Online marketplaces can be a convenient way to find something you need or sell items you no longer use. While most transactions are straightforward, it’s important to be aware of common scams involving payments and online purchases.

Fraudsters may use convincing messages, fake payment notifications, or time-sensitive requests to encourage buyers and sellers to act before a payment has actually been received.

The good news is that taking a few simple steps can help you feel more confident when buying or selling online.

Always Confirm Your Payment.

When selling an item, make sure the payment has actually been received before handing over the item.

• Check your financial institution’s account or the funds transfer platform you use to confirm the payment.
• If you don’t see the funds in your account, the payment has not been received.
• Don’t rely on screenshots, emails or text messages claiming that a payment was sent. These can be altered or made to look legitimate.

Know the Common Warning Signs.

A few common situations should prompt you to slow down and take a closer look:

• A buyer says their payment is “pending” and asks you to release the item before the funds are available.
• You’re told that you need to pay a fee, upgrade an account or send money before you can receive a payment.
• A buyer sends more than the agreed-upon amount and asks you to send the difference back.
• Someone pressures you to complete the transaction immediately.
• A buyer or seller asks you to move the conversation away from the marketplace platform or use an unfamiliar payment method.

If something doesn’t feel right, it’s okay to pause the transaction and take time to verify the details.

Protect Your Personal Information.

Never share sensitive information as part of an online marketplace transaction, including:

• Digital Banking usernames or passwords.
• One-time passcodes or verification codes.
• PINs.
• Account numbers or other sensitive financial information.

A legitimate buyer or seller should not need access to this information to complete a transaction.

Meet Safely When Exchanging Items.

If you’re meeting someone in person to buy or sell an item:

• Choose a public, well-lit location.
• Consider bringing a friend or family member.
• Keep your communication within the marketplace platform when possible.
• Take your time and don’t allow someone to pressure you into completing the transaction.

When in Doubt, Pause and Verify.

One of the best ways to protect yourself is to slow down. If a payment doesn’t appear in your account, don’t assume you’ve been paid. If someone asks you to send money before receiving a payment, take a step back and verify the request.

And remember, you never need to rush a financial decision simply because someone else says you do. If you’re unsure about a transaction or notice something suspicious involving your account, contact your financial insitution before proceeding. They’re here to help you make informed decisions and keep your finances secure, a little extra caution can help make your online buying and selling experience a safer one.