One in four (25%) online shoppers have fallen victim to fraud on Black Friday or Cyber Monday, according to new research from secure payments solution Shieldpay.
For those who have been victims of fraud on Black Friday or Cyber Monday it’s emails with lures of fake deals which tempt most people to fraudulent sites when shopping online (29%), followed by shoppers clicking on fake adverts on social media (27%). A quarter (26%) of people received items that were faulty or damaged, 24% ordered items that ended up being fake and 24% had their card details or identity stolen and money taken from their account.
This comes as over three quarters of shoppers (76%) admit they use retail websites or online marketplaces they wouldn’t usually trust to try and secure the best deals on Black Friday or Cyber Monday.
Online shoppers are defrauded on average by £218, though an unlucky 8% lose over £500. It’s shoppers between the ages of 35 and 44 who experience the greatest financial impact, losing an average of £320. Yet, it’s not this age group which is most frequently targeted. Shoppers aged between 18 and 34 are most likely to fall foul of the fraudsters with 31% of online shoppers becoming victims.
Shieldpay’s patent pending payments process mitigates the risk of online shopping fraud by fully verifying the identity of all parties, holding funds securely and only releasing them once both parties confirm they are happy.
Tom Clementson, Director of Consumer at secure payments solution Shieldpay, said: “It’s not just shoppers that are looking forward to this year’s Black Friday and Cyber Monday sales. Fraudsters will be rubbing their hands together with glee at the prospect of more people shopping online. Deals that look too good to be true are commonplace and people can easily be lured away from trusted websites to bag the best bargain. From websites stocking fraudulent merchandise to more complex phishing scams asking for confirmation of payment or account details, people need to be on the look out this shopping season.
“Banks and retailers have a significant role to pay in protecting their customers, but people must also take their online safety into their own hands. Utilising technology that secures transactions is one way to do this. Alongside that, simple steps like only shopping on trusted websites, checking the website is secure and never clicking on links in unexpected emails go some way to keeping money safe.”