Taking place on Friday, November 28th, Black Friday is fast approaching, bringing with it the promise of early deals for budget-conscious shoppers gearing up for the festive season. Originating in the United States, this shopping phenomenon has now become a global tradition, drawing the participation of tens of thousands of brands and retailers across the UK. However, as the popularity of online shopping continues to rise, so does the risk of falling victim to internet scams.
Here’s our guide on how to safeguard yourself and your finances during this busy shopping period.
Don’t fall for false tracking codes.
A prevalent scam involves receiving false tracking codes via email, purportedly from a delivery company. Clicking on the link provided can lead to a fake website seeking personal and banking details or infecting your computer with malware.
How to avoid.
Use only the official app or tracking website provided by the retailer or delivery company. Be cautious of emails with alarming subject lines urging you to click on links for supposed delivery updates.
Beware ‘Wrong Bank Details’ emails.
Another common scam involves receiving an email from someone posing as an online retailer, claiming there’s an issue with a recent transaction and urging you to update your bank account details. These deceptive emails often contain links to fraudulent websites designed to capture your card and bank information. To protect yourself, always verify the legitimacy of such emails by contacting the retailer directly, avoiding assumptions even if the email displays the company logo.
How to avoid.
Exercise caution if a retailer urgently requests changes to your bank details, especially if it claims a risk of losing an order. When in doubt, contact the retailer directly.
Verify discount codes and offers.
Fraudsters may send fake discount codes or sales offers through text or email during the Black Friday frenzy. Shoppers, excited by the prospect of a bargain, might forget to verify the authenticity of the provided link.
How to avoid.
Always confirm the legitimacy of an offer or discount directly on the retailer’s official website.
Beware of purchase scams.
During Black Friday, scammers often advertise tech products at unbelievably low prices to attract buyers. Once the buyer makes a bank transfer, the criminals vanish without delivering the promised goods.
How to avoid.
Exercise caution with offers that seem too good to be true. Verify the legitimacy of the seller by checking customer reviews before making any payments.
Guard against brute force attacks.
Retailers frequently experience surges in ‘brute force attacks’, where scammers attempt to break into customer accounts by guessing login details. If a company notifies you of a password change that you didn’t initiate, contact them immediately to prevent potential unauthorised access. If your debit or credit card is linked to the compromised account, consider placing a temporary freeze on the card through your bank.
How to avoid.
Stay vigilant for unexpected password change notifications and promptly notify the company if it wasn’t initiated by you.
Make the most of the Black Friday sales with Leeds Credit Union.
Potential scams aside, most retailers take part in Black Friday these days, so the next couple of weeks should offer lots of opportunities for shoppers to get a headstart on their Christmas shopping while also saving a significant amount of money.
If you need a hand covering the cost of the festive season, you can borrow between £250 and £25,000 with one of our affordable loans. Find out more here.