Black Friday is fast approaching, and it’s likely you’re already looking around to see what deals might be available.
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Black Friday – which falls on 29 November 2024 – has become one of the biggest shopping holidays.
The day originated in the US and quickly spread worldwide.
Sales on Black Friday weekend in the UK, encompassing Black Friday, Cyber Weekend and Cyber Monday, reached an estimated £13.3 billion in 2023, and $38 billion in the US.
Whilst the sales and prices on offer during this period present great opportunities to save a few, this time of year also comes with the risk of being targeted by online shopping scams.
Lloyds Banking Group released statistics showing that purchase scams soared by 29% around Black Friday and Cyber Monday in 2021, whilst the National Cyber Security Centre in the UK warned that shoppers lost over £10 million to cyber criminals between November 2022 and January 2023.
In response to these alarming numbers and in preparation for the shopping season, experts at financial data management site ConvertBankStatement have revealed some of the red flags you should watch out for as Black Friday approaches.
Under pressure
Time pressure sales scams are deceptive tactics used by fraudsters to rush consumers into making hasty decisions by creating a false sense of urgency.
These scams often involve limited-time offers, countdown timers, or claims that stock is running out, making buyers feel like they need to act immediately or miss out on a great deal.
Even high-profile sites like Temu, Amazon, and others use similar techniques to encourage quick purchases, but that doesn’t mean every offer is legitimate.
Red flags to watch out for include aggressive countdown timers, exaggerated claims of limited stock, and messages urging immediate action. Be cautious of deals that leave little time for research or comparison shopping, as they may lead to impulsive decisions or financial loss.
Time pressure sales scams prey on FOMO, the fear of missing out, making consumers believe they’re getting a rare deal when, in reality, the offer may not even exist.
The key to protecting yourself is recognising that no legitimate deal should force you into a rushed decision.
Taking a moment to step back and evaluate can be the difference between a smart purchase and falling for a scam.
Imitation isn’t always flattery
Fake websites mimicking legitimate retailers have been a growing threat to online shoppers for some time.
While many shoppers can usually spot the difference between a legitimate promotional email and a scam, the surge in promotional emails around the Black Friday period can put even the savviest consumers at risk.
These emails often imitate well-known retailers, offering enticing discounts or limited-time deals, and include links that lead directly to fraudulent websites.
Designed to look official, with familiar branding and layouts, they make it easy for consumers to fall into the trap.
By creating a false sense of trust, scammers lure unsuspecting shoppers into making purchases for products that never arrive or into providing personal and financial information that can be stolen.
Scammers often use URLs that look similar to legitimate websites but have small differences, like extra letters, numbers, or misspellings.
Always double-check the web address before making a purchase.
Legitimate retailers maintain polished, functional websites. If the design looks sloppy, with broken links or grammatical errors, it’s a sign the site could be fake.
Legitimate retailers typically provide clear contact details, including phone numbers, email addresses, and physical addresses. If this information is missing or looks suspicious, it’s a red flag.
One of the most dangerous aspects of these fake websites is how convincing they can appear, even to experienced shoppers.
A simple habit like manually typing a retailer’s website into your browser instead of clicking on links can make all the difference in protecting your information.
Too good to be true
In recent years, social media has become a common platform for promoting offers that look too good to be true, making it easier for scammers to target unsuspecting shoppers.
Fraudsters often create fake ads or posts that feature eye-catching discounts on popular products, luring users to click through to fraudulent websites.
These offers can appear legitimate, with polished visuals and enticing price cuts, but they are often a front for scams designed to steal personal and financial information.
Red flags to watch for include overly dramatic discounts, especially from lesser-known retailers, and ads with vague or missing details about the product or seller.
Be cautious of unfamiliar links and always verify the retailer’s authenticity by checking their official website or customer reviews.
Scammers often rely on flashy ads and deep discounts to catch your eye, but taking an extra minute to verify the legitimacy of a deal can save you from falling victim to a scam. Always be cautious of unknown sellers or deals that seem too good to be true.
Are you planning on cashing in on Black Friday this year?
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