Attention all shopaholics, save the date! - Black Friday is right around the corner, falling on November 24th! Like most Americans, Canadians treat this iconic holiday as a big deal. Lucky for us, we get an entire weekend to take advantage of all the amazing sales. Not only is it prime time to splurge on some great deals for yourself, it’s also a perfect time to shop for the upcoming holiday season. Who wants to spend full price on a luxury item when you can get it for half the price? Not me! Now, I probably shouldn’t be telling you this, but did you know?
Nearly 1 million Canadians skip work or school for this extravaganza. Moral of the story? - Get on board or be left behind.
Tips to help you navigate your way through this Black Friday
Scams to be Aware of how to protect yourself
Credit or Debit Card Scams: Although Black Friday can be an invigorating time for most shoppers, it also sets the stage for an increase in the amount of online debit and credit card fraud relating to retail purchases. Why? For scammers it’s the perfect time to target an oblivious and unsuspecting victim who is making a rushed purchase. Scammers leverage the fact that people experience an emotional high from all the crazy hustle and bustle. In fact, over the past three years, the percentage of online fraudulent transactions occurring between black Friday and Cyber Monday increased by approximately 34%. Credit card skimming is also dangerous and affects those consumers shopping at brick and mortar retail outlets. This occurs when a fraudster secretly connects a credit card skimming device to a POS terminal and steals credit card credentials as the shopper swipes their card.
Leaked Black Friday Advertisements: If you’re like me, you begin to plan for Black Friday before it even begins. Sometimes you can find Black Friday deals that have been leaked before the actual day. This helps shoppers to determine what to buy and how much to spend ahead of time. Here’s the thing, what you may not realize is that the fraudsters know this all too well. Looking to scam, the fraudster will attempt to build illegitimate websites with unreliable information on various sales, that deceive the shopper. What really happens after you open one of these sites or click on an ad? - Malware can infect your computer or smartphone. Now, your personal/banking credentials risk being in the hands of the criminal.
To help mitigate the risk of fraudulent activities during Black Friday, it is best to purchase a Reloadable Prepaid Visa Gift Card as it is not linked to your personal bank account. A prepaid card appeals to the security conscious consumer who does not wish to carry around large amounts of cash or a credit card that has the potential to be lost or stolen. A prepaid card has the same protection features as a credit card. With Visa’s zero liability policy, the consumer is protected from unauthorized purchases, theft or fraud.
Budgeting 101
Now, Let’s not get carried away. Black Friday can be a recipe for disaster when you spend too much money. However, a prepaid card is also a great budgeting tool. Prior to Black Friday, the consumer can load a predetermined amount of money onto their card. Now, the consumer feels satisfied knowing that they have a budget to stick to. Using a traditional credit card leaves room for the individual to spend more than they plan too.
Cross Border Shopping
Will you be venturing across the border to do your Black Friday shopping? Take the Canada Post Cash Passport Prepaid Mastercard with you. Not only can you load up to 7 different currencies, including U.S. dollars, but you can also travel worry free knowing that your banking credentials are not linked to this travel card in anyway. Visit a Canada Post location near you to get your very own Cash Passport.
Amazon.ca/Cash: Also just announced, Canadian shoppers can now use cash to pay for their Amazon purchases using Amazon.ca/Cash -Just in time for holiday shopping!
Have a safe and fun Black Friday! - Happy Shopping.