What is a trade scam?
A trade scam is a type of fraud that occurs during buying, selling, or trading goods, services, or financial instruments. The scammer tricks the victim into sending money, goods, or sensitive information under false pretenses. These scams often happen online, but they can also occur in person.
Here are some common forms of trade scams:
-
Non-delivery scams – The scammer takes your payment but never delivers the product or service.
-
Fake listings – Items are advertised at very attractive prices, but the seller doesn’t exist or the item is counterfeit.
-
Overpayment scams – A buyer “accidentally” overpays and asks for a refund of the excess, but the original payment is fake or stolen.
-
Phishing in trade – Scammers pretend to be legitimate buyers or sellers to get your login details or banking info.
-
Investment or commodity fraud – Promises of high returns on investments, trades, or rare goods that don’t exist.
Red flags to watch for:
-
Deals that seem too good to be true.
-
Pressure to act quickly.
-
Requests for payment via unusual methods (gift cards, wire transfers, cryptocurrency).
-
Lack of verifiable contact information.
No Comment! Be the first one.