Overview:

Black Friday is almost here and many people are eager to bag-a-bargain. As your employees get going with holiday shopping, help them steer clear of dodgy deals, bogus vendors, and serious scams.

What is Black Friday?

An annual occurrence on the day after Thanksgiving, Black Friday first began in the U.S. during the 1950s, and has since spread to countries around the world, from Austria to Azerbaijan.

Big-ticket appliances, designer clothes, TVs, and toys are deeply discounted during this commercial buying bonanza.

Black Friday is quickly turning into Black Fraud Day, as online criminals exploit consumer interest in saving money, especially amidst the cost of living crisis.

Between November of 2023 and January of 2024, shoppers in Britain lost £11.5 million to fraud. A significant percentage of these scams pertained to clothing retail and high-end tech gadgets.

Although brick-and-mortar shopping is back, 75% of consumers intend to make purchases online this year. But buyer beware, as some cyber criminals are deploying artificial intelligence to increase the success rates of their scams.

Share this scam information with employees to help keep them (and your organization) safe from holiday shopping scams:

1. Email-based retail scams. As tough as it is, people need to remain cautious around emails that purportedly arrive from major retailers, regardless of whether those emails arrive in a corporate inbox or a personal inbox.

In 2023, Check Point researchers discovered that cyber criminals were distributing fake Amazon order notification emails. The emails looked like your average order confirmation. However, the orders themselves were not real.

When a recipient attempted to verify the order with Amazon by calling the number in the email, the fraudsters would not answer the call. But they would call back, ask for, and subsequently steal a credit card number.

2. Social media ad scams. According to the U.S Federal Trade Commission, one in four people who have reported fraud-driven financial losses in the last three years say that the trouble started on social media.

High-caliber targeting tools can empower scammers to personalize fraud ads based on information like past purchase history or an individuals’ interests.

People should avoid clicking on social media ads and remain vigilant when it comes to buying products that are advertised by online influencers, as some of these ‘influencers’ may be deepfakes.

3. 'Missed delivery' links. Sky-high prices and sluggish delivery times might make it tempting to click on links from shipping companies. After all, people want to know what's happening with their in-transit merchandise.

But clicking on these links may result in malicious file downloads. According to Check Point, 17% of malicious files distributed in November of 2023 came from delivery and shipping scammers.

As a buyer, beware of messages that claim to originate from DHL, UPS, Royal mail and other delivery services. Check and verify message content. Avoid calling phone numbers listed in messages, as they may connect with scam centers.

4. Fake websites. Consumers who type brand names into search engines need to recognize that just because a brand’s website appears at the top of the search results, that doesn’t mean that the site is legitimate. 

Scammers commonly use ads and sponsored links to deceive people. Consumers are advised to double check on URLs and to watch out for other signs of fraud.

A best practice is to pay with a credit card, as opposed to a debt card. Doing so can limit liability for fraudulent charges. When possible, use Apple or Google Pay, which permit payment without the provisioning of an actual credit card number.

5. This sale isn’t going to last! Beware of emails, ads, and other enticing messages that drive a sense of urgency. Cyber criminals prey on peoples' sense of fear, scarcity and impulsive behavior.

Because most purchases aren’t truly urgent, – most people do not urgently need additional shelving units, sweaters, socks or tech gadgets – buyers should step back, take time to evaluate offers and look for signs signaling a scam.

Should you report scams? 

If you fall victim to an online scam, report it to your organization if relevant, or report it to law enforcement so that they can help support the recovery of any lost funds.

Crime reports are also used for investigative and intelligence purposes. If no one says anything, authorities will not be able to take action against cyber criminals.

Final thoughts:

Scams appear in all shapes, sizes and styles. This Black Friday, lock in the best deals, but operate with unstoppable cyber savvy.

For more information about preventing cyber threats, please click here or reach out to one of our experts for a product demo.