The Federal Competition and Consumer Protection Commission (FCCPC) has issued a cautionary alert to Nigerian consumers, urging them to exercise caution and avoid patronizing fraudulent online stores as part of the annual ‘Black Friday’ sales approach.
In a statement released on Thursday, Babatunde Irukera, the Executive Vice Chairman and Chief Executive Officer of FCCPC, revealed that the commission anticipates a staggering 135% increase in the proliferation of fake online stores during this festive sales period.
The Chairman stated, “The Federal Competition and Consumer Protection Commission (FCCPC) has received credible intelligence that the customary seasonal sales at deep discounts on a specific Friday, otherwise known as ‘Black Friday’, may witness an increase of fake online stores by 135%, including scams, misrepresentation and other exploitative conduct. This information is corroborated by publicly available reports, such as Netcraft.
“The Commission advises consumers to be vigilant and discerning in this period and to demand and insist on their rights, particularly concerning full and transparent disclosures,” he added.
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Citing credible reports from Netcraft, a research group had previously raised concerns about the surge in fake online stores leading up to the official Black Friday sales scheduled from November 24th to 27th, following the United Thanksgiving Day celebration.
Financial fraud in 2021 reached a worrisome value of N193.5 billion ($544 million), marking a significant upturn from the N153.4 billion ($431 million) reported in 2020.
The report highlighted the various techniques employed by fraudulent online stores, including deceptive discounts and the impersonation of high-end, counterfeit websites to lure unsuspecting victims.
A report said financial fraud in 2021 was valued at N193.5 billion ($544 million), a significant increase from the N153.4 billion ($431 million) lost in 2020.
Against the backdrop of Nigeria’s soaring inflation rate, reaching 27.33%, and the persistent foreign exchange crisis, with the exchange rate hitting N956.33/$1 on Thursday, the economic challenges have heightened concerns about the purchasing power and cost of living for Nigerians.
Despite these challenges, the allure of Black Friday sales may prompt many consumers to seek bargains, making the FCCPC’s advisory crucial for safeguarding against potential scams and ensuring transparent transactions.