BLACK FRIDAY: “Black Fraud Day” – Rising Threats Target Bargain Hunters

BLACK FRIDAY: Rising Fraud Threats as Cybercriminals Target Bargain Hunters – Cybersecurity Chief Warns AI-Driven Scams Cost Shoppers Millions

Black Friday is increasingly becoming known as “Black Fraud Day,” with Britain’s top cybersecurity official warning that the discount frenzy offers a “prime opportunity” for scammers. Criminals are reportedly employing artificial intelligence to deceive shoppers, capitalizing on heightened consumer eagerness to secure deals amid ongoing financial pressures.

During last year’s holiday season, UK shoppers lost over £11.5 million to online fraud, nearly £1 million more compared to the previous year. Common schemes involved fake listings for clothing or luxury tech items on social media, enticing bargain-seekers into parting with their money.

From November 2023 through January 2024, there were more than 16,000 reported cases of online shopping fraud, with individual victims losing an average of £695.