“Navigating Social Media Shopping: Pros, Cons, and Safety Tips”

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How Do Social Media Sites Protect Shopping Transactions?

If you’ve ever bought something that appeared on your social media feed, you’re not alone. Targeted ads are prevalent, and many social media platforms now offer direct shopping options. While shopping on social media can be risky, you can protect yourself with these tips.

How Social Media Sites Protect Shopping Transactions

Consulting firm Accenture has termed in-app transactions as “social commerce,” predicting rapid growth in this sector. In a 2022 survey, Accenture found that 64% of social media users had made a purchase via social commerce. However, this space is also ripe for fraud. The Federal Trade Commission (FTC) reported that over one-fourth of fraud victims in 2021 traced their issues to social media ads, posts, or messages. Among the 95,000 social media-related fraud reports, nearly half involved losing money from shopping.

How Instagram Protects Purchases

Instagram offers a “Buy on Instagram” feature that allows secure purchases directly within the app. This feature includes a purchase protection policy for eligible items, offering potential refunds for scams or damaged goods. However, this protection does not extend to third-party sites.

How Facebook Protects Purchases

Facebook’s unique feature is its Marketplace, where users can buy from individuals, often in person. While the platform bans scam and counterfeit listings, recourse for buyers is limited. Local transactions gone wrong can be reported to Facebook support, but refunds are not guaranteed. Some in-app payments may be protected, but eligibility varies.

How Snapchat Protects Purchases

Snapchat features in-app ads and virtual reality try-ons. The app’s policies prohibit illegal or fraudulent activities, but scammers can still slip through. Snapchat does not explicitly outline policies for protecting users from fraudulent purchases, so caution is advised.

Pros and Cons of Shopping on Social Media

Pros of Shopping on Social Media

• Discover new, niche brands and retailers.
• Catch emerging trends quickly.
• Complete transactions without leaving the app.

Cons of Shopping on Social Media

• Sellers may not be thoroughly vetted, leading to scams.
• Research is required to ensure retailer credibility.
• Limited purchase protection from social media companies.

Best Practices for Shopping on Social Media

Not all social media ads and sellers are scams, but follow these tips to avoid problems:

• Verify unknown sellers or websites: Research the retailer and check review sites like Trustpilot and the Better Business Bureau’s Scam Tracker.
• Ask your network: Post on social media to see if anyone has experience with the retailer.
• Pay with a credit card: Credit cards offer better fraud protection than debit cards.
• Use a virtual account number: Some credit card issuers offer temporary virtual account numbers for added security.
• Trust your gut: If a deal seems too good to be true, it probably is.
• Be careful with marketplaces: Meet in public places and avoid upfront payments.
• Protect your information: Enhance the privacy of your social media accounts and opt out of targeted ads.

Protect Yourself and Your Credit After a Purchase

If you’ve made a social media purchase and suspect fraud, take proactive steps to minimize damage. Regularly review your card statements and consider monitoring your credit. Experian offers identity protection plans that include credit monitoring and dark web surveillance. If you’re a victim of fraud, contact your card issuer, credit bureaus, and law enforcement.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you with all your mortgage needs!

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