More than a third of online shoppers in London admit they are more likely to take a financial risk if they see a great bargain, according to Financial Fraud Action UK(FFA).

Almost a quarter say they never check the authenticity of an online retailer - such as looking for the padlock icon - before making an online purchase.

Black Friday and Cyber Monday are fast approaching and it is the perfect time for fraudsters to take advantage of the bargain frenzy by setting up fake websites and convincing people to hand over their details.

Criminals use scam emails, fake ads on social media, internet searches promising heavy discounts for desirable goods to entice people onto their sites.  

Once the fraudster has taken this information, they can then use the details to commit remote purchase fraud.

The research also includes:

  • over a fifth (22 per cent) online shoppers admit they would click on an unsolicited email if it promised them a good deal
  • over two fifths (41 per cent) of consumers admit their shopping habits change when faced with an opportunity to bag a bargain
  • almost a third (31 per cent) admit their FOMO – fear of missing out - on a great deal leads them to let their guard down when it comes to online shopping.
  • When it comes to taking financial risks, those aged 16-34 are most at risk, with 46 per cent admitting they are more likely to take a chance compared to 18 per cent of over 55s

How to avoid becoming a victim of financial fraud:

  • If you are using a retailer for the first time, always take time to research them before you give them any of your details.
  • Trust your instincts – if an offer looks too good to believe then there is usually a catch.
  • Always access the website you are planning to buy from by typing the address into your web browser, and be wary of clicking on links in unsolicited emails
  • Look for the padlock symbol in the address bar. It is a good indication that they are reputable
  • Only use retailers you trust, for example ones you know or have been recommended to you. If you’re buying an item made by a major brand, you can often find a list of authorised sellers on their official website.

Director of FFA UK Katy Worobec advises the public not to rush into any purchases.

She said: “Consumers need to know that they may not see the impact of financial fraud immediately, i.e. during this shopping weekend, because if a criminal has harvested their financial details, they could use them at any time.”

In the UK, e-commerce card fraud totaled an estimated £156 million in the first six months of 2016, a 46 per cent increase compared to the same period last year.

For more information: www.takefive-stopfraud.org.uk

Let me know your view: grainne.cuffe@london.newsquest.co.uk