Facebook Marketplace scams are always a big problem, but they reach a new level entirely around the holidays.
According to international financial institution Banco Santander, its customers have lost over $8.2 million to Facebook Marketplace scams this year, a 50% increase over the last year.
That's why the bank is implementing a new feature to warn its customers about potentially fraudulent Facebook Marketplace purchases before they can finalize a deal this holiday season.
When Santander customers now attempt to make a bank transfer to pay for a Facebook Marketplace purchase, a warning screen will appear asking if they have actually seen the item they're paying for.
If a customer answers no, their purchase won't be authorized, and they'll be advised to learn more about the product they're buying.
Even if customers have seen a photo of the item, they still won't be able to buy it via their bank account until they see it in real life.
While this may seem extreme, the bank says it's all in the interest of protecting unsuspecting people from Facebook scammers.
While this is just one bank, it wouldn't be surprising to see similar tactics get adopted by other institutions around the world to fight the rising tide of Facebook fraud.
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This Cyber News was published on facecrooks.com. Publication date: Fri, 22 Dec 2023 14:43:17 +0000