HSBC UK has teamed up with professional magician Troy von Scheibner ahead of Black Friday to highlight some of the tricks scammers will play on shoppers to dupe them into handing over their hard-earned cash.
Black Friday takes place on November 26 and is the perfect time for shoppers to grab a bargain, but the dangers of falling victim to a purchase scam are growing year-on-year, according to the bank.
Purchase scams occur when fraudsters trick shoppers into paying in advance for goods or services that are never received and are the most common form of Authorised Push Payment (APP) scam affecting HSBC customers, with 6,218 cases reported so far this year.
Purchase scams increased by 17 per cent in August 2021 compared with August last year, although less scams are being reported in the last few months compared to the start of 2021.
A total of £6.98 million was reported lost to purchase scams in 2020.
As part of HSBC UK’s campaign Troy took to the streets to show consumers how fraudsters are playing mind games designed to gain our trust and pressure us into making a purchase.
Troy von Scheibner said: “As a professional magician, my aim is to entertain using a specialist set of skills. However, these techniques can also be used by fraudsters to fool people.”
David Callington, Head of Fraud at HSBC UK, said: “Fraudsters can put consumers under their spell and make them think they are giving out personal or financial information for a legitimate reason. If a deal looks too good to be true - it probably is. Use secure payment methods and only buy from sites you trust.
“At HSBC UK, we’re working hard to protect customers against fraud, but there are lots of ways you can help to protect yourself too. By being aware of the tricks fraudsters use you can help keep your money safe.”
How to spot fraudsters' tricks this Black Friday
- Someone contacts you out of the blue, by call, text or email
- They claim to be from a trusted organisation, like your bank, utility provider or police
- They can sound genuine, as they may already have gathered information about you online
- They often put you under pressure to do something without you having time to think it through properly
- Calls, texts and emails may appear genuine but their actions and requests are not
Last month HSBC UK warned customers never to disclose their One Time Passcode (the code they are prompted to input to authorise a transaction when shopping online) as they reported scams involving suspected disclosed passcodes had risen by 25 per cent in the last six months.
To learn more about purchase scams and how customers can protect themselves, visit the HSBC UK website here.
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