Recently, Santander Bank has introduced new regulations requiring its users shopping on Facebook Marketplace to ensure they have personally seen the item they intend to purchase before transferring money to the seller.
According to Santander Bank, in 2023, over 7,000 users reported being scammed on Facebook, with the total amount lost exceeding £6.5 million, a 50% increase compared to 2022.
In order to prevent more users from falling victim to scams, Santander Bank announced that before making a payment through online banking for a purchase on Facebook, a dialogue box will appear asking users if they have physically seen the item they wish to buy. Only when users confirm they have seen the item can the payment be completed.
If a user confirms they have seen the item and still ends up being scammed, the likelihood of retrieving the money will be significantly reduced. Santander Bank mentioned that in such cases, they will consider various factors, such as if the user belongs to a vulnerable group or provided incorrect information to the bank, which may still allow for a refund.
Fraud is rampant on Facebook Marketplace, where many individuals have paid but never received the purchased items. Santander Bank has become the first bank in the UK to impose additional requirements for users shopping on Facebook Marketplace.
During the payment process, the bank’s payment page displays a warning stating, “We see about 70% of fraud happening during online shopping. I want to protect you, provide you with important information, and prevent you from being scammed.”
The website further alerts users that this is a high-risk payment, and Facebook Marketplace has policies to protect users from scams. It advises against making direct payments through one’s bank account.
Santander Bank’s website also advises users to opt for secure person-to-person payments, such as through PayPal, when shopping on Facebook Marketplace. It emphasizes the importance of personally inspecting the purchased item before making a payment to ensure its authenticity, condition, and functionality.
A warning highlights that Facebook Marketplace does not offer buyer protection, emphasizing the risk of losing money if payment is made before receiving the item.
If users choose to proceed, a question appears on the webpage, “Have you physically seen the item you want to buy?” Response options include “Yes,” “No,” and “Yes, via photo or video.”
Only by selecting “Yes” and using a credit card, debit card, or PayPal can the payment be completed.
The UK’s Facebook Marketplace does not have direct payment tools for users, requiring shoppers to transfer money directly to sellers via bank transfer, thus increasing the associated risks.
Users utilizing PayPal for payments can lodge complaints and request refunds if issues arise. Similarly, individuals paying with credit or debit cards can apply for refunds from the issuing banks in case of problems.
Santander Bank noted that individuals between 18 and 25 years old are more susceptible to being scammed on Facebook Marketplace, followed by those over 60 years old. Moreover, the elderly demographic experiences the most significant losses, with an average scam amounting to £2,450 each time.