The holiday season is in full swing, and so are the scammers. Our Credit Union has recently received numerous reports from members who have experienced fraudulent activity on their accounts after making purchases online, particularly through platforms like TikTok Shop. These scams often involve products that are never delivered, items that differ greatly from their advertised descriptions, or even outright theft of payment information.
The Rise of TikTok Shop Scams
TikTok Shop has grown in popularity for its viral product advertisements and enticing flash sales. However, some sellers on the platform take advantage of this by listing fake or substandard items. For instance, customers have reported receiving fake versions of popular products like Stanley cups or perfumes with incorrect scents. In some cases, buyers received nothing at all, while scammers pocketed their payment information. Despite TikTok’s efforts to moderate listings, it does not guarantee the quality or accuracy of products sold on its platform.
Broader Holiday Scams to Watch For
These TikTok scams are just one example of the dangers lurking online this holiday season. Fraudsters are also targeting consumers with:
Phishing Emails: Fake emails that look like they’re from trusted retailers but lead to fraudulent websites designed to steal your personal information.
Social Media Ads: Tempting ads for heavily discounted products that turn out to be scams.
Counterfeit Goods: Imitation electronics, clothing, or toys sold at a fraction of their normal price but lacking in quality — or never arriving at all.
Protect Yourself While Shopping Online
Use Credit Cards, Not Debit Cards: Credit cards offer stronger fraud protection and prevent direct access to your bank account in case of unauthorized charges. If you suspect fraud, disputing charges on a credit card is generally easier than recovering funds from a debit card.
Research Sellers: Before making a purchase, check the seller’s reviews and ratings. Be wary of deals that seem too good to be true.
Shop on Trusted Websites: Stick to reputable online retailers or official brand websites. Avoid deals found exclusively through pop-up ads or unfamiliar links.
Monitor Your Accounts: Regularly review your bank and credit card statements for suspicious activity, especially after making online purchases.
Enable Alerts: Many banks and credit unions, including ours, offer account alerts for unusual transactions. Sign up for these to stay informed in real-time.
We’re Here to Help
If you suspect fraudulent activity on your account, please contact us immediately. Protecting your financial security is our top priority. Together, we can ensure a safe and joyous holiday season for everyone.