Nationwide has issued a warning to millions of Christmas shoppers after a surge in spending over the Black Friday weekend, urging customers to stay vigilant as scam activity rises in the run-up to the festive season.
The building society revealed that its members made 31.2 million transactions across the Black Friday period, almost two million more than last year. Black Friday itself, on 28 November, saw a record 11.9 million transactions, an 8.7 per cent increase on 2023.
Nationwide said this pattern suggests another spike is likely on Friday 12 and Saturday 13 December, when it expects around 20.6 million transactions to be made.
Mark Nalder, service, operations and performance director at Nationwide, said: “Despite continued lower consumer confidence as we head towards Christmas, it’s encouraging to see that we’re expecting higher volumes of spending on Christmas shopping than the previous year. These peak periods will be incredibly busy days for retailers as consumers race to finish their shopping.”
However, he warned that the festive rush also provides fertile ground for scammers. The society said fake online deals, misleading social media adverts and pressure tactics are becoming more common, especially on platforms such as Snapchat and Telegram, which showed the largest year-on-year increase in reported social media scams.
Mr Nalder said: “It’s also more important than ever to pause and think before making a purchase to ensure that you’re paying the best price and to be on the lookout for potential scams, whether that is in-person, online shopping, or on social media.”
Nationwide has shared several safety tips for customers during the Christmas period:
• Be cautious of urgency tactics used by scammers.
• Use secure payment methods and avoid bank transfers when possible.
• Report anything suspicious immediately to your bank or to Action Fraud.
• Contact your bank or building society for advice before making a payment if unsure.
Nationwide also highlighted its 24/7 fraud line and Scam Checker service, which guarantees customers a refund if they check a payment with Nationwide first and are still scammed.
Consumer experts have also urged shoppers to carefully evaluate festive offers, noting that research by Which? found many so-called discounts were cheaper at other times of the year.
