As soon as American families get up from the dinner table and put away all of the leftovers from Thanksgiving dinner, the holiday shopping season begins.
Between Black Friday and Cyber Monday, Americans are expected to spend billions of dollars on gifts for their loved ones (and themselves) as neither inflation nor high interest rates nor record credit card debt can dampen the Christmas spirit.
While Black Friday has been around for decades, Cyber Monday has been a relatively new tradition as online shopping has become more prevalent. And people aren't waiting until Monday to reap the benefits of the savings.
Black Friday e-commerce spending rose 7.5% year over year to $9.8 billion in the U.S. alone, an Adobe Analytics report said, according to CNBC, with billions more expected to be spent on Monday.
With all of that financial activity focused on online retail there is bound to be online predators looking to scam people to make easy money. The Better Business Bureau says that online scams are happening 33% more often in 2023 vs. 2022.
But experts have tips to make sure you aren't a victim.
Cyber Monday scams
If you check your email inbox right now, chances are you'll see tons of messages from retailers advertising their Cyber Monday deals. While clicking on links in emails from people you don't know is never a good idea, the threat of clicking a link that will lead to a nefarious actor gaining access to your payment information is increased on Cyber Monday.
Fake ads and suspicious websites that offer unrealistically low prices are prevalent during the holiday shopping season. There are charity scams featuring people who sell products that claim to support charities, but the merchandise is never delivered.
Free trial offers can also be dubious, with consumers reporting incidents where they agree to the terms of the trial — like a minimal investment of shipping fees — before realizing they have agreed to monthly shipments for products $70-$100 each, according to the Better Business Bureau.
Counterfeit merchandise is also an old scam that has received new life in the online shopping era and is another potential pitfall for shoppers.
Avoid being a victim
In order to make your Cyber Monday shopping experience go off without a hitch, industry watchers have a bunch of tips to help you protect yourself.
- One of the top tips is to pay attention to and avoid false advertising and phony websites. Deals that are too good to be true probably are, and the websites offering these fraudulent deals often have a tell that shows they're phony if you are willing to pay attention to the signs. The BBB is a great resource to check whether your seller is legit or not.
- Updating your antivirus software will help you avoid websites that are as fake as a three-dollar bill.
- Make online purchases with your credit card instead of using prepaid debit cards or wiring money. Most credit cards allow users to challenge fraudulent purchases while other options aren't as forgiving.
- Go to the big names. Online shopping with reputable retailers like Walmart and Target almost guarantees that you won't get scammed.
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