Home » Holiday Scams to Watch Out and How to Avoid Them

Holiday Scams to Watch Out and How to Avoid Them

Written By YugaTech Brand Partner
Published • December 16th, 2022
FeatureGuides
0

Christmas time is the biggest season for online shopping with big-ticket items such as toys, games, and electronics as top items in most people’s shopping carts.

It is also during this season that online scammers ramp up their operations, targeting unsuspecting shoppers who are looking for the best deals during 11.11 or 12.12 Sale of most merchants and shopping apps.

Here are the most common online scams this holiday season that you should watch out for:

Table of Contents

Online Shopping Scams

Online shopping scams come in various shapes and forms; and we’ve seen scammers use more sophisticated techniques through the years.

With how meticulous and clever online shopping scams have become, we as consumers must keep an eye out for the red flags to avoid these fast-money schemes. Here are common red flags to watch out for:

Product prices that are too good to be true. When you’ve seemingly found a deal that’s too good to be true, such as a lower-than-usual price or a very huge discount, then it probably is. It would be a good practice to check the market value of the item in other stores to make sure that the shop you found is not just using ridiculous prices to lure you in to buying a fake.

No product pictures or customer feedback. If a seller does not have any actual product pictures on its posting or doesn’t have any customer feedback like reviews or ratings, that is a telltale sign that he is probably a scammer. There is probably a reason why nobody has bothered to post any reviews on their items, so it’s better to avoid them altogether. A good rule of thumb would be to always check on product reviews before buying from a merchant.

No refund policy. Sellers or stores that don’t offer a refund policy probably don’t want to give you a chance to get your money back after selling you an item. Stay away from any seller that doesn’t offer a process to refund your money under any circumstance. Remember, the law prohibits the ‘no return, no exchange policy’.

Seller asking for card details and One-Time Password (OTP). This is a big NO-NO. Sellers who ask you of any sensitive or confidential information, much less your bank details or one-time passwords (OTPs), should be avoided at all costs. You should always be cautious in giving out your mobile number or email address that is connected to your bank account to a seller or store.
Product swap. This is when you think you’re buying a certain item, but something else is delivered to you. For instance, there were people who bought smartphones, only to find pieces of rock inside the phone boxes upon delivery.

For some online marketplace and social media sites, the scam can be pretty scheming in terms of social engineering. You are lured to an online store or page offering items or services. On occasion, the scammers would even run an ad (social media ads for the most part) to lure buyers in.

Sellers would normally encourage using e-wallets or online banking as a form of payment, but once payment is sent, the buyer is blocked, and the seller can no longer be contacted.

Online Banking Fraud

Perhaps, the biggest and scariest thing that could happen to anyone doing online transactions or payments is online banking fraud.

The scheme involves tricking customers into giving their online credentials (usernames, passwords and PINs) and other sensitive or personal information, so scammers can gain access to the victim’s online banking account.

How scammers do it:

• They send a bank client an SMS, an email or even a chat message on a very compelling offer, promo, discount, waived annual fees, etc. It has a link that leads them to a make-believe banking site (called phishing sites) where they would be asked to “log-in” to their online banking account.

• If a user logs in, then the scammer can capture all their details. However, with banks equipping their apps with a two-factor authentication, which requires an OTP, scammers will try to contact the client again pretending to be a bank representative to get the OTP.

• Once the client is convinced to share the OTP, the fraudster will now gain full access to the account and will immediately wipe out all the funds. This is completed within 5 to 10 minutes of sending the OTP.

#FightFraud! Avoid the Holiday Rush

Scammers are taking advantage of the holiday season to expand their schemes and cash out big time. During this time, you should always be on alert as even the most clever and paranoid user can still be fooled into unknowingly giving access to their online accounts–whether it be their bank, social media, or email account.

Be more aware and careful, so you don’t become a victim of these scams this Christmas season.

Here are 3 fast rules from Metrobank to keep in mind every time you are in a situation that involves online financial transactions.

• Stop. Never click an unverified link or button, download a suspicious attachment, or scan a tampered QR code.

• Check. Verify the identity and legitimacy of the sender or caller before responding. Be alert and do not believe everything you are told.

• Think. No matter what, do not share your email address, mobile number, passwords, Personal Identification Number (PIN), One-Time Password (OTP), or Card Verification Value (CVV) 3-digit code found at the back of your card with anyone.

Remember, Metrobank will NOT initiate calls, SMS, emails, or chats to ask for your bank account details.

Join Metrobank in the fight against fraud this holiday season. For suspected fraud, call the Metrobank Contact Center at (02) 88-700-700, 1-800-1888-5775, or email us at [email protected] using “Report on Possible Fraud” as subject.

Visit Metrobank’s website: https://metrobank.com.ph/learn/fight-fraud and its official Facebook and Instagram accounts for more fraud tips, news, and advisories.

***
About Metrobank: This effort is part of Metrobank’s #FightFraud campaign, a fraud awareness content series to educate Filipinos about the dangers of financial fraud and how to prevent it. Metrobank is the country’s second largest private universal bank. The bank believes that its robust capital position and balance sheet strength will provide ample support as it navigates through these uncertain times. Capital ratios are among the highest in the industry, with total CAR at 17.2% and Common Equity Tier 1 (CET1) ratio at 16.3%. Consolidated assets stood at P2.7 trillion as of end-September 2022, making it one of the strongest and well-capitalized banks in the country.