- Revolut finds that only 17% of us feel ‘very confident’ in identifying fake websites
- About two-thirds use trusted websites and avoid unknown links
- 4% admit they do nothing at all to protect themselves online
One in 10 millennials are expected to do most of their Black Friday shopping on social media platforms like Instagram, TikTok and Facebook, yet two in 10 have already been scammed while shopping online.
Most duped millennials lost £100-£250, with 7% losing over £1,000, and this is the most confident age group to spot fraud.
New Revolut data has revealed that only 17% of Brits feel ‘very confident’ in identifying fake websites or fraudulent offers, but it combats this with some great tips to weed out malicious activity.
Revolut explains how to avoid fraud this Black Friday
Revolut says it is concerned that the growth of social commerce (such as TikTok Shop) has made fraud harder to spot, with fraudsters often mimicking genuine brands and using fast-moving platforms to quickly disappear.
“As shopping increasingly moves to social media platforms, fraudsters are becoming smarter at mimicking trusted brands,” Revolut Head of Financial Crime Woody Malouf said.
UK consumers say they use trusted websites or apps (66%), avoid unknown links in emails and ads (60%) and double-check website URLs (39%) to protect themselves, and while all of these steps are valid preventative measures, not enough consumers actually take them.
Controlling URLs is one of Revolut’s key messages, highlighting that fraudsters often clone retail sites to steal money and personal data. But it may not always be so obvious – keeping an eye out for new social media shops with suspiciously positive reviews or being wary of ‘too good to be true’ prices are also effective in identifying scams.
“The best defense is caution, if it’s too good to be true, it often is, and always shop from trusted sites with good reviews,” Malouf concluded.
With 4% of Britons taking no precautions at all and many more failing to do enough to protect themselves, the message is clear. Despite the awareness of preventive steps, consumers fail to use them.
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