Social media ads help online retail scammers steal over $280 million ahead of Cyber Monday

TL;DR

Social media ads help online retail scammers steal over $280 million ahead of Cyber MondayDallas resident Shannon Wolf clicked on a Facebook ad for Kay Jewelers that offered a steep discount and quickly took advantage of it.“It’s very misleading because they had a website that says Kay Jewelers so if a deal looks too good to be true, it probably is,” Wolf said.Scammers will be busy this weekend as a record 166 million people are expected to shop between Thanksgiving Day and Cyber Monday, according to the National Retail Federation and Prosper Insights and Analytics.“While there is much speculation about inflation’s impact on consumer behavior, our data tells us that this Thanksgiving holiday weekend will see robust store traffic with a record number of shoppers taking advantage of value pricing,” NRF CEO Matthew Shay said in a statement.“Likely, just under 5% of people who are scammed actually report it, so the real number is much larger,” said Brian Edwards, an investigator for the BBB."

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