Overview
- Spending on the sales is forecast to top $3.1 billion as Australians hunt for discounts online and in stores.
- ABA-commissioned polling found 64% of people have encountered shopping scams, with fake order confirmations the most common at about 45%.
- Australians lost roughly $40 million to buying and selling scams over the past year, according to banking industry figures.
- Banks say safeguards are being deployed, including an industry-wide Confirmation of Payee system, stronger payment warnings and delays, and expanded intelligence-sharing to stop dodgy transfers.
- With most shoppers planning to buy online, consumer advisers urge price tracking, cross-store comparisons, stacking discounts, checking refund policies, and sticking to a firm budget.