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Be Careful! Un-Friendly Facebook Inc (FB) Fraudsters are Back at it Again

Facebook Inc (NASDAQ:FB)

Facebook Inc (NASDAQ:FB) has some very good news and some really bad news. The really bad news – so we can ascend to the heavens of positivity – is that it is facing a brand new scam. The very good news is that it has launched a new marketplace. The social network titan is looking to quash the latest fraud scheme, while promoting the latest online endeavor.

Scammers Using Facebook Inc for New Scheme

The fraudsters are back, and they’re using the Facebook arena once again.

Facebook Inc NASDAQ:FB

It is being reported that Internet fraudsters are utilizing hacked Facebook accounts to assist in their endeavors to defraud unsuspecting users through their PayPal accounts. Reportedly, the unscrupulous individuals are taking advantage of an array of unknown techniques to hack Facebook accounts. Once they access those Facebook accounts, they then send messages to the victim’s contacts.

Facebook’s WhatsApp was also used in the scheme. The fraudsters hacked the Facebook accounts to request their targets’ WhatsApp details, including their phone numbers. Here is an exchange that happened between the culprit and a victim:

“Hey I know it sounds random but do you have a PayPal account? I sold something on Ebay.”

After the victim responded to the message, the fraudster answered: “Can I send you my bank details on Whatsapp I have changed my phone so send me your Whatsapp number and I will message you there.”

According to various reported accounts, the fraudsters come up with many excuses to get their targets to receive money through their PayPal accounts. As soon as they receive these funds, they then transfer those funds to the fraudsters in the form of a chargeback claim on PayPal to get the first payment. In the end, the PayPal account holder loses funds.

Now, what exactly is a chargeback? PayPal explains that a chargeback takes place when a buyer requests their credit card provider to reverse a transaction that has been cleared. The website pledges to help you, but the final decision is made by the credit card issuer.

You can avoid this entire incident by verifying your friend’s claim. You can also create a stronger password or install Login Approvals.

Facebook Inc Launches a Friendlier Version of Craigslist

Facebook is now in a position to compete with both eBay and Craigslist. The social media outlet is looking to enhance its footprint in the ecommerce industry and morph into a hybrid of Craigslist, eBay and Amazon.com, Inc. (NASDAQ:AMZN).

The website launched Marketplace, a brand new P2P exchange for buying and selling items in your community. Starting out in the U.S., UK, Australia and New Zealand, the new service enables 450 million people who already utilize Facebook to buy and sell goods each month to further partake in this exchange. The process is now just a lot more formal.

Over the course of the next few days, the Marketplace icon will replace the Messenger icon on the center of the bottom row on the website’s mobile app. As soon as you tap it, you will be sent to a home page of products Facebook thinks you’re interested in. This is done by an algorithm.

In order to sell an item, you upload an image, create a name, write a description, list a price and confirm your location. This newest project is aimed at being a mobile-first initiative.

“We saw a lot of people were really just looking at coming to Marketplace without necessarily anything in particular they were looking for,” said project manager Bowen Pan. “They were just on Marketplace to casually browse through. This really mirrors an offline experience where you can go to a Sunday market or maybe the mall. You don’t know exactly what you want but you want to browse.”

Craigslist has fallen from grace over the last several years. By failing to evolve and adapt to the latest trends and developments, Craigslist hasn’t been able to start or maintain any momentum. Also, the website has faced a lot of negative publicity over the years.

Moving forward, Facebook will look to take even more of Craigslist’s market share. If it has any left.

What an interesting couple of days it has turned out to be for Facebook.

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Adam Green

Adam Green is an experienced writer and fintech enthusiast. He he worked with LearnBonds.com since 2019 and covers a range of areas including: personal finance, savings, bonds and taxes.