As part of our ongoing commitment to the financial well-being of our customers, we want to bring to your attention to scams impacting our community right now. With the increasing popularity of buying and selling items on the internet, online marketplace scams are on the rise.

Here are some crucial tips to ensure safety when using the internet and social media:

1. Beware of overpayment scams: If the buyer offers to pay more than the listed price or sends you more than you are asking for the item, be cautious. A buyer should never ask you to send back “excess funds.” The same goes for the seller, if they request excess funds for an item exercise caution with the transaction.
2. Only use payment methods you trust: Never share your account number or financial information with anyone. If a buyer or seller is asking you for unnecessary personal information that is a huge reg flag. Only use trusted payment methods, this helps protect both parties in the sale.
3. Meet in a safe location: When selling locally choose a public place that is well lit and has other people around. Be cautious about sending an item in the mail, be sure you have received legitimate payment before mailing any item.
4. Keep your communication within the platform: For example, if you are buying or selling an item on Facebook Marketplace and the other party wants to talk on a different platform or chat app this is a red flag. Keep your communication within the original platform. Also avoid sharing personal details or information until you feel comfortable with the other party.
5. Report any suspicious activity: If you feel uncomfortable or unsafe, encounter fraud, a scam or any suspicious behavior be sure to report it to the customer service team on the buying/selling platform you are using. This helps limit others from being scammed in similar situations.
6. Trust your gut: If something doesn’t feel right, or seems too good to be true, it most likely is.

Customer safety is First Federal’s priority, and by following these vital tips you can help to protect yourself from being scammed when buying and selling online. Check out our additional Fraud Protection Resources for more ways to keep yourself and others safe. Should you have any questions or concerns about safe banking or scams, please reach out to First Federal's customer care team directly at 503-472-6171 or visit your nearby branch.

Check out the Fraud Protection Resources for additional information on staying safe from scams.

Back to Blog