Watch out for online shopping scams. You don’t want a lump of coal

Inflation this holiday season is causing online shoppers to look for the best deals they can, which can cause many to fall victim to credit card fraud.
Published: Dec. 6, 2022 at 7:42 PM CST
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RAPID CITY, S.D. (KOTA) -When COVID-19 hit many consumers started working from home and shopping online increased. As a result, cybercrimes also increased by 7% since 2020.

Shortages of products and increased prices are the perfect equation for holiday scammers to get your personal information.

Every year many people fall victim to online holiday shopping scams.

According to the Internet Crime Complaint Center’s (IC3) 2021 report, credit card fraud accounted for $173 million in losses.

When shopping online, it is encouraged to double check the store’s validity using the Better Business Bureau’s website. One way to make sure it is legitimate, is to look for bad grammar, and when checking out make sure there is HTTPS at the beginning of the URL.

“You can always look at the product reviews and we’re going to tell you that if the deal looks too good to be true- It’s for the latest and greatest toy or electronic and their scarcity on the market, and somebody got the perfect product at a price that’s too good to be true were going to tell you that it probably is too good to be true,” said Jessie Schmidt, Vice President South Dakota Region, Better Business Bureau, INC.

Inflation this holiday season is causing many online shoppers to look for the best deals they can, which can cause many to fall victim to credit card fraud, and identity theft.

People younger than 20 are reported to have experienced online fraud at an increased 116.21% since the year 2020, and 50-59 year-olds lost the most at an average of $9,864 per victim.

“I think the best answer is disconnect, say no, and just don’t believe your ears. Because even though we all maybe like to have a little extra resources, it’s going to cost you more than it’s going to get you,” said Paul Enos, Chief Financial Officer, Black Hills Community Bank.

Scammers are finding more sophisticated ways to get your information and are taking advantage of more people each year.

If you or someone you know has fallen victim to a scam it is advised to call your bank or your credit card company immediately. You should also file a report with the BBB to help prevent others from being scammed.