23 November 2022
This Black Friday and Cyber Monday, Quilter, the financial adviser, is urging people to have a heightened awareness of the scams targeting your money during this period.
It is estimated that on average Brits will spend £275 each this Black Friday and Cyber Monday, with the global total estimated spend reaching a huge £4.8 billion.
If you are among those looking to take part in this weekend’s sales, it is important to remember that wherever we see high volume spending and frenzied online activity, we also see cybercriminals exploiting these behaviours in an attempt to siphon some of that money for themselves.
Black Friday and Cyber Monday sales have gained considerable popularity, particularly in recent years. While there are often genuine offers to be found, it is important to be able to identify the real from the fake to help ensure you do not get caught out by fraudsters.
Louise Cockburn, information security culture manager at Quilter explores some of the most common Black Friday and Cyber Monday scams and what you can do to avoid becoming the victim:
Understand psychological tactics
“Marketers often manipulate cognitive biases such as urgency, fear, or a sense of missing out, to put us into a more psychologically impulsive state of mind which can lead us to think less and spend more.
“However, while marketers use these tactics to legitimately promote goods, cybercriminals often use the same tactics to exploit fundamental human behaviours in their malicious attacks and this weekend represents a prime opportunity for them.
“These can extend to so-called investment opportunities, especially in highly volatile assets like cryptocurrencies where those who have recently seen declines will have a fear of missing out on any recovery. Black Friday crypto scams will play on this apparent urgency for investors to regain losses. Those interested in holding cryptoassets already face a significant risk of fraud, and this is heightened by events like Black Friday as well as the ongoing cost of living crisis.
“For example, there is an ongoing resurgence in the ‘missed delivery’ scam messages at present, so it is important to have a heightened awareness of this if you are going to be ordering deliveries online. It is worth considering whether the messages are trying to manipulate an emotional reaction of excitement, urgency, fear of missing out or similar.
“Taking just a short moment to stop and consider whether an offer is genuine or not can make all the difference when it comes to avoiding fraudulent attacks.”
Tame the fear of missing out
“During Black Friday and Cyber Monday, it is likely that both marketers and cybercriminals will lean on our ‘fear of missing out’ to make it seem like we need to act urgently now or regret it later. Using messaging such as ‘89% of goods have already been snapped up – ACT NOW!’ or ‘this item is currently in 9 people’s basket’ could be the difference between someone calmly assessing the message or instinctively clicking on something harmful.
“This fear of missing out has been linked to increased risk-taking behaviour, heightened vulnerability online and also strongly predicted poor information security awareness.
“When shopping online, it can be easy to miss the signs of a scam website if you are rushing to the checkout. However, fraudulent websites can be extremely harmful, and it is vital that you first check that the retailer is genuine by typing the address in directly or verifying the website. You must also check that the locked padlock is visible as this means the connection is encrypted – this is particularly vital if you are making any sort of payment.
“As always, it is important to take a moment to stop and gain a broader perspective on the situation before you act, and if something seems too good to be true then it probably is.”
Know your own habits
“We all receive more messages at this time of year, whether confirming deliveries via text or email, or tempting us with a bargain, so it is worth reflecting on your own habits.
“When we are in a heightened state of emotion, such as excited, panicked, rushed, or even intimidated, we can behave in a more unthinking or automated way which ultimately plays right into the hands of a scammer. As such, being aware of any emotional shifts and understanding your reflexes to certain stimuli can be a powerful tool in preventing you from becoming the victim of an attack.
“Consider asking yourself:
- Which cognitive biases or influence tactics am I likely to be prone to?
- Are there any times, contexts or situations when I might be more at risk?
“Having an awareness of how persuasion tactics work has been shown to positively affect reactions when exposed to social engineering, so by taking the time to consider these questions this Black Friday weekend, you will have already taken a step towards reducing your risk.”
