Black Friday deals often look too good to be true, with many people using the opportunity to get everything from gifts to household products at a bargain price. While many of the offers are original, some may not be as they look. Before Friday, November 29, 2019, shoppers are warned to beware of scams.
And there seems to be a lot of caution, with new Barclays figures revealing that one in four (24 percent) of millennials have been cheated over the past five years, after being drawn to the promise of incredible discounts during on the frenzy of shopping on Black Friday in November.
According to Barclays, bargain hunters could lose an average of £ 661 if they were victims of black Friday fraud.
The bank is also reviewing the most commonly cheated purchases.
The findings suggest that the highest cheated item last year was televisions.
READ MORE: Online Banking Warning: Subscription Scam That Can Cost You Hundreds of pounds
Laptops and tablets, cell phones and headsets were also among the top four most common.
Ross Martin, head of digital security at Barclays, said: "As thousands of products go on sale this Black Friday, it is crucial that we all be aware of the risks and not allow our watchdogs to shrink or rush into procurement.
"Using sophisticated techniques, criminals will be prepared to exploit our desperation for the best bargains this year.
"Make sure you do your research and carry out appropriate security checks to stay ahead of fraudsters."
WE DON'T DO IT
Worryingly, criminals seem to be increasingly using social media to trick customers into revealing their personal information or transferring money.
These frauds accounted for 60% of all reported bank transfer fraud, totaling £ 27.9m.
In order to find buyers, criminals have been found to be deploying a series of tactics that include posting bogus social media ads that offer cut-price deals for non-existent goods, as well as "digital scrolling" on sensitive information such as card data from online shoppers. .
More than one in 10 shopping frauds (12 percent) results in losses of more than £ 2,000, according to Barclays data.
Barclays' top tips to protect customers:
Think before you make a purchase
During stressful sales days, people will need significantly less time to buy items for fear that the deal will expire. Be sure to stop and think before you buy.
Look out for deals that look too good to be true
Cheaters will always try to lure you in with cheap deals on demand. If it looks too good to be true, it probably is.
Read the comments
Always check product reviews before making a purchase. This will give you good guidance as to whether the item or website you are buying is real or fake.
Keep an eye on your bank balance so you can quickly spot and report fraudulent transactions.
Don't ignore your worries
If you have concerns about a website or item, do not enter your payment details. Remember, always pay attention to the padlock symbol on the web address to ensure that the link between you and the website owner is secure.
If this symbol is not there, do not continue paying or enter any of your personal details.