NEW YORK, Nov. 24, 2020 /PRNewswire/ -- MyChargeBack, the global leader in resolving authorized card-not-present transaction disputes, has issued a warning to consumers to be on guard this year in the face of expected Black Friday scams.
"Online shopping and e-commerce have exploded as a result of COVID-19 and consumers can expect a barrage of phishing scams and malware ahead of Black Friday 2020," says Michael B. Cohen, MyChargeBack's Vice President of Global Operations.
The shift to remain within the safety and comfort of one's home this past year has resulted in record levels of online consumer spending. "A recent report from Adobe Analytics suggests that online retail purchases have increased by a staggering $107 billion this year due to coronavirus social distancing guidelines," Cohen notes. "Moreover, that figure is expected to grow substantially as we enter the holiday season," he continues. "According to the report, sixty percent of consumers predict that they plan to do all their shopping online this year, and scammers see that as an unprecedented opportunity."
Watch out for Fake Retail Websites, Counterfeit Merchandise
"Consumers frequently ask us how they can spot a spam website in the run up to Black Friday, and what we tell them first is to be on the lookout for poor spelling and grammar," Cohen explains. "Websites of companies that do not provide contact information, a physical address or even a phone number should also raise red flags," he adds. "In any event, always search online for user reviews regarding a product or company, since positive feedback from other consumers provides a level of trust while negative feedback is a relatively reliable sign to tread with caution or walk away from a purchase," he advises. "And as the saying goes," Cohen concludes, "if it looks too good to be true, it probably is."
MyChargeBack's Five Safety Tips for 2020 Online Holiday Shopping:
- Only purchase on verified, recognized retail brand websites with cybersecure procedures for encoded payment.
- Keep in mind that social media platforms are a popular space for scammers to advertise unbeatable big discounts on brand name merchandise, so don't take a chance on a hard-to-believe price.
- Avoid merchants who only allow transactions in cryptocurrency, which is suspect because crypto has become the preferred payment option for scammers.
- Beware email phishing scams that link to a spoofed website that looks almost identical to the original.
- Never make online purchases over free WiFi networks, since hackers can easily gain access to them, compromise your data and commit identity theft.
MyChargeBack is an international financial services firm that specializes in complex dispute resolution. Working with over 800 banks worldwide, it has retrieved millions of dollars for clients in more than 100 countries. These cases typically involve authorized card-not-present purchases of goods or services that were not delivered as contracted. Founded in 2016, MyChargeBack maintains representative offices on four continents. It is owned and operated by Cactil LLC.
Reuben Eliaz, Media Relations Manager