Cyber Monday: Strategies for Identifying Genuine Deals and Avoiding Scams

Although a new week has commenced, numerous Black Friday promotions remain available as the event transitions online for Cyber Monday. Consumers can readily become engrossed in the intense shopping activity, potentially incurring financial losses rather than securing advantageous purchases. Consumer advocacy organization Which? has cautioned that the majority of Black Friday or Cyber Monday promotions are often available at an identical or even reduced cost during different periods of the year. We have consulted with specialists who offered guidance on navigating both Black Friday and Cyber Monday sales to prevent financial exploitation. Sarah Johnson, who serves as the director of merchandise consultancy Flourish Retail, stated, “It’s only a deal if it’s something you genuinely wanted or needed before seeing the discount.” She suggests establishing a list and a financial plan to adhere to, thereby preventing unplanned purchases. She further advised, “Make the deals work for you by using Black Friday to save on products you already planned to buy.” She added, “If you stick to your list and stay within your budget, you’ll maximise your savings without unnecessary splurges.” Harry Rose, the editor of Which? Magazine, commented, “When looking to make a purchase, it’s worth comparing the price at multiple retailers.” He additionally suggested utilizing online platforms that enable users to review a product’s price trajectory over the preceding 12 months. He concluded, “That way you’ll know a good deal when you see one.” Which? conducted an examination of promotions on 227 items across eight of the largest home and technology retailers in the UK during last year’s Black Friday “fortnight,” which spanned from 20 November to 1 December. Their investigation indicated that nine in 10 of the examined offers were priced identically or more affordably at other points throughout the year. Mr Rose stated that consumers should not feel “pressured to splash out on Black Friday or Cyber Monday purchases as those deals are usually repeated – if not beaten – at other times of the year.” Resale influencer Jess suggests that if an item of interest is identified during Black Friday or Cyber Monday sales, it should be sought on a second-hand platform, where it could potentially be found at a lower cost. She noted that numerous resale platforms provide the functionality to propose a price aligned with one’s budget. She explained, “If you make an offer and it’s reasonable most sellers will accept.” She continued, “So not only are you likely to get a good deal in the first place because it’s not new from a shop but you can offer a lower price.” Vivien Tang, a vintage clothing influencer, similarly engages in buying and selling activities on resale websites. She remarked, “I think it is very easy to find almost new or brand new items on second-hand platforms.” She added, “The condition option on listings is now compulsory so it makes it easier to filter for newer items.” A recent report indicates that purchasing second-hand items should not be disregarded when acquiring Christmas presents during sales events. A survey conducted by research consultancy Retail Economics for the second-hand marketplace Vinted revealed that 63% of individuals would be agreeable to receiving pre-owned Christmas gifts, while an additional 26% expressed a neutral stance on the concept. A significant number of consumers will resort to using a credit card or accessing their overdraft facilities when acquiring what they perceive as discounted items during Black Friday and Cyber Monday. However, if interest charges are incurred, these could potentially exceed any financial benefits gained from the promotional offers. According to the financial information service Moneyfacts, utilizing a standard credit card for a £300 acquisition, followed by monthly repayments of £20, would require over a year to settle and would result in £55 in interest payments. Employing an overdraft facility would typically incur an even higher interest charge. A credit card provides enhanced consumer protection for purchases exceeding £100, thereby increasing the likelihood of a refund if issues arise. Financial specialists advise that settling a credit card balance promptly, potentially using existing savings, prior to any interest accumulation, represents the most secure approach. Criminal elements leverage the heightened publicity surrounding Black Friday and Cyber Monday to attempt to defraud online consumers. Purchase scams involve instances where an individual is deceived into remitting funds through a bank transfer for an item—frequently promoted online or through social media—that does not actually exist. Analysis conducted by Lloyds Bank indicates that the incidence of purchase scams surged by 29% during the Black Friday and Cyber Monday period of the previous year. Liz Ziegler, the bank’s fraud prevention director, stated: “When shopping online, the best way stay safe is to buy from a trusted retailer, and always pay by card for the greatest protection. If you’re unable to do those things, that should be a big red flag that you’re about to get scammed.” According to Which?, individuals should exercise caution regarding fraudulent websites and confirm that the web address corresponds to the legitimate brand prior to inputting any financial or personal details. Consumers are advised to be cautious of posts originating from recently established social media profiles or links directing to newly created websites. Which? indicated that verified domain checking tools can be employed to ascertain a website’s creation date. It issued a warning against purchasing items at prices that appear “too good to be true,” emphasizing that if an offer seems implausibly advantageous, it probably is.