In this episode of PennyWise, host Nat Cardona tackles the important topic of how to protect yourself from third-party scams. They’re joined by financial expert Kim Palmer of NerdWallet to explore the different ways consumers can protect themselves when shopping with third-party sellers on major marketplaces like Amazon and Walmart.
These scams often involve extremely low prices to lure buyers, but the items purchased never arrive, are delivered as something else entirely, or even have incorrect tracking numbers. Nat and Kim stress the importance of vigilance and the risks associated with these fraudulent schemes.
Listeners will get practical tips on how to spot and avoid scams. Kim points out that it’s necessary to research the seller before making a purchase, including checking the seller’s sales history and reading reviews from other buyers. Red flags like a limited sales history or poor reviews should prompt consumers to look elsewhere.
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The conversation also touches on the importance of understanding retailers’ policies. Major platforms like Amazon and Walmart often state whether an item is sold directly by them or by a third-party seller. Knowing this helps consumers better understand the level of support they will receive and what recourse they have if something goes wrong with their purchase.
Another important piece of advice is to always pay by credit card when shopping online. Credit cards offer built-in fraud protection, making it easier to dispute charges and get money back if fraud does occur. Nat and Kim stress the importance of regularly checking credit card statements and bank reports to quickly identify and combat fraudulent activity.
Tune in to this episode of PennyWise for expert advice on protecting your online shopping experience and avoiding third-party fraud.
