Black Friday deals tend to sound too good to be true, with many people taking the opportunity to get everything from gifts to indispensable household items for a bargain price. While many of the offerings are genuine, some may not be all they seem. Prior to Friday, November 29, 2019, weak buyers are being warned to beware of scams.
And it seems there is a lot to watch, with new Barclays figures finding that one in four (24%) of millennials has been scammed in the last five years after being lured with the promise of impressive discounts over the period. Black Friday shopping frenzy in November.
According to Barclays, bargain hunters can lose an average of £ 661 each if they fall victim to a Black Friday scam.
The bank also looked at purchases that are most often misled.
The results suggest that the most misled item last year was TVs.
READ MORE: Online Banking Warning: The Signature Scam That Can Cost Hundreds of Pounds
Laptops and tablets, cell phones and headsets were also among the four most common.
Ross Martin, head of digital security at Barclays, said: “As thousands of items go on sale this Friday, it is crucial that we all become aware of the risks and do not disappoint our guards or rush into shopping.
"Using sophisticated techniques, criminals prepare to exploit our desperation for this year's best bargains.
"Make sure you do your research and perform the proper security checks to stay ahead of scammers."
DO NOT MISS
Most worryingly, criminals are increasingly using social media to trick customers into revealing their personal information or transferring money.
These scams accounted for 60% of all reported bank transfer scams, totaling £ 27.9 million.
In order to attract shoppers, criminals have been found to implement a range of tactics that include posting fake ads on social media that offer reduced price deals on non-existent goods, as well as "digitally scanning" sensitive information such as data. card buyers online.
More than one in 10 shopping scams (12%) result in losses of over 2,000 pounds, according to Barclays own data.
Barclays Top Tips to Help Protect Buyers:
Think before you make a purchase
During the stressful days of buying sales, people take much less time to buy items for fear that the business will end. Be sure to stop and think before you buy.
Beware of offers that seem too good to be true.
Scammers will always try to lure you with cheap deals on demand items. If it sounds too good to be true, it probably is.
Read the comments
Before making a purchase, always check the product ratings. This will offer good guidance on whether the item or website you are buying from is real or fake.
Keep an eye on your bank balance so you can quickly detect and report fraudulent transactions.
Do not ignore your concerns
If you have questions about a site or item, do not enter your payment details. Always remember to look for the lock symbol in your web address to ensure that the link between you and the site owner is secure.
If this symbol is not present, do not continue with the payment or enter your personal data.