UK bank TSB warns of rising purchase scams on social media as Black Friday approaches.

UK bank TSB has warned customers about the rise in purchase scams ahead of Black Friday and Christmas, particularly on social media platforms like Facebook and Instagram, which accounted for 67% and 16% of purchase fraud losses respectively. Scammers often sell non-existent items like pets, electronics, and holiday gifts. The Payment Systems Regulator introduced mandatory reimbursement rules in October, requiring banks to reimburse fraud victims unless they were grossly negligent. TSB advises customers to shop cautiously, stick to reputable sites, and view items in person before purchasing.

November 12, 2024
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