With social commerce on the rise, more consumers, especially Gen Z, are making purchases directly through social media platforms. Social media shopping can be fun! And with the rise of “influencers,” the temptation to splurge can be stronger than ever. Whether through Instagram, Facebook, X, TikTok, or otherwise, scam artists have identified a huge market for deceiving the public, and crimes are on the rise.
Nusenda Credit Union makes every effort to ensure secure and compliant transaction processes to protect member data and maintain trust. And you, too, can protect yourself from fraud by educating yourself on common tactics and knowing the red flags to look out for.
Some common types of social media shopping scams include:
- Fake ads for popular products
- Fraudulent websites
- Phishing for personal information
Some scammers will set up fake e-commerce stores and buy ads for the website on social media. Or they might utilize online marketplaces.
How to protect yourself:
- Research before you buy
- Avoid sharing extra information
- Be wary of ads from unknown accounts. Look for known brands or verified sellers.
You don’t need to cut social media shopping out of your life entirely but it’s smart to take extra time to verify sellers and safeguard your information to avoid potential scams. Safe shopping is happy shopping!
If you have been a victim of a fraudulent purchase scam and your financial information has been compromised, please contact us immediately. Time is crucial when it comes to preventing or minimizing financial loss. Contact us at 505-889-7755 (800-347-2838 outside the Albuquerque area) or visit us at any of our branch locations.
Nusenda Credit Union is committed to protecting your safety. We believe ongoing education for our members will help prevent this from ever happening. Nusenda Credit Union protected our members from over $13 million in fraud last year!
For more resources on how to protect your identity and finances online, visit Nusenda Credit Union’s Security Center on our Security Center | Financial Security with Nusenda.