Fraud Threat Surges as Black Friday Bargain Hunters Take Risks

PTSB has issued a warning for consumers to stay vigilant against fraudsters ahead of Black Friday and the holiday shopping season. According to a survey conducted by the bank, seven out of ten people have encountered attempts at financial fraud.

The bank introduced a new app feature for its customers, designed to detect fraudulent messages and scam websites. This feature has significantly reduced the number of fake website clicks among its users. PTSB highlighted that the increased volume of transactions during Black Friday and the pre-Christmas period makes it a prime time for fraud attempts.

Their ongoing Reflecting Ireland research indicates that 71% of people have experienced attempted financial fraud, with 27% of respondents falling victim to these scams. The rate is even higher among younger adults, exceeding one-third. PTSB advises customers to be cautious of fake advertisements that promote high-value goods at suspiciously low prices, which often lead to fake websites intended to steal card details.

The bank also warned about the prevalence of fake SMS messages that appear to come from banks, designed to trick people into sharing sensitive information like passwords and PINs. PTSB strongly advises against clicking on links in SMS or WhatsApp messages.

Consumers are encouraged to shop only on trusted and verified websites, looking for indicators of a legitimate business such as a verifiable company name, address, and phone number. Since the introduction of PTSB Protect last year, the bank has seen a 55% reduction in the number of customers interacting with fake websites, despite a 13% increase in the creation of such sites.

PTSB Protect alerts users to fraudulent links in text messages and blocks access to suspicious websites on mobile devices. As this service requires customers to opt-in, the bank is urging those who haven’t done so to activate it before Black Friday and the holiday shopping season. Last year, PTSB processed over 1.3 million card transactions on Black Friday, which was 44% above the daily average.

Peter Vance, PTSB’s Chief Operating Officer, emphasized that scams are becoming more sophisticated, necessitating heightened vigilance from consumers.