A new study of 2,000 people finds that scammers are increasingly turning to social media for information to exploit during the shopping holiday.
A quarter of millennials have fallen victim to Black Friday scams in the past five years.
Bargain-hunters can lose an average of £661 each if they fall victim to Black Friday scams, which accounted for 60 per cent of all registered transfer fraud, totalling £27.9 million, according to Barclays study.
Televisions, laptops, mobile phones and headphones are the most common items used as bait.
Ross Martin, Barclays’ head of digital safety, calls for vigilance and doing proper research before Black Friday. According to Martin, criminals “using sophisticated techniques will be preparing to exploit our desperation for this year’s best bargains, that is why it is important to be aware of the risks and do not let our guard down or rush into purchases.”
The study shows that scammers are increasingly using social media to trick customers into revealing their personal information or transferring money.
Criminals use a number of tactics to lure in shoppers, including placing fake adverts on social networks that offer favourable prices for non-existent goods, as well as “digital skimming” of confidential information such as card data from online customers.
Consumers International, the organisation for consumer groups around the world, believes that the open nature of social media provides information for would-be scammers to exploit.
How to stay safe online
Andrew Sanders, a cyber security expert, who used to work for Amazon always follows a few simple rules to be safe when shopping online.
“When buying on not a well-known online store, I only pay with a credit card, PayPal, or Google Pay. I never wire money or send bank transfers because these types of transfers unlike a credit card or PayPal payments are irreversible,” Andrew says.
According to him, credit cards and PayPal “have built-in protections” for online shoppers. “If you didn’t get what you paid for online you need to act fast so as not to miss the deadline to file a transaction dispute with your credit card company,” he advises.
Another tip is to check the website for contact details. “If you can’t get through sales support, that should be an alarm for you,” Sanders notes.
He also warns about giving out too much information. “The only information an online purchase should require is your credit card details, address, email and phone number. If the website asks you for anything additional, you should be suspicious,” Andrew concludes.
Black Friday will take place on November 29 and retailers have already begun offering discounts.
More tips on how to protect yourself from the most common types of scams you can find out on the Financial Conduct Authority’s website or get help with online scams on Citizens Advice website.