Expect a rush to online sales bonanzas this holiday shopping season – and a substantial increase in e-commerce scams.
Black Friday sales famously set a new record in 2020 – reeling in a staggering spend of USD$9 billion. In the Asia-Pacific region, consumers’ appetite for spending during sales bonanzas has also far from abated, with regional e-commerce giants reporting high revenues during the 11.11 sales this year.
While sales bonanzas are undoubtedly popular with consumers, these sales periods are also a particular favourite for online scammers who take advantage of people’s tendency to click on what may look like an attractive deal.
Furthermore, marketing tactics such as flash sales, where there is time pressure to make buying decisions, may lead to more people falling victim to fraudsters. In fact, e-commerce scams are now the top scam type in tech-savvy Singapore – with the total amount swindled having risen by over 19% to S$6.9 million in 2020.
11.11 may be over but the holiday shopping season isn’t, so check out this infographic for ways fraud risks can be reduced during Black Friday and other sales bonanzas.