Teen online spending up 185% as parents urged to be wary of fraudsters

With Black Friday and Cyber Monday on the way, people are being asked to be vigilant when using credit and debit cards online - particularly parents with teenagers.

Online spending has increased by almost 25% as we head into the busiest shopping period of the year.

With Black Friday deals already available in most places and warnings of supply shortages ahead of Christmas, Irish people have been busy shopping online in recent weeks.

As the economy has reopened and sectors have been able to return to work, many people have more money to spend than they did last year.

However, it appears some people may still be reluctant to visit shops with most of the money being spent online.

Of course, there are people who prefer the convenience of online shopping as well as the possibility of snagging an online offer or two.

This is evident as spending has increased 24% on the same period in 2020.

With Black Friday and Cyber Monday on the way, people are being asked to be vigilant when using credit and debit cards online - particularly parents with teenagers.

According to data from Bank of Ireland, online spending among teens increased 184% in the first 10 days of November.

Interpol's most recent report shows a surge in cybercrime being reported and the increase in online shopping is reportedly a leading factor in the steep increase in online fraud.

Parents are being strongly advised to check in with their teens to ensure that they are shopping online securely and are aware of the simple steps they can take to avoid fraudsters' tactics to gain access to banking information.

No matter how tempting the offer, avoid clicking on social media or pop-up adverts for products

The festive period is an ideal time for fraudsters to act as people are extremely busy and often distracted while doing their shopping.

"This is a dangerous combo, meaning consumers may be more likely to let their guard down," warns Edel McDermott, Head of Fraud at Bank of Ireland.

"There has been no let-up in the alarming increase in ‘smishing’ (fraudulent text) attempts we have witnessed this year.

"Our advice to shoppers of all ages is simple: stay safe this Black Friday and every day – be careful where you shop, watch out for suspicious texts and websites, and remember if it looks too good to be true, it is."

The bank is keen to remind people that they will never send a text with a link to a website that asks for online banking login details.

Should someone receive such a text, it is fraud no matter what the text says and even if it comes into the phone as part of a thread of previously legitimate messages.

Fraudsters are extremely tech savvy and can ensure their texts land alongside genuine messages.

Bank of Ireland says that if they use a sender ID like ‘BOI’, your phone assumes that the text is coming from the same place that used that ID before. This is not something that banks – or other companies and service providers – have any control over.

There are a number of tips shoppers can follow when online shopping to help to keep them safe:

• Verify the website you wish to purchase from independently. Go directly to the retailers’ website by typing it into your browser – rather than following a link;
• No matter how tempting the offer, avoid clicking on social media or pop-up adverts for products;
• Always check that a website is secure. The website address should be ‘https’ before the purchase is made, indicating a secure connection; 
• Public WiFi when making payments is a no-go. If shopping on a mobile, use 3G/4G instead.