Everyone loves a deal, a bargain, something for below retail, who wouldn’t?

I am sure we can all recall or even be currently wearing some amazing clothing bargain that we are very proud of that makes us feel great.  But in some cases bargain hunting can all end in tears and unnecessary misery.

After thanksgiving, with individuals in good spirits, relaxed and looking ahead to the Holidays what a perfect way to get those  bargains by shopping on the much publicized Black Friday or Cyber Monday?  We have all received adverts by text, by email, though social media, in publications, on our TV screens for the past few days and weeks enticing us with great not to miss discounts.

Black Friday and Cyber Monday are the biggest shopping events of the year for many retailers as well as consumers with a multitude of online retailers offering discounts on everything from gadgets, appliances vacations, to apparel and toiletries making it an irresistible opportunity to get some amazing deals.  But with these amazing deals comes the significant risk of cyber threats as fraudsters find this an irresistible opportunity to get more victims through duplicitous and complex scams, phishing attacks, and identity theft.

As well as being the busiest and most successful promotions in the retail calendar over the past few years, these two days have recently attracted fraudsters and scammers looking to divert your funds into their pockets or take advantage of your personal details to commit larger and more costly frauds against you.

Acts of fraud cost consumers around the world billions of dollars every year, data from the Federal Trade Commission reveals that consumers experienced fraud losses surpassing $10 billion in 2023, equating to a median $500 per individual in the USA alone.

Whether you’re a seasoned Black Friday or Cyber Monday bargain shopper or this is your very first time diving into the various discounts, it’s crucial to stay vigilant and protect your personal and financial information.

So what can we do to keep our hard earned money safe and ensure we get the deals we want and be a safer shopper in the future?

Tip 1 – Stick to Trusted Websites Only

While it may be tempting to shop on unfamiliar sites offering incredible hard to believe discounts, it’s important to avoid purchasing from questionable or unknown retailers. To good to be true is usually the case – not true!

Stick to reputable brands and well-known websites.

• Check for HTTPS: Always check the URL that begins with “https://” instead of just “http://”. The “S” stands for secure and uses encryption to protect your data
• Avoid suspicious links: Be alert with emails, pop-ups, or social media ads directing you to new or unfamiliar websites however glossy and appealing they may appear. If something feels off, it’s better to be cautious.

Tip 2 – Beware of Phishing Scams

Phishing emails and texts are common during busy shopping events. Cybercriminals use these scams to trick you into revealing personal information, such as login credentials, credit card numbers, or Social Security numbers.

• Watch for red flags: Look for suspicious sender addresses, spelling mistakes, or messages that create a sense of urgency (e.g., “Act now or miss out!”).
• Don’t click links in unsolicited emails: Instead, go directly to the retailer’s website by typing the address into your browser.

Tip 3 – Use Strong, Unique Passwords

If you’re shopping on multiple sites, ensure that your accounts are secured with strong, unique passwords. Use a mix of uppercase and lowercase letters, numbers, and special characters.

• Avoid using the same password across multiple sites, especially if you’re storing sensitive payment information. A password manager program can generate and securely store your passwords.

Tip 4 – Enable Two-Factor Authentication (2FA) – Many reputable online retailers offer the option to enable two-factor authentication (2FA) for additional security. When activated, 2FA requires you to provide an additional form of verification like a code sent by SMS or email. This extra step makes it harder for fraudsters and hackers to gain access to your account, even if they somehow obtain your password.  2FA Is not a ‘silver bullet’ fraudsters have discovered multiple ways to bypass 2FA when the authentication method consists of one-time codes sent via an SMS message including unwittingly downloading malware onto your device or targeted socially engineered SIM swaps to give access to 2FA. SMS hijacking and SS7 attacks, mass data breaches providing IMEI and IMSI information have circumnavigated 2FA in the past, with the increasing breaches and warnings with SMS 2FA more 2FA apps such as Microsoft Authenticator, or Google Authenticator, etc. are now prevalent. 

Tip 5 Who is on your shoulder?  Shoulder surfing with fraudsters watching your every activity on your phone is a risk to your personal data, PINs, passwords, and other confidential data being surreptitiously grabbed and misused.

Be vigilant and sensible whilst in public areas when using your phone if banking, shopping and undertaking other transactions that involve sensitive data. Sit with your back to a wall, cup your hand over your device, speak quietly, do not verbalize any passwords or PINs, and lock your screen when not in use or away from the device. Screen protectors can also assist your privacy.

Tip 6 – Avoid Public Wi-Fi When Shopping

While you’re on the go, it might be tempting to shop using public Wi-Fi networks, but this can possibly expose you to security risks. Public Wi-Fi is often not encrypted, so hackers could potentially intercept your personal and payment information.

• Use a Virtual Private Network (VPN) if you must shop over a public network. A VPN encrypts your internet connection, making it harder for cybercriminals to snoop on your data.
• Shop from a secure, private network whenever possible.

Tip 7 – Use Credit Cards or Secure Payment Methods

When making online purchases, it’s safer to use a credit card rather than a debit card. Credit cards typically offer better fraud protection and may limit your liability in case of unauthorized transactions.

Tip 8 – Know the Return and Refund Policies

Before making a purchase, take a moment to review the return and refund policies. Some retailers have strict return windows or restocking fees, which can make it more difficult to return items if they don’t meet your expectations. This is especially important for big-ticket items like electronics or some clothing or household products that cannot be returned once received/opened.

Tip 9 – Monitor Your Bank Statements

After your shopping spree, keep an eye on your bank or credit card statements for any unusual activity. Fraudulent transactions can sometimes go unnoticed, so it’s important to review your accounts regularly.

Set up transaction alerts with your bank or card issuer so you’re notified of any purchases or charges made to your account in real-time.

Tip 10 – Keep Your Software and Devices Updated

Cybercriminals often exploit vulnerabilities in outdated software to launch attacks. Make sure that your devices—smartphones, laptops, tablets, etc.—are running the latest security updates including operating system, apps and browsers you use for shopping.

Tip 11 –  Set a Budget and Stick to It

While Black Friday and Cyber Monday is all about getting great deals, it’s easy to get carried away and overspend in the rush to take advantage of discounts. To stay safe financially, set a budget before you start shopping.

• Track your purchases: Use a shopping list or a budgeting app to keep track of how much you’re spending.
• Avoid emotional purchases: Scammers often prey on urgency—don’t let time-limited deals pressure you into buying things you don’t really need.

Final Thoughts

Black Friday and Cyber Monday offer amazing deals, but it’s essential to shop smart and stay safe. By following these simple yet effective tips, you can reduce your risk of falling victim to fraud, hack, or scam.

This advice is not designed to scare you or take the joy out of your retail therapy. What is the longest and most exciting weekend for retail therapy can become a financial nightmare that may haunt you for years to come, so check out the tips and happy safe, and secure shopping!