Protecting yourself from Black Friday/Cyber Monday fraud

Keeping you and your money safe is our top priority, and we have stringent safeguarding measures in place to help protect all our customers. But there are also steps you need to take to protect yourself from fraud.

To help you identify potential scams and stay safe, we’re publishing a series of articles on fraud protection. This article looks at how to protect yourself from fraud during the holiday sales period.

What is Black Friday/Cyber Monday fraud?

Black Friday and Cyber Monday are prime targets for scammers and fraudsters because of the surge in online shopping activity.

During these events, consumers are in a hurry to snap up limited time offers, and this sense of urgency can make them more vulnerable to fraud.

While retailers work hard to ensure their customers are safe, there are always cybercriminals waiting to exploit the rush of online transactions.

Cybercriminals exploit various tactics to deceive shoppers, such as setting up fake e-commerce websites, sending phishing emails with malicious links, or offering heavy discounts. In some cases, fraudsters also create fake advertisements on social media platforms that redirect unsuspecting customers to scam sites.

The goal of these schemes is often to collect sensitive personal information such as credit card details, passwords, or even identity information, which can then be sold on the dark web or used for unauthorised purchases.

These fraudulent activities aren’t just limited to online shopping. High street shop retailers are also targeted through point-of-sale fraud, where scammers attempt to tamper with card readers to steal payment information.

Given the rise in digital payment methods and e-commerce, Black Friday and Cyber Monday have become lucrative opportunities for fraudsters to capitalise on the high volume of transactions.

An example of Black Friday/Cyber Monday fraud

Adrian was scrolling through social media a week before Black Friday, and he stumbles upon an ad offering a high-end smartphone at 70% off. The deal looks irresistible, and the website appears professional, with flashy graphics and convincing testimonials from “customers” who have successfully purchased the product.

Eager not to miss out, Adrian enters his credit card details and completed the purchase. Days later, he received an email confirming his order, but the tracking number doesn’t seem to work. Weeks pass, and the phone never arrives. Adrian tries contacting customer support, but the website has disappeared, and no one responded to his emails. At this point, Adrian realises he’s been scammed.

In this scenario, the fraudsters created a fake online store that mimicked a legitimate retailer. By offering a deal too good to pass up, they lured Adrian into providing his payment information, which was either used to make unauthorised purchases or sold to other cybercriminals.

Five top tips for protecting yourself from Black Friday/Cyber Monday fraud

1. Research the retailer

Before making any purchase, especially from a retailer you’re not familiar with, do some research. Check online reviews, ensure the website has valid contact information, and look for any red flags. If the deal seems suspicious or the website appears unprofessional proceed with caution.

2. Avoid deals that seem too good to be true

If a deal looks unrealistically good, it probably is. Fraudsters use heavily discounted products to entice customers into making impulsive decisions. Stick to well-known retailers and be wary of offers that seem a lot better than what other stores are offering.

3. Use secure payment methods

Whenever possible, use secure payment methods like credit cards or digital wallets (e.g., PayPal or Apple Pay), which offer fraud protection and the ability to dispute unauthorised charges. Avoid using debit cards or wire transfers, as these payment methods offer less protection.

4. Look for HTTPS and other security indicators

Always ensure that the website you’re shopping on is secure. Look for the padlock symbol in the address bar and ensure the URL begins with “https://”. This shows that the website is encrypted and safer to use. Avoid entering any personal or payment information on sites that lack these security indicators.

5. Be cautious of phishing attempts

Scammers often use phishing emails or texts disguised as order confirmations, shipping updates, or exclusive offers. These messages typically contain malicious links that lead to fake websites designed to steal your information. Be suspicious of unsolicited emails, and never click on links unless you’re sure they are from a trusted source. Instead, go directly to the retailer’s website to verify any details.

If someone targets you

Contact your bank or credit card provider as soon as you realise something is wrong. Many financial institutions have 24/7 customer support and can help you freeze or cancel your card to prevent further unauthorised transactions. In some cases, you may also be able to dispute fraudulent charges and recover your money.

Additionally, report the scam to local consumer protection agencies or national organisations such as Action Fraud UK, reporting the fraud helps authorities track down scammers and potentially prevent future incidents.

If you’ve shared any personal information, such as passwords, it’s crucial to change them immediately. Use strong, unique passwords for each account, and enable two-factor authentication whenever possible to add an extra layer of security.

Keep a close eye on your bank and credit card statements for any suspicious activity. Even after reporting the fraud, scammers may attempt to use your information again in the future. If you notice anything unusual, report it immediately to your financial institution.

If you believe your identity has been compromised, consider placing a credit freeze on your account. This prevents scammers from opening new credit accounts in your name. You can usually request a credit freeze from major credit bureaus, such as Equifax, Experian, and TransUnion.

More information on Black Friday/Cyber Monday fraud

In addition to being able to report incidents on Action Fraud, you can also find useful guidance and advice. The site also has a specific page on online shopping fraud, as well as general tips for staying safe from scams.

Similarly, the Metropolitan Police has a useful webpage that looks at shopping fraud, along with other potential dangers when buying or selling things online.

If you’ve been a victim of shopping fraud, or any other kind of crime, you can contact the independent charity Victim Support for specialist help. They also have lots of useful resources on their website.

Finally, as a Currencies Direct client you can always talk to us if you have any concerns about security. If you notice anything suspicious, or you simply want reassurance when sending funds overseas, get in touch with us and we’ll be happy to help.