Shoppers click with caution during cyber sales frenzy

A recent Bankwest survey of customers revealed shoppers have heightened concerns about scams and fraud during the Black Friday and Cyber Monday sales period.

• 80% of survey respondents were more concerned about fake websites and phishing scams during Black Friday and Cyber Monday
• Only 10% were likely to trust new sites or online retailers over the sales period
• 63% were concerned about providing bank card details to new or lesser-known retailers

National Anti-Scam Centre data showed shopping scams were the most reported scam type involving financial loss so far this year, resulting in $8.6 million in losses, an increase of 19 per cent in reported losses from the same period in 2024.¹

Bankwest Head of Customer Trust and Security, Philippa Costanzo said:

“We know fraud is a fast-moving landscape so the challenge for banks is to continue to develop more innovative features designed to help customers protect themselves.

“Pay-and-disappear virtual cards can help by offering shoppers an added layer of protection from unwanted transactions, with card details that expire after use.

“Six in ten (59%) survey respondents said they’d feel more secure using a virtual card when shopping online during sales events.

“Our highest daily total for new virtual cards created was on June 30, when the end of financial year sales were in full swing, highlighting the strategic use of the cards in high-demand sales periods.

“We remind customers to be cautious before they buy online and to look out for unsafe websites with some red flags including bad or fake reviews or deals that sound too good to be true.”