Once a US shopping tradition, Black Friday has become a global retail event, marking a key date in calendars for consumers and retailers alike. However, the day has since earned a different nickname—‘Black Fraud Day’—as criminals increasingly exploit the shopping frenzy.
A Surge in Spending and Crime
Originally a single day for grabbing bargains, Black Friday now spans weeks, with retailers capitalising on consumer excitement. According to recent research from Nationwide, UK shoppers are predicted to spend £336 million this Black Friday—a 12% increase on 2023’s £300 million total.
But as spending spikes, so does cybercrime. The National Fraud Intelligence Bureau reported a 22% increase in fraud losses during Black Friday last year, demonstrating how hackers use the shopping rush to their advantage.
How Cybercriminals Exploit Black Friday
1. Phishing Campaigns
Phishing is one of the most common tactics used by hackers. Cybercriminals send emails or SMS messages pretending to be from trusted retailers such as Amazon or eBay. These messages often:
- Mimic delivery notifications.
- Offer fake discounts or deals.
- Promote fake competitions to harvest personal data.
The aim is to trick recipients into clicking malicious links, downloading harmful files or sharing sensitive information that could help hackers conduct further attacks.
2. Fraudulent Advertisements
Hackers also lure victims through fake advertisements on Google search results or social media platforms. These ads direct shoppers to fraudulent websites designed to steal personal or payment information.
3. AI-Powered Scams
AI has made scams more sophisticated. Hackers can now use AI tools to craft convincing emails and advertisements that replicate the language, design, and tone of legitimate retailers. This makes phishing campaigns and fake ads even harder to spot.
Staying Safe While Shopping
In the flurry of Black Friday deals, staying vigilant is crucial. Here are some tips to help shoppers avoid falling victim to scams:
1. Analyse Communications Carefully
- Ask yourself, “Is this too good to be true?” If it seems unrealistic, it probably is.
- Hover over links to check their legitimacy.
- Look for spelling errors, odd grammar, or unusual email addresses.
- Be cautious of messages urging immediate action or requesting sensitive information.
AI has made scams more convincing, so extra scrutiny is essential.
2. Verify Deals and Discounts
- Always confirm offers directly with the retailer.
- Visit the retailer’s official website rather than clicking on suspicious links.
- Contact the customer service team via official channels to verify messages or discounts.
- Remember: reputable businesses will never ask for sensitive data via email or text.
3. Don’t Act Hastily
Hackers exploit emotions to trigger impulsive decisions. Take a moment to step back and think before clicking. If you’re still unsure after verifying, it’s safer to delete the message and move on.
4. Use Credit Cards for Extra Protection
Fraud experts recommend using credit cards for online purchases, as they often offer better protection against unauthorised transactions.
5. Implement Strong Security Measures
- Prevention is always better than cure. Staying equipped with robust cybersecurity tools and practices helps to minimise risks:
- Install and update antivirus software to detect and block threats.
- Enable two-factor authentication (2FA) for an added layer of protection on accounts.
- Use a tool such as Cyber Xpert to monitor and mitigate potential risks.
How DynaRisk Can Help
As a leading provider of cyber risk management software, DynaRisk helps insurers protect their policyholders, resulting in fewer claims and improved product performance.
To learn more about how DynaRisk’s solutions can enhance your insurance product or programme, get in touch: info@dynarisk.com.