Lloyds has issued a stern warning to all account holders, with a significantly rising number of UK residents losing in excess of £500 each on average to brutal Black Friday scams.
The advice comes with analysis showing that purchase scams soared by a whopping 29% around Black Friday and Cyber Monday last year.
The popular bank say that certain goods are the most risky, with scams involving clothing purchased online leaping by more than 600%.
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The Liverpool Echo reports that the banking giant added that the overall rate of purchase scams this year alone is up by 14% - with victims parting ways with an average of £500 each. Lloyds commissioned their own research in a bid to understand the steps consumers must take to protect themselves from online scams.
They found that of the people planning to buy goods on Black Friday, the majority (62%) are strictly looking to shop through a well-known retailer and their sites or apps. More than half (53%) of UK adults have also admitted that the cost of living crisis is making them more keen to seek a bargain.
However, while 30% say that they will only shop from well-known retailers, almost two in five (39%) worryingly admitted that they would shop anywhere that claims to have the product they seek. More than a quarter of people (27%) say they would take more of a risk, such as buying from a website they haven't heard of before, when looking for a product that is hard to find elsewhere.
Possibly the biggest concern is that more than half of people (57%) 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 has offered these tips to stay safe when shopping online:
- 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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