Stay Safe Online: Avoiding Third Party Seller Scams

In this episode of PennyWise, host Nat Cardona dives into the critical topic of staying safe from third-party seller scams. Joined by Nerdwallet financial expert Kim Palmer, they explore the various ways consumers can protect themselves when shopping from third-party sellers on major marketplaces like Amazon and Walmart.

These scams often involve setting extremely low prices to lure in buyers, only for the purchased items to never arrive, arrive as something entirely different, or even come with bogus tracking numbers. Nat and Kim emphasize the importance of vigilance and the risks associated with these fraudulent schemes.

Listeners will learn practical tips for identifying and avoiding scams. Kim advises on the necessity of researching the seller before making a purchase, including checking the seller's history of sales and reading reviews from other buyers. Red flags such as limited sales history or poor reviews should prompt consumers to look elsewhere.

The conversation also covers the significance of understanding retailer policies. Major platforms like Amazon and Walmart often indicate whether an item is sold directly by them or by a third-party seller. Knowing this can help consumers understand the level of support and recourse available if something goes wrong with their purchase.

Another essential piece of advice is to always pay with a credit card when shopping online. Credit cards offer built-in fraud protection, making it easier to dispute charges and recover funds if a scam occurs. Nat and Kim stress the importance of regularly monitoring credit card statements and banking reports to quickly identify and address any fraudulent activity.

Tune in to this episode of PennyWise for expert advice on safeguarding your online shopping experiences and ensuring you don't fall victim to third-party seller scams.

PennyWise is a show about money, personal finance, investing and travel. Hosted by Nat Cardona, the program features a variety of financial experts who can help save you money.