Nationwide Warns Shoppers of 'Card Not Present' Fraud on Black Friday
LONDON, ENGLAND - As the highly anticipated Black Friday sales approach, a growing concern has emerged: 'card not present' fraud, which saw nearly a quarter (22%) of all fraud cases in 2024.
This trend comes as many retailers flood markets with deep discounts and limited-time offers ahead of the biggest shopping day in Britain. According to Nationwide's spending data from Black Friday last year, spending on this single day increased by an astonishing 25% - with over £336 million expected to be spent online alone (up 12% from 2023).
Meanwhile, financial experts warn that fraudsters will capitalise on any event, including Black Friday. "Fraudsters are clever and will take advantage of our spending habits during this time," said Jim Winters, Head of Economic Crime at Nationwide.
Nationwide highlights 'card not present' - cases where payment information is stolen or scanned while making online purchases - as the building society's most common fraud of 2024. Over 42% of individuals aged 25-44 have reportedly fallen victim to such scams, while only 7% of those over 75 experience similar issues.
The financial institution warns customers to exercise extreme caution when shopping online or in-store. A recommended list of preventative measures includes:
Being vigilant with account balances and transactions Avoiding deals that appear too good to be true Verifying website credibility and reputation Not sharing sensitive payment information (once-time PIN codes) Keeping cards on credit checks - rather than saving recurring payment details Maintaining personal data security, especially in public areas
Jim Winters advises shoppers: "While anyone can fall victim to fraudsters, being proactive about staying safe while shopping online is crucial." To protect yourself further, Nationwide customers may leverage their financial institution's built-in Scam Checker service to avert £13m fraudulent payments since 2023.
Those who have already fallen victim will also find support on Nationwide's Fraud and Security website.