Brits brace for £2.6 billion in Black Friday fraud

Ping Identity, the intelligent identity solution for the enterprise, has issued a stark warning to British shoppers ahead of the Black Friday sales: don’t get caught out by swindlers, scammers, and scoundrels!

With estimates suggesting that retail fraud could end up costing British shoppers £2.59 billion this Black Friday, with a surge in sale scams expected over the weekend.

As buyers search out the best bargains, many are left vulnerable to fraudsters – indeed, with a staggering £9.4 billion expected to be spent over the weekend, estimates suggest that almost 30% could land in the pockets of scammers.

As a nation we lose £193 billion each year, with purchase scams making up for 70% of all fraud reported in the United Kingdom.

Only earlier this year Action Fraud outlined that online shopping scams, which include people buying from fake websites set up by fraudsters, have increased by 65% with 103,000 reports annually. It can cost consumers dearly, with people losing and average of nearly £1000.

Emma Maslen, GM and VP, EMEA of Ping Identity said, “Black Friday kicks off the busiest shopping weekend of the year, and with people in a rush to find the best deals, mistakes can easily be made.“It is therefore vital that consumers are extra vigilant to the scams around them as cybercriminals often wait in the wings to take full advantage of a poor password or lapse in judgement.“But the responsibility shouldn’t solely rest on the shoulders of the consumer. Businesses also need to stay on their toes. However, that can be difficult when dealing with an unprecedented influx in shoppers as scammers are hard to spot and track.

“This is why technological solutions are imperative as automated systems can work behind the scenes to detect and stop malicious activity before it occurs – helping to invisibly protect everyone from losing well-earned cash.”A recent survey from Ping Identity found that although 44% of consumers admitted weak password practises, a resounding 89% of Gen Z said they had manually taken steps to control profile settings and protect their personal information – hopefully ensuring that the next generation won’t lose billions to fraudsters on future Black Friday weekends.

 

To stay up to date on the latest, trends, innovations, people news and company updates within the global security market please register to receive our newsletter here.

Media contact

Rebecca Morpeth Spayne,
Editor, Security Portfolio

Tel: +44 (0) 1622 823 922
Email: [email protected]

About Security Buyer

Security Buyer is the leading authority in global security content, delivering expert news, in-depth articles, exclusive interviews, and industry insights across print, digital, and event platforms. Published 10 times a year, the magazine is a trusted resource for professionals seeking updates and analysis on the latest developments in the security sector.

To submit an article, or for sponsorship opportunities, please contact our team below.

Rebecca Spayne picture 2025

Rebecca Spayne

Managing
EDITOR

Georgina Turner image

Georgina Turner

Sales
Manager

Afua Akoto image - Security Buyer

Afua Akoto

Marketing Manager

Read the Latest Issue

Follow us on X

Follow us on X

Click Here

Follow us on LinkedIn

Follow us on LinkedIn

Click Here

Advertise here

Reach decision makers and amplify your marketing

Advertise here

Click Here

Related News

Award

Ping Identity Named an Overall Leader in 2023

Ping Identity, the intelligent identity solution for the enterprise, has been named an overall leader in the 2023 KuppingerCole Leadership Compass report
digital

It’s time for banks to secure digital identity

A new report published today by Mobey Forum’s Digital Identity Expert Group has identified unique opportunities for banks
fraud

Fraud Day – Saudi Arabia

Group-IB teamed up in late October with its partner Versos to host the first ever Fraud Day — Saudi Arabia in Riyadh, an innovative event
Callsign

Callsign’s Dynamic Interventions to tackle fraud

Callsign, the digital trust pioneer, has announced its Dynamic Interventions capability controlled by its Orchestration Engine. This technology allows…
access control

Ping Identity Launches Ping Ventures

Ping Identity has launched Ping Ventures, a new corporate venture capital fund that will fuel innovation in the identity security market.
Ping

Ping Identity names Technology Veteran as SVP

Ping Identity, the intelligent identity solution for the enterprise, announced Rakesh Thaker as its new SVP, Chief Development Officer
Irisity

Ping Payments selects Sentinels

Ping Payments, the Nordics premier payments services provider for modern e-commerce and online transactions, has chosen Sentinels,
Ping Identity

Ping Identity – International Women’s Day

Lisa Occleshaw, Sales Director UKI at Ping Identity discusses International Women’s Day. International Women’s Day is a reminder of the work
Ping Identity

Ping Identity launches PingOne DaVinci

Ping Identity, the Intelligent Identity solution for the enterprise, announced PingOne DaVinci, a new no-code identity orchestration service that enables
predictions

2022 security predictions from Ping Identity

Andre Durand, Founder, and CEO of Ping Identity shares security predictions for 2022. As our lives become more digital, and digital and
Scroll to Top