Fraudsters are targeting Christmas shoppers

More people are at risk of being cheated this year, according to UK Finance

UK Finance, the association representing trade and finance institutions in the UK, is warning consumers of a spike in online scams targeting people looking for attractive deals on Christmas gifts.

More people are at risk of being cheated this year, says the trade body, as non-essential shops remain closed until early December and coronavirus cases continue to rise across the country.

The association said that fraudsters have seen opportunities in new lockdown restrictions, and are targeting online marketplaces and auction websites to cheat consumers looking for deals on items such as clothing, bicycles, and games consoles.

The scams also involve home improvement purchases such as sheds and patio heaters, as people have chosen to invest in their homes during the pandemic.

The scammers could attempt to trick people into paying for items that are of poor quality or simply do not exist.

The public lost more than £27 million to such scams in the first six months of 2020, according to UK Finance, with an average loss of about £720 per case.

Cybercriminals may also use the guise of online deals to collect personal information, such as payment card details, which is later used to conduct fraud.

Katy Worobec, Managing Director of Economic Crime at UK Finance, said: "The banking and finance industry is working hard to protect customers from this threat, with almost £7 in £10 of unauthorised fraud prevented in the first half of this year. However, we must all must remain vigilant against scams."

"Always take a moment to stop and think before parting with your money or information, and don't let a criminal rush or panic you into making a decision that you'll later come to regret."

The trade association is advising shoppers to follow the guidance recently issued by the Take Five To Stop Fraud campaign.

Be careful about deals that sound too attractive to be true, and avoid clicking links that you don't trust. If you think you have fallen victim to a fraud scheme, contact your bank immediately.

'Criminals are experts at impersonating people, organisations and the police. They spend hours researching you for their scams, hoping you'll let your guard down for just a moment. Stop and think. It could protect you and your money,' the campaign website warns.

Last year, a study by a group of Cambridge University cybersecurity researchers revealed that the value of online banking fraud in the UK had more than doubled since 2011, from £51.1 million to £121.4 million in 2017.

The study also observed an increase in the value of phone banking fraud, which was up from £22.2 million in 2011 to £28.4 million in 2017.

It also advised governments to take more steps to prosecute criminals operating cybercrime infrastructure.