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April 4th, 2009

Beware of Facebook scams



It was just a matter of time before spams and scams invaded the world of social networking:

Old scams never die, they just move on to new venues.

The Better Business Bureau put out an alert today that many of the dubious ads that have long popped up in e-mails and on websites are now invading online social networks, such as Facebook.

“Ubiquitous ads for weight loss products, work-at-home opportunities and offers for ‘free’ computers can cost shoppers more than they bargained for in the long run,” the BBB said.

Last month the Federal Trade Commission charged that phony offers for individual grants from the federal government stimulus package were cropping up on Facebook. The social network agreed to seek them out and kick them off the service.

The ads the BBB warned about are going strong, however.

They include acai berry weight loss ads that lead consumers to websites with fake blog testimonials and offers that can cost more than $80 a month if not canceled before the trial period ends.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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