feed, you’re not alone. Targeted ads are everywhere, and many social media platforms now offer direct shopping options. While shopping on social media can be risky, you can protect yourself with these tips.

How Social Media Sites Protect Shopping Transactions

Consulting giant Accenture has dubbed in-app transactions as “social commerce,” predicting rapid growth in this sector. In a 2022 survey, Accenture found that 64% of social media users had made a purchase via social commerce. However, this space is also ripe for fraud and scams. The Federal Trade Commission (FTC) reported that over one-fourth of fraud victims traced their issues to social media ads, posts, or messages. Among the 95,000 social media-related fraud reports the FTC received in 2021, nearly half involved losing money from shopping.

How Instagram Protects Purchases

Instagram offers a “Buy on Instagram” feature that includes secure purchasing without leaving the app. This feature covers some items with their purchase protection policy, allowing you to report and potentially get a refund for problematic purchases. However, this protection does not extend to third-party sites.

How Facebook Protects Purchases

Facebook has targeted ads and a unique Facebook Marketplace where you can buy from individuals, often in person. While the platform bans scam and counterfeit listings, recourse for buyers is limited. Local transactions gone wrong can be reported to Facebook support, but getting your money back is not guaranteed. Some non-local Marketplace purchases may be protected if they allow in-app payment.

How Snapchat Protects Purchases

Snapchat features in-app ads and virtual reality try-ons. The app’s policies prohibit illegal, fraudulent, or inappropriate activities, but scammers can still slip through. Be cautious when making purchases on Snapchat, as explicit protection policies are not clearly laid out.

Pros and Cons of Shopping on Social Media

Pros

• Discover new, small, or niche brands and retailers.
• Catch trends as they emerge.
• Complete transactions without leaving the app on some platforms.

Cons

• Sellers aren’t always thoroughly vetted, allowing scams to slip through.
• Research is required to ensure a retailer is reputable.
• Only some purchases are protected by the social media company.

Best Practices for Shopping on Social Media

Not all social media ads and sellers are scams, but follow these tips to avoid problems:

• Verify unknown sellers or websites: Research the retailer’s name and website, check review sites like Trustpilot, and look for complaints on the Better Business Bureau’s Scam Tracker.
• Ask your network: Post on social media to see if anyone you know has purchased from the retailer.
• Pay with a credit card online: Credit cards offer better fraud protection than debit cards.
• Use a virtual account number: Some credit card issuers offer temporary virtual account numbers for added protection.
• Trust your gut: If something seems too good to be true, it probably is.
• Be careful with marketplaces: Meet in public places and avoid upfront payments.
• Protect your information: Enhance the privacy of your social media accounts and opt out of targeted ads.

Protect Yourself and Your Credit After a Purchase

If you’ve made a social media purchase and fear you’ve given your information to a risky retailer, take proactive steps to minimize any damage. Regularly review your card statements for unrecognized charges and consider monitoring your credit. Experian’s identity protection plans include credit monitoring and other tools like dark web monitoring. If you’re a victim of fraud, contact your card issuer, the credit bureaus, and law enforcement.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you with confidence and expertise.

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