RACQ Bank is warning Queenslanders to be on the lookout for scammers this Christmas, as new data revealed buying and selling scams accounted for 30% of all scams reported by members this year.

RACQ Head of Bank Resilience and Transformation Sarah Richardson said scammers often target online marketplaces during peak shopping seasons when people may rush purchasing decisions.

“As we approach the holiday season, many of us are on the lookout for gifts at a bargain price,” Ms Richardson said.

“However, while deals on online marketplaces like Gumtree or Facebook might appear budget-friendly, they can also be scams waiting to happen.

“Buying or selling scams come in various forms, but most often involve a product or service being advertised that either doesn’t exist or is misrepresented.

“Sellers also risk scammers sending fake payment receipts or 'overpaying' to request a refund, attempting to extract real money before the payment is verified as fake.”

According to ScamWatch, Queenslanders have reported 9,923 buying or selling scams in 2024 alone, amounting to over $3 million in reported losses.

Ms Richardson said it's important to take precautions to avoid falling victim to a scam when buying or selling a product online.

"For buyers, a few simple steps can make a big difference, including inspecting the product in person by meeting in a safe, public location,” she said.

“Use payment methods that offer protection like PayPal, which is specifically designed to keep buyers safe.

“You can also take a close look at the seller’s profile to see if they have past listings or reviews that can help confirm their legitimacy.

"For sellers, it’s crucial to wait for funds to fully clear before handing over any item, as scammers may use fake payment screenshots.”

Case Study: A marketplace scam in action

An RACQ Bank member tried to buy a coffee machine on Facebook Marketplace for $350. They transferred $50 through PayID and an additional $50 through a direct account transfer as a deposit. However, as soon as the payments were completed, the listing disappeared, and the buyer could no longer reach the seller, who had blocked them.

How could this have been avoided?

In this case, taking a few extra precautions may have helped:

• See the item before paying: This ensures the product exists and gives you a chance to inspect it in person.
• Use safer payment methods: Options like PayPal offer buyer protection if things go wrong.

What to do if you fall victim to a scam

If you’ve experienced a buying or selling scam:

1. Contact your bank immediately to report the scam. They can assist with a request to the receiving bank to recall the payment.

2. Notify the platform where you encountered the seller—whether it’s Facebook Marketplace, Gumtree, or another site—so they can investigate and potentially take down the fraudulent account.

Staying vigilant to buying and selling scams

Staying vigilant and following these tips can help you enjoy your holiday shopping without falling victim to scams.

This Christmas, protect yourself and your hard-earned money by staying aware, checking details, and using secure payment methods.