17th November 2024

Social media ads help online retail dupers steal millions ahead of Cyber Monday

by | Nov 26, 2022 | Editors Choice

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Scammers will be busy this weekend as a record 166 million individuals are expected to shop between Thanksgiving Day and Cyber Monday, according to the National Retail Federation and Prosper Insights and Analytics.

“While there is much speculation about inflation’s impact on consumer behavior, our data tells us that this Thanksgiving holiday weekend will see robust store traffic with a record number of shoppers taking advantage of value pricing,” NRF CEO Matthew Shay said in a statement.

The Better Business Bureau conveyed reports to its scam tracker are just under all-time highs reached last year. From January to September, financial losses across North America from reported fraud in the “online retail” category hit about $280 million and are expected to reach $380 million by the end of the year.

“Likely, just under 5% of people who are scammed actually report it, so the real number is much larger,” said Brian Edwards, an investigator for the BBB.

People between the ages of 18 and 24 may be digitally savvy, but they’re the most likely victims of online retail fraud because it’s their preferred shopping method. And scammers have gotten smarter to trick them, even offering fake tracking numbers.

“Scammers adapt to popular trends quickly and to different social media platforms quickly, like TikTok, which helps them target younger people,” Edwards said.

 

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