Cyber Monday Scams To Watch Out For

Are you shopping for the holidays? Here are some Cyber Monday scams you need to watch out for a while you are browsing websites online.

cyber monday scam examplesOnline retailers who use social networks for advertising their products could lose up to $280 million during the upcoming holiday season because of scams involving fake accounts.

While there is much speculation about whether inflation will affect consumers’ shopping habits, our research shows that this Thanksgiving holiday weekend, we expect solid retail sales with a record number of people visiting stores to benefit from the low prices available.

According to the BBB, reports to its scam tracking system are at an all-time high. From January through September 2019, consumers lost $280 million in online retail scams. By the end of the year, these losses are expected to total $380 million.

According to the FTC, only 4.8% percent of victim consumers ever file complaints with the Better Business Bureau (BBB) or any governmental agency.

Last year, losses due to reported online identity theft rose by nearly 70 percent compared to previous years, according to the FTC. However, most of these cases were perpetrated by people outside the United States, so they’re unlikely to be prosecuted.

Young people aged 18–24 are the most likely victims of internet fraud because they use digital devices for their purchases. And scammers have become increasingly sophisticated at tricking them, even using fake tracking numbers to dupe them into paying for items they never ordered.

After clicking on a Facebook ad for bean bags, one Cyber Monday shop received two data cables instead of the bean bag chair she had been promised. Unfortunately, she did not receive an email when she asked the company to correct the mistake.

Online retail losses tend to be relatively low at $100 per victim, but some people can’t recover their lost funds. However, even if you don’t get your funds back, you’re helping others by ensuring they don’t fall prey to similar scams.

There will be lots of Cyber Monday Scams going on.

With Cyber Monday and even “Cyber Week,” as some retailers have extended discounts, you can avoid Cyber Monday scams and similar by using these tips.

Use cash only when making purchases from an actual retail store.

If you’re an online retailer, you may be able to recover some of your losses by filing a claim for reimbursement from your bank. But you won’t receive compensation if you don’t file a claim.

If the website says the transaction has failed and asks for payment through a third-party platform like Zelle and Venmo or with a gift card, consider it a red flag.

Be careful when making personal purchases.

Shoppers who buy items with an emotional element are more likely to be victims of fraud than shoppers who don’t care much about the thing they’re purchasing.

Check if the website you are browsing is associated with Cyber Monday scams.

Fake websites are often created by scammers who want to mimic an accurate site, like Amazon.com. Scammers may even make a phony company imitate an existing brand.

You should check the URL of the site you want to visit. Especially if you’re looking for an established site like Amazon.com, make sure there are no mis-spellings or typos.

You can find out if a company is legitimate by checking for negative reviews about them on sites such as Yelp.com or Google reviews. A new business should also have a profile on BBB.org (Better Business Bureau). Also, make sure they’re not just starting up. They should already have an address and phone number.

If you’re on a site that isn’t entirely built out, Edwards recommends clicking around to ensure it’s fully functional.

Sometimes people tell us they avoid scams because they poke around the website and see that some parts aren’t complete or because scammers don’t bother to finish their websites. That is usually a dead giveaway in itself.

Cyber Monday Scams To Watch Out For
cyber monday scam examples
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