Article contentThe dollars lost were numbered at $6,821.65, $7,890.91 and $1,120.00 for N.L., N.S. and P.E.I., respectively.Article contentIn 2024, there were 11 in N.L., 41 in N.S. and three cases in P.E.I. Dollar loss was calculated to be $25,618.67, $21,807.41 and $2,000 for N.L., N.S.and P.E.I., respectively.Article content“Fraudsters generally target Canadians with either fraudulent social media ads or fraudulent marketplace listings,” explained Horncastle.Article content Has this happened to you? You’re scrolling online and a targetted ad pops up. The site looks legit, so you click, only to find out that it’s a scam. UnsplashArticle contentWhat are the most common scams?Article contentTypically, the scams involve attractively-priced high-demand or hard-to-find items like electronics, event tickets, pets or designer goods, according to Horncastle.Article content“The ads often appear legitimate — using stolen images, fabricated reviews and convincing language to lure victims.”Article contentOnce a consumer has made contact with a fraudster, what typically follows is a pressure to make a payment via e-transfer or some other non-refundable method. This is done, of course, with the promise of delivery or local pickup, per Horncastle.Article contentArticle content“After payment is made, the item is never received, and the fraudster disappears or blocks communication,” he said.Article content“In some variations, fraudsters impersonate trusted brands or local sellers to appear more credible.”Article contentWhat’s essentially happening here is an exploitation of the informal nature of peer-to-peer marketplaces, according to Horncastle. Something else that’s exploited is the social trust that’s built through online platforms.Article content Although it is difficult to isolate just how many cases are to do with fraudulent ads on social media, frauds are increasing overall across Canada. UnsplashArticle contentHow to keep yourself safe onlineArticle contentNo matter how seasoned an online shopper you are, it would seem that falling prey to a scam is always a danger in the present day, given the lengths scammers are going to in their attempt to make their products appear legitimate.Article contentHowever, there are some warning signs that you can keep in mind when it comes to social media shopping, chief among which is when money is requested upfront by the seller, according to Thompson. This includes deposits for items or rentals.Article contentArticle content“Also, be suspicious of any item where the price appears ‘too good to be true,’” added Thompson. Examples could include “an inexpensive luxury electronic device or [a] low-rent apartment in a desirable location.”Article contentOther warning signs include sellers who refuse to meet in person or insist on shipping, requests for payment via e-transfer, cryptocurrency or gift cards, social media profiles with limited history, poor grammar in messages and an urgency or pressure to buy quickly, per Horncastle.Article content“Use a payment mechanism that offers fraud protection,” added Horncastle.Article contentThis could be a credit card or a digital wallet like PayPal or Apple Pay.Article contentSticking with reputable companies you’ve purchased items from in the past, verifying that the website you’re visiting is, in fact, the actual website of the business, and reading reviews of sellers are some other ways you can stay safe, according to Thompson.
How to avoid falling victim to online scams on social media platforms
