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Navigate Black Friday safely: Essential tips for global shoppers
As the global retail landscape gears up for another round of Black Friday and Cyber Monday sales, consumers worldwide are being advised to proceed with caution. HSBC, one of the leading financial institutions, has issued a warning to international shoppers about the increased threat of fraud during this peak shopping period. The bank emphasises the necessity of vigilance, especially for those engaging in cross-border transactions.
Navigate Black Friday safely: Essential tips for global shoppers
As the global retail landscape gears up for another round of Black Friday and Cyber Monday sales, consumers worldwide are being advised to proceed with caution. HSBC, one of the leading financial institutions, has issued a warning to international shoppers about the increased threat of fraud during this peak shopping period. The bank emphasises the necessity of vigilance, especially for those engaging in cross-border transactions.
Matthew Hannan, Head of Fraud at HSBC, highlighted the dual nature of Black Friday. "Black Friday is a time of great opportunity for both shoppers and fraudsters," Hannan stated. "We urge our customers to shop smart and stay alert to protect themselves from scams."
With the rise in international shopping, particularly online, the risk of encountering scams has become more pronounced. Consumers are often lured by the promise of unbeatable deals, but this can sometimes lead them into the traps set by fraudsters. Hannan's advice is timely and crucial for anyone planning to partake in the global shopping frenzy.
Key strategies for safe cross-border shopping
HSBC has laid out several strategies to help shoppers protect themselves. Firstly, the bank advises using trusted global platforms or major marketplaces that offer buyer protection and verified sellers. This is crucial because many fraudulent sites mimic well-known brands but are registered in different countries. Shoppers should always verify the merchant's country before making any payments.
Another important tip is to secure banking across countries. Enabling transaction alerts for each account is a recommended practice. These alerts provide immediate notifications of any suspicious charges, allowing consumers to act swiftly if something seems amiss. It's also essential to ensure that contact details are consistent across all regions to receive fraud alerts promptly.
When it comes to travel-related purchases, caution is advised. Hannan suggests being mindful when booking travel, particularly if advertisements for great deals appear on social media. "Independently verify you’re clicking through to an official, trusted website and company," he advises. He also recommends avoiding the use of shared computers or unsecured Wi-Fi for online purchases or currency transfers while travelling.
International delivery and customs scams are another area of concern. Shoppers are advised to verify delivery updates through official courier websites or retailer tracking links. Import duties or fees should never be paid through links in texts or emails, as this is a common scam tactic.
Lastly, consumers should be wary of foreign-currency and investment scams. Advertisements for "exclusive" foreign investment offers or "discounted" international gift cards should be approached with scepticism. Hannan underscores this by stating, "Legitimate banks will never ask you to transfer money between international accounts for security reasons."
Fraudsters are becoming more sophisticated
The sophistication of fraudsters has increased, especially during global shopping events like Black Friday. Hannan remarks, "Fraudsters are becoming increasingly sophisticated, especially during global shopping events like Black Friday. By staying informed and taking proactive measures, shoppers can enjoy the deals without falling victim to scams."
The advice from HSBC is not just for their customers but for all international shoppers. With the right precautions, consumers can enjoy the benefits of Black Friday and Cyber Monday deals without falling prey to scams.
In the event that a shopper suspects they have been targeted by a scam, immediate action is crucial. HSBC advises contacting the bank immediately using the international helpline number listed on the card or app. Quick reporting can often mitigate the damage and help in recovering any potential losses.
As the shopping season approaches, the message from HSBC is clear: stay informed, remain vigilant, and take proactive measures to safeguard your finances. With these strategies, shoppers can navigate the Black Friday and Cyber Monday sales safely, ensuring that their holiday season remains joyful and scam-free.
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