This post will be the first in an ongoing series to help expose scams related to the buying and selling of precious metals, and numismatic collectibles through online retailers. I will specifically be focusing in on online resale websites such as eBay, and Craigslist.
In this episode we will hone in on one of the biggest, and most dangerous resale websites for new collectors; eBay. While eBay can be a great way to find cheap products, and the next great deal, it is also a very lucrative place for scammers to prey on unsuspecting shoppers.
If you are like me, then you probably trusted that eBay will automatically protect you from scams without really doing any research into it. Well guess what, we were both wrong!
One of ebay's fastest growing markets is in the precious metals, and numismatic industries. This is both a blessing and a curse at the same time. While it gives us easy access to collectors all over the world, and the ability to have our precious metals delivered right to our doorstep, it also opens up a whole new avenue for schemers to peddle fakes onto the market.
Unfortunately these scams seem to be everywhere nowadays, and the only way to avoid them is going to be to educate yourself. With the Holidays right around the corner, and millions of shoppers stuck at home due to the ongoing Covid-19 pandemic there is no better time than now to start learning how to protect your investments before you hit that "Buy it Now " button.
Not every ripoff is considered a "scam" when it comes to eBay's terms of service. If the price is too good to be true, then it probably is! That is why it is pertinent to do your research before making any online purchases.
These schemers are slick, and they know how to avoid prosecution. While eBay tries to do their best to weed out the bad sellers, it is impossible for them to catch them all. Bad actors are always coming up with new ways to get around the rules that are meant to protect consumers.
Stay tuned for episode two, where I will go into detail on two specific scams to watch out for while shopping on eBay, and I will share examples of what to be on the lookout for!
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