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The National Cyber Security Centre (NCSC) has reported that shoppers lost over £11.5 million to online criminals between November 2023 and January 2024. Each victim lost an average of £695. A total of £10.6 million was lost the previous year.

The Black Friday season can be a good time to find bargains for businesses as well as individual shoppers. However, it’s evident that online criminals are doing their best to take advantage of the increased shopping activity.

It’s important then that you and your business exercise vigilance during this time. NCSC advise that criminals will often create false urgency by using limited time offers or promoting items that seem scarce or not widely available.

Anyone involved in purchasing should be made aware that if they see or hear anything that doesn’t seem quite right, they should immediately:

1. Break the contact and don’t click on any links.

2. Research the company or seller by looking at reviews on trusted review sites.

Another important step recommended by the NCSC is to enable two-step verification on any online accounts you have. You should also make sure that all online accounts are protected with a memorable but secure password.

By taking these essential measures you will help protect yourself and your business from fraud while you track down any bargains!

To review the report and guidance in full, see: https://www.ncsc.gov.uk/news/black-friday-warning-figures-reveal-rising-losses-scams

 

About the Author

Paul Newbold Image

Paul Newbold

Partner
After qualifying with KPMG where he gained significant audit experience, Paul joined Torgersens in 1991 and became the firm’s audit partner in 2000. Paul employs his broad range of financial skills to provide commercial and accounting advice to a range of owner-managed businesses in the independent retail, education and professional services sectors. He also has extensive experience dealing with charities, Registered Social Landlords and not-for-profit organisations and co-operatives.   Outside of work, Paul likes to visit Eastern France and South-West German and read novels by David Morrell, Michael Blake and Harper Lee. He also likes watching films, his favourite is The Shawshank Redemption.

To get in touch please e-mail paul.newbold@torgersens.com.

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