Selling items online can be a convenient and easy way for seniors to declutter, downsize to senior living, or make extra money.
However, while the internet offers a limitless way to attract potential buyers, it also opens up the door for potential risks and scams, especially for older adults. According to the Federal Bureau of Investigation (FBI), individuals aged 60 and over are disproportionately affected by scams and fraud. There were over 100,000 complaints of fraud reported by people over 60, compared to 62,000 complaints from those under 29. Scammers often target older adults more than other groups because they assume they have more money and are less knowledgeable about online shopping.
These scams can be financially, mentally, and emotionally devastating for seniors and their loved ones. Here’s what seniors need to know to avoid online scams when selling items online.
Always Use Trusted Platforms
Choose well-known platforms, such as Facebook Marketplace, Nextdoor, and Craigslist, when selling your items. These sites make it easy to create a listing at no cost, and sellers are in control of who they engage with. The process is simple, and sellers have access to handy guides and helpful information.
Learn to Recognize Red Flags
Seniors should educate themselves about selling items online and speak with friends and family members who are more familiar with the process. If you're not familiar with selling online, have someone help you set up your listings and review each site’s guidelines and policies.
Recognizing suspicious behavior is the first step to avoiding online scams. Watch out for these common red flags:
- Requests for sensitive information like social security numbers, banking information, or addresses
- Sending more than the asking price and asking you to return the difference
- Requests to mark the item as sold and accept the money on third party payment platforms like Venmo or CashApp before actually delivering the item to them
- Requests to communicate off-platform, such as email, phone, or in person
- Pressure to make a quick decision
Only Accept Secure Forms of Payment
When selling items online, one of the best ways to avoid online scams is to stick to secure forms of payment through the site.
Only accept payment through secure platforms like PayPal, Venmo (for trusted individuals only), or cash. Avoid accepting wire transfers, personal checks, cashier's checks, or gift cards. When meeting in person for cash transactions, always take someone with you and agree to meet in public, well-lit areas.
Most local police stations will have designated “meet spots” for buyers and sellers to have a public exchange where everyone feels safe.
Protect Your Personal Information
When setting up your listing, only share necessary or required information. Do not share your address, phone number, passwords, or banking information. Most platforms are set up so that buyers and sellers can communicate within their system, so there is no need to share personal information.
What To Do If You Think You’ve Been Scammed
One of the biggest reasons online scams are so prevalent and often go undetected is that many seniors are unaware of how to protect themselves, report fraud, or are too embarrassed to ask for help. It’s important to understand that anyone can become a victim of an online scam. If you suspect that you’ve fallen victim to an online scam, the first step is to put hesitation and embarrassment aside and act quickly. Remember that staying silent only gives scammers power.
If you or a family member have fallen victim to a scam, take the following steps:
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Reach out to a trusted friend or family member as soon as you suspect fraud, tell them what happened, and ask for help
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Contact your financial institution to report any suspicious activity
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Change passwords on bank accounts and credit cards
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Alert credit card agencies and consider freezing credit or locking accounts
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Report fraud to the Federal Trade Commission or the National Elder Fraud Hotline
Safety and Security in an Engaging Supportive Environment
Allegro is always available to answer questions for current and potential residents about how to choose a community or enhance your experience. The safety and well-being of our residents are at the heart of everything we do. We make transitioning to an Allegro community simple & stress-free with The ABCs of Downsizing to Senior Living, a step-by-step guide to simplifying the moving process. You’ll learn easy-to-follow downsizing strategies, tips to declutter, and a moving and packing checklist.
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