Black Friday and Cyber Monday: tips for avoiding the scammers

Nov 26

2 min read

Shoppers are gearing themselves up to track down the best Black Friday and Cyber Monday deals. But scammers have also marked 29 November and 2 December in their diaries, with a view to parting you from your hard-earned cash.

To help you avoid scams and shop safely during this time, private-banking specialists Arbuthnot Latham have put together a few tips:

1. Watch out for deals that are too good to be true

If a Black Friday deal seems ridiculously cheap, it could be a scam. Scammers often lure shoppers in by offering premium products at bargain prices, only to deliver counterfeit items (or worse, nothing at all).

Do your research. Check the prices of items you are interested in before Black Friday weekend, so you have a better idea of the true saving. If a deal looks too good to be true, it is probably a scam.
Always double check the authenticity of a website, especially if it is your first time buying from it. Research the company’s reviews to ensure its website and products are legitimate. Often, a quick internet search of the company name and the word ‘scam’ will identify if there is a known scam in circulation.
Look for signs that the website is secure, like a padlock icon or ‘https’ in the address bar. However, this does not always mean the website is entirely safe; be sure to read the URL and keep an eye out for any suspicious links or content.

2. Think before you click - phishing emails and text messages

During the Black Friday sales rush, look out for fake emails or text messages offering unbelievable discounts or claiming that you have won a prize. These phishing messages may look like they are from reputable stores, but they are commonly designed to steal your information or infect your device with viruses or other malware.

Watch out for fake messages on your phone, social-media adverts and emails with suspicious links, as well as grammar and spelling mistakes or communication which appears to be ‘off brand’. These may include:

Fake confirmation of order emails
Fake offers or links to vouchers
Text alerts about missed deliveries

Always verify the sender before clicking any links or entering your personal details and never give out sensitive information to untrusted sources. Make sure to install antivirus software and get a virtual private network (VPN).

3. Choose secure payment methods and keep an eye on your bank account

Using secure payment methods like credit cards or PayPal adds an extra layer of protection if a payment is fraudulent. Avoid bank transfers or other untraceable payment options, as these make it much harder to recover your money if something goes wrong. If a website only offers bank transfer as a payment option, consider it a red flag and look for another retailer.

When the holiday shopping spree is in full swing, it is incredibly easy to overlook unauthorised transactions. Criminals often take advantage of the high volume of payments to sneak in fraudulent charges.

Monitor your account regularly during the holiday period. If you spot anything unusual, contact your bank immediately.

www.arbuthnotlatham.co.uk