Social media feeds are flooded with ads offering steep discounts on brand-name products, including luxury items. But are these offers real or a scam?
According to the Federal Trade Commission, when a low-priced “deal” pops into your socials, take a closer look before you buy. Here’s why.
Scammers often impersonate real companies on social media, offering what seems like an incredible deal for brand-name products at super low prices. But if you buy, you might not get what you ordered: you might get a knock-off…or nothing at all.
To avoid these scams, walk away from ads that promise something expensive at bargain basement prices. But if you’re still interested in the product and need to find out more:
- Research the seller outside the platform. Search the name of the seller plus words like “scam,” “complaint,” or “review.” Use a search engine, though, not the social media site. See if others have had problems with that retailer.
- Compare prices. What does that product sell for other places? Is it ever that deeply discounted? If not, what are the chances this is a real deal? Slim to none.
- Read the terms of the deal. Check out the seller’s website to find out about warranties, return policies, shipping times, and cost? How will you contact the company if you have questions or a problem? If you can’t find this information, walk away.
- Pay by credit card. You get the most protection when you pay with a credit card. If you don’t get what you ordered, dispute the charge.
And, never buy anything from online sellers who insist you only pay with gift cards, wire transfers, payment apps like Apple Pay, CashApp, PayPal, or Zelle, or cryptocurrency. That’s a sign of a scam. Report it to the FTC at ReportFraud.ftc.gov.