“Cyber Monday” is one of the biggest shopping days in the United States, but it is also one of the most vulnerable to scams. Consumers must stay vigilant while enjoying the discounts offered by retailers, as scammers will take advantage of the opportunity.
It is estimated that around 74 million people will participate in the “Cyber Monday” shopping activities this year. In 2024, during the peak shopping hours of “Cyber Monday” from 8 pm to 10 pm, consumers were spending up to $16 million per minute.
According to data from “Adobe Analytics” tracking e-commerce trends, consumers are expected to spend $14.2 billion online on this year’s “Cyber Monday,” following the unexpected spending surge on “Black Friday,” marking another strong shopping frenzy in the United States.
“Adobe Analytics” data shows that online spending by U.S. consumers on Black Friday reached a record high of $11.8 billion, a 9.1% increase compared to the same period last year. Particularly between 10 am and 2 pm local time nationwide, internet traffic surged with an average of $12.5 million worth of goods added to online shopping carts per minute.
As online scamming techniques continue to evolve, fraudulent activities generated by Artificial Intelligence (AI) are also on the rise, making it crucial for consumers to exercise caution when shopping online.
Here are some fraud prevention tips summarized based on information provided by the Better Business Bureau (BBB) and the New York State Consumer Protection Agency:
– Watch out for insecure URLs: If a website’s URL prefix is only “http” instead of “https,” it may indicate that the site is unreliable.
– Beware of fake websites generated by AI: Scammers often create false websites to mimic legitimate brands. These scam websites may closely resemble a well-known site’s URL, attempting to deceive consumers, but upon closer inspection, subtle differences can be spotted, such as replacing letters with numbers or adding dashes or extensions to the end of the website. Therefore, scrutinizing URLs before making a purchase is crucial.
– Be cautious if a “seller” only accepts gift cards or uses payment methods like Zelle, Venmo, etc.
– Numerous pop-up ads on a website may signal its insecurity.
– Be wary of being redirected from one shopping site to another.
– Be cautious of links on social media: Avoid purchasing products directly from social media sites or their links. Open a new browser window and make purchases through the retailer’s official website. Scammers may lure consumers to visit fake online stores via social media, where consumers are duped into paying without receiving goods. They might entice consumers with unrealistic discounts, fake reviews, and AI-generated fake product images. If the offer seems too good to be true, it probably isn’t.
– When checking out, use a credit card rather than a debit card for better consumer protection.
– Verify seller information: If you are unfamiliar with a seller, proceed with caution and research before placing an order. Look up the company’s reputation online and refer to consumer reviews.
– Beware of third-party seller scams: When shopping on online marketplaces, ensure the legitimacy of sellers. If redirected from a trusted site to a third-party site, carefully review the seller’s policies and ratings, check other consumers’ reviews, and most importantly, conduct extensive online research on the seller before purchasing. Guarantee services from trusted sites may not cover third-party sellers on their platform, so ordering from an unknown third-party seller might leave you without any protection in case of receiving subpar or no products at all.
Legendary about identifying fake reviews: Fake reviews are not always easily recognizable, so check reviews from different sources to better understand the product, brand, or seller. Some red flags to watch out for include lack of specific details in reviews, multiple reviews posted within the same timeframe, or reviewers with vague personal information and recent account creation.
If you fall victim to a scam, first contact your bank and report the incident. Then, file a complaint with the Federal Trade Commission (FTC) and the Internet Crime Complaint Center (ICCC).
The Federal Bureau of Investigation (FBI) states that victims who report to the ICCC within 72 hours of a fraud incident are more likely to track and recover funds.
If you suspect that your identity has been stolen, the non-profit organization Identity Theft Resource Center can also provide assistance.