Barclays has issued a stark warning to customers, alerting them to a heightened risk of sophisticated scams that could see money wiped from bank accounts next Friday, November 28, coinciding with the Black Friday sales.
The AI Scam Epidemic
The bank's research reveals a climate of heightened anxiety among shoppers, driven by advances in artificial intelligence. A significant 75 per cent of shoppers believe that AI developments have made online scams more convincing than ever before.
This technological shift is creating new challenges for consumers, who report that AI is making fake reviews, fake websites, and fake social media ads increasingly difficult to identify. Compounding the problem, only 36 per cent of people feel confident they could spot an AI-generated scam while shopping online.
Gen Z: The Most Cautious Generation
Contrary to the stereotype of digitally native youth, Gen Z adults are the most likely generation to avoid online shopping altogether due to scam fears. A notable 34 per cent now steer clear of digital retailers, a rate that is 12 percentage points higher than older age groups.
The caution appears to be born from direct experience. The research also found that Gen Z are more than twice as likely as Baby Boomers to have either lost money to a shopping scam or to know someone who has.
How to Protect Yourself
Barclays has identified a sharp rise in scam attempts via text message, with average monthly reports originating via SMS more than doubling since 2023. In response, Barclays Fraud & Scams Expert, Kirsty Adams, has shared a simple "SAFE" acronym to help shoppers protect themselves.
Adams advises: "Scammers are adapting fast, using increasingly sophisticated tactics to exploit shoppers during peak sales periods. Acting quickly without checking can lead to serious financial loss. My advice is simple: pause, verify, and never share sensitive information unless you’re certain the retailer is genuine."
The bank's key safety tips are:
- S - Stop and research the retailer before purchasing.
- A - Ask someone you can trust for a second opinion.
- F - Flag anything that seems unrealistic to your bank.
- E - Ensure the website has secure payment processes.
With Black Friday fast approaching, this warning serves as a critical reminder for all shoppers to remain vigilant and double-check every deal that seems too good to be true.
