Lloyds Bank warns shoppers about an increase in fake websites during January sales, urging caution and emphasizing the importance of verifying retailer legitimacy.
January sales bargain hunters are being warned by a bank to watch out for rogue retailers claiming to offer big discounts. The number of rogue retailers identified by Lloyds Banking Group in January 2024 was 140% higher than the normal monthly average across the year, indicating that retailers targeted shoppers looking for deals during the post-Christmas sales. Rogue retailers deceive shoppers into making purchases by creating fake websites, made to look like popular high-street brands.
The scam can cause credit card transaction disputes to peak in January, with Lloyds seeing a 40% increase in disputes in January 2024, compared to the normal monthly average.Clothing tends to be the most common item purchased from the rogue retailers, followed by jewellery, Lloyds said. Lloyds said rogue retailer scams have cost £8.5 million between January and November 2024, based on the group’s own credit and debit card customer data. The bank has established an industry working group, working with payments companies to protect shoppers by reporting and blocking transactions with known fake websites. Gavin Evans, senior manager for consumer cards at Lloyds, said: “The January sales can be a good time to grab bargains, but it’s also a popular time for rogue retailers, who try to scam unsuspecting shoppers and pocket their hard-earned cash. “To avoid being caught out, check the web address before making a purchase to ensure that it is legitimate and matches the shop you’re looking to buy from, especially if you opened the website by clicking on an advert or social media post. “Remember that if something appears too good to be true, it usually is. If you’re ever unsure, consider buying from somewhere you trust instead.”1. Firstly, try contacting the retailer directly to explain what has happened and request a refund. 2. If the retailer does not respond or refuses to refund you, report the transaction to your ban
ROGUE RETAILERS JANUARY SALES ONLINE SCAMS CONSUMER PROTECTION FAKE WEBSITES
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