Black Friday scam warning issued to shoppers ahead of festive season

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A warning has been issued ahead of Black Friday to prevent bargain hunters from being scammed.

The warning comes after figures show that there has been a rise in reported losses to online shoppers during the festive season.

Black Friday scam warning

According to GCHQ’s National Cyber Security Centre (NCSC) and Action Fraud, clothing, high-end tech products and even cars were among the products featuring in scams, amounting to Brits losing over £11.5 million to online criminals between November 2023 and January 2024 – with each victim losing £695 on average.

This compares to reported losses amounting to £10.6 million the previous year.

The new figures are published on the same day as the NCSC launches a nationwide campaign, as part of Stop! Think Fraud, to encourage people to set-up 2-step verification on their most important accounts.

The latest figures, which come from reports made to Action Fraud and analysed by the National Fraud Intelligence Bureau (NFIB), revealed that 7,168 reports (43%) mentioned a social media platform, with online marketplaces being mentioned in 18.9% of reports.

The figures also revealed that those aged 30-39 submitted the largest number of reports (23%), closely followed by 40–49-year-olds (20%). The average age of victims was 42.

Adam Mercer, Deputy Head of Action Fraud, said:

“Everyone will be looking to snap up good Black Friday deals and bargains whilst shopping this festive period, but unfortunately this doesn’t stop fraudsters from targeting members of the public online.

“With Action Fraud data revealing more than 16,000 reports of online shopping fraud over last year’s festive period, we are urging people to shop safely online – especially if you’re buying on social media – and avoid being left empty handed for the holiday season.

“Never feel pressured into buying anything online – creating a false sense of urgency is a tell-tale sign of a fraudster. Whether you are shopping on online marketplaces, social media or retailers, avoid bank transfers if you can, and use a credit card as it can provide more protection if anything goes wrong.

“You can protect yourself from fraudsters this festive season by following the practical advice on the Stop! Think Fraud website to help you shop online safely.”

How to spot signs of fraud

Here are some signs to look out for:

Unprompted contact: You receive a contact from someone you don’t know, or from overseas
Poorly written emails: The email is poorly written
Offer that seems too good to be true: You are offered something that seems too cheap or good to be true
Pressure to make a decision: You are pressured into making a decision
Unclear contact details: The company you are dealing with doesn’t have clear or available contact details
Request for personal information: You are asked to provide private personal information

How to protect yourself from being scammed?

There are a number of ways to protect yourself from being scammed online and things you should look out for to remain vigilant.

Install legitimate anti-virus and firewall software and make sure you keep it up to date.
Initiate two-step authentication on apps to give you an extra layer of protection.
Don’t click on links or attachments in an unexpected email, even to unsubscribe. Delete the email and go to the organisation’s own website.
Don’t reply to scam emails even to say no – this lets the scammer know the account is active.
Do not click on any pop-ups that you don’t recognise.
Use strong passwords. Stringing together three random words, and including numbers and letters, can create a strong but memorable password – eg: Car2Dog3Iris4&.
Don’t use public Wi-Fi to make any financial transactions, like online banking or shopping.

What should I do if I have been scammed?

If you believe you have been a victim of a scam, you should follow these steps:

Here are 5 simple steps that you should do next to help and prevent further fraud:

Report the scam/fraud to your bank immediately. The number 159 is a centralised number to call specifically to report scams.
If it involves your bank account, freeze any accounts or pending transactions
Report the scam as financial crime to the police
Seek support either from Citizens Advice Bureau, Action Fraud and/or a legal entity such as Oakwood Solicitors.
Put measures in place to ensure prevent being scammed in the future.

I’ve been scammed – Will I be able to get my money back?

From October 7, new regulations were put in place which means that banks, in most cases, must refund victims who have been scammed and sent money to a fraudster via a bank transfer.

Are you covered under the new rules?

The new rules cover scams involving UK bank transfers made via Faster Payments or CHAPS. Payments made by card, cash, or cheque are not included.

When do the new rules apply?

The new regulations apply to payments made on or after Monday, October 7, 2024. Payments made before this date fall under the old voluntary code of practice.

Which financial institutions will refund me?

All banks, building societies, e-money firms (such as prepaid card providers), and savings providers are covered by the new regulations.

How much can you claim back?

Banks are required to refund up to £85,000, though they may choose to refund more. The Payment Systems Regulator (PSR), the authority behind the new rules, believes this cap will cover 99.8% of APP scam cases, reimbursing around 90% of the total value lost.

Initially, the cap was set at £415,000, but was lowered to avoid discouraging investment and innovation in the financial sector. If your losses exceed £85,000 and you believe the bank is at fault, you can file a complaint with the Financial Ombudsman Service, which has a limit of £430,000.

How quickly can you expect a refund?

In most cases, banks aim to issue refunds within five working days. However, if your case requires additional investigation, the bank may take up to 35 working days.

Contact Oakwood Solicitors Ltd today if you have been a victim of a bank scam.

Why should I contact Oakwood Solicitors Ltd?

If you have been a victim of a scam, contact Oakwood Solicitors Ltd today to find out how we can help you. We can help assist you in your claim and help you retrieve the money that is rightfully yours.