Ayodeji Ayenuwa
In a startling revelation, Netcraft, a global fraud protection solutions company, reported a staggering 135% increase in fake online stores by the end of October 2023.
Exploiting the surge in online activity during Black Friday and Cyber Monday, cybercriminals are deploying deceptive tactics to mimic established brands and entice shoppers with purportedly steep discounts.
Netcraft’s research sheds light on the methods employed by these malicious actors. The report states, “These fake retail sites include copies of the spoofed site’s authentic logos, trademarks, and products to make the scam more convincing, but that’s not the only technique cybercriminals use.”
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The report from Netcraft underscores the pressing need for consumers to exercise vigilance, offering practical indicators to distinguish between legitimate and fake online stores.
Warning signs include “excessively high discounts, the absence of contact details, generic ‘about us’ content, misleading social media links, and inconsistent page designs.”
“As of the end of October 2023, Netcraft’s research has identified a staggering 135% increase in fake retail sites blocked compared to October last year, on top of an increase of 63% over October the previous year, conveying that the annual increase more than doubled in the last 12 months over already alarming growth,” the report stated.
With the global online shopping market reaching a monumental $5.7 trillion in 2022, cybercriminals exploited this vast landscape, perpetrating nearly $41 billion in fraud during the same period.
The report’s findings serve as a crucial alert for consumers, emphasizing the importance of staying informed and adopting proactive measures to safeguard sensitive information, especially as the holiday shopping season approaches.
As shoppers get ready for festivities, being cautious and implementing recommended precautions becomes paramount in navigating the online marketplace securely.
Techrectory with Agency Report.
