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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
With Black Friday deals already in the shops and online, consumers are being warned to careful of falling for Black Friday scams.
Research by Barclays found that, on average, consumers lost £661 each after falling victim to Black Friday scams and that one in four (24%) of millennials have been defrauded over the past five years after being lured in with discount offers during November.
According to Barclays, the top four most commonly scammed items last year were:
In addition to this, research from Shieldpay found that one in four (25%) of online shoppers had fallen victim to fraud on Black Friday or Cyber Monday. It found that the majority (29%) were defrauded through emails with offers of fake deals, while 27% were scammed by clicking on fake adverts on social media and 26% of people received items that were faulty or damaged. A further 24% of consumers ordered items that ended up being fake and 24% had their card details or identity stolen and money taken from their account.
Shoppers are urged to be careful when shopping for Black Friday deals in November and to also remain cautious before purchasing products from unknown companies or organisations. If shopping online, it is vital to ensure that the padlock symbol is visible in the web address to ensure that the link between consumers and the website owner is secure. If the symbol is not there, do not continue with the payment or enter card details. Consumers are also being advised to watch out for deals that seem too good to be true and to read reviews before making purchases.
Ross Martin, head of digital safety at Barclays, said: “As thousands of items go on sale this Black Friday, it’s crucial that we are all aware of the risks and do not let our guards down, or rush into purchases. Using sophisticated techniques, criminals will be preparing to exploit our desperation for this year’s best bargains. Make sure that you do your research and carry out the proper safety checks to stay ahead of the scammers.”
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
