Lloyds Bank has issued an important warning to all its account holders this Black Friday weekend.
The warning has been issued as a significant number of UK residents are losing out in excess of £500 on Black Friday scams, reports Chronicle Live. Analysis has shown that purchase scams have soared by a whopping 29 per cent for this discounted weekend, compared to last year.
The bank has said that certain goods have shown the most risk, with scams involving clothing purchased online rising by more than 600 per cent. The banking giant has added that the overall rate of purchase scams in 2022 is up by 14 per cent.
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Scam victims are parting ways on average with £500 each. Lloyds commissioned their own research in a bid to understand the steps consumers must take to protect themselves from online scams.
This research found that out of the people planning to buy goods on Black Friday, 62 per cent are strictly looking to shop through a well-known retailer and their site, or apps. More than half (53 per cent) of adults in the UK have also admitted that the cost of living crisis has made them more keen to seek out bargains.
However, while 30 per cent have said that they will only shop from well-known retailers, nearly two in five (39 per cent) have also admitted that they would shop anywhere that claims to have a product they are looking for.
More than a quarter of people (27 per cent) said they would take more risks, such as buying from a website they hadn't heard of before, when looking for a product that is difficult to find.
What is possibly the most worrying stat is that more than half of people (57 per cent) still consider a bank transfer, also known as a Faster Payment, to be a safe payment method for buying items online - despite it offering much less protection than paying by credit or debit card.
Lloyds Bank has offered some times to customers to stay safe while shopping online. Read on below to find out more:
- Always use your debit or credit card when you buy online. This helps to protect your money should anything go wrong.
- Fraudsters use social media to post scam offers. They can even send them straight to your inbox. Always search for deals yourself.
- Check any offer that comes by text or email to make sure it's genuine. Call the sender to find out using a number you trust, not one in a message. Or visit the website to check. Never click on a link without checking first.
- Low prices and great deals can hide scams. See if you can find them elsewhere. And remember, if an item is selling out, fraudsters can charge more to trick desperate buyers.
- Make sure a seller or website is genuine. Look for good reviews from different buyers. Be wary of mixed, bad or no reviews at all. It's better to buy from a trusted retailer.
- Ask questions before you buy. If an item is expensive, offer to pay a deposit. If a seller can't give any details about an item or tries to rush you into paying, it’s probably a scam.
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