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Social media shopping is a scam hotspot this Black Friday
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- Revolut finds only 17% of us feel ‘very confident’ in identifying fake websites
- Around two-thirds use trusted websites and avoid unknown links
- 4% admit they do nothing at all to protect themselves online
One in 10 millennials are expected to do most of their Black Friday shopping on social media platforms like Instagram, TikTok and Facebook, and yet two in 10 have already been scammed while shopping online.
Most scammed millennials lost £100-£250, with 7% losing over £1,000, and this is the most confident age group at spotting scams.
New Revolut data has revealed only 17% of Brits feel ‘very confident’ in identifying fake websites or scam offers, but it’s combatting this with some top tips to iron out malicious activities.
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Revolut explains how to avoid scams this Black Friday
Revolut says it is worried that social commerce growth (like TikTok Shop) has made scams harder to spot, with fraudsters often mimicking genuine brands and using fast-moving platforms to disappear quickly.
“As shopping increasingly moves to social media platforms, fraudsters are getting smarter at mimicking trusted brands,” Revolut Head of Financial Crime Woody Malouf shared.
British consumers say they use trusted websites or apps (66%), avoid unknown links in emails and ads (60%) and double-check website URLs (39%) to protect themselves, and while all of these steps are valid preventative measures, not enough consumers are actually taking them.
Checking URLs is one of Revolut’s main messages, highlighting that scammers often clone retail sites to steal money and personal data. But it might not always be so clear – keeping an eye on new social media shops with suspiciously positive reviews, or being wary of ‘too good to be true’ prices, are also effective for identifying scams.
Are you a pro? Subscribe to our newsletterContact me with news and offers from other Future brandsReceive email from us on behalf of our trusted partners or sponsorsBy submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over.“The best defence is caution, if it’s too good to be true, it often is and always shop from reliable websites with good reviews,” Malouf concluded.
With 4% of Brits taking no precautions at all and many more failing to do enough to protect themselves, the messaging is clear. Despite awareness of preventative steps, consumers are failing to use them.
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TOPICS Black Friday
Craig HaleWith several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!
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