Barclays has issued a warning to Black Friday shoppers as purchase scams have been on the rise since 2021, with 72% of these scams originating from social media platforms. The bank's data indicates that more than half of Black Friday shoppers are concerned about being scammed, and four in ten who avoid the sales do so due to scam fears. Despite these concerns, only half of the shoppers conduct checks before making purchases during the Black Friday sales period.
Kirsty Adams, a Fraud & Scams Expert at Barclays, advises consumers to be "scam smart" and offers tips on avoiding purchase scams during this year's Black Friday sales. She warns that the average claim for purchase scams this year has exceeded £700 and emphasizes the importance of vigilance when shopping for deals.
Barclays' research shows that in November last year, purchase scams accounted for 75% of scam claims. Both the volume and value of these reports increased by 23% and 19%, respectively, continuing a trend observed since 2021.
Adams notes that many shoppers may be overconfident in their ability to detect scams. Although 55% of all shoppers express concern about purchase scams, 84% believe they can avoid falling victim. However, only 51% perform any checks before committing to purchases during Black Friday, with just 36% verifying retailer legitimacy or online reviews.
Social shopping platforms like TikTok Shop and YouTube Shopping are gaining popularity as retail channels. Barclays' analysis shows that scammers adapt their techniques alongside changing shopping habits. A significant portion (72%) of purchase scams originates from social media platforms.
Email remains a prominent channel for suspicious activity, with over four in ten consumers reporting being targeted by email-based purchase scams last year. Other notable channels include social media sites and marketplaces (33%), text/messaging apps (31%), search engines (21%), and second-hand marketplaces (18%).
The urgency associated with securing deals during Black Friday can lead to impulse purchases, making shoppers more vulnerable to scams. A quarter of consumers feel pressured to make quick decisions due to fear of missing out (FOMO), while one in five admits they might risk being scammed for a good deal.
Adams states: “With the value of the average purchase scam claim rising to over £700, we’re warning customers about the heightened risk of scams this Black Friday.” She advises consumers to take their time shopping safely and securely and highlights that even those knowledgeable about scam tactics could still fall victim.
To assist customers in staying safe this Black Friday, Adams provides several tips: plan ahead; verify retailers by visiting official websites directly; read reviews before purchasing from unfamiliar retailers; and avoid clicking on links received via text or email marketing.
For further information or inquiries, contact Dee Fallon at deirdre.fallon@barclays.com or India McMillan at india.smyth@barclays.com.