The Federal Competition and Consumer Protection Commission, FCCPC, has warned Nigerians against shopping at bogus internet sites ahead of the traditional Black Friday sales.
FCCPC Executive Vice Chairman/Chief Executive Officer Babatunde Irukera stated this in an advisory statement on Thursday.
According to Irukera, the Commission anticipates a 135% increase in bogus internet retailers.
According to the Commission, Nigerians should be cautious and only use reputable and credible platforms to meet their demands.
“The Federal Competition and Consumer Protection Commission (FCCPC) has received credible information that the traditional seasonal sales at deep discounts on a specific Friday, otherwise known as ‘Black Friday,’ may see a 135% increase in fake online stores, including scams, misrepresentation, and other exploitative behavior.” This data is supported by publicly available reports like 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 went on to say.
Netcraft, a research firm, has previously sounded the alarm about the proliferation of bogus internet retailers ahead of Black Friday sales, which officially began on November 24th-27th, following the United Thanksgiving Day celebration.
According to Netcraft, unscrupulous internet retailers trick their clients by using various strategies such as offering false discounts and mimicking fancy, fake websites.
According to a research, financial fraud in 2021 will be worth N193.5 billion ($544 million), up from N153.4 billion ($431 million) in 2020.
However, the skyrocketing inflation rate of 27.33 percent may have lowered Nigerians’ purchasing power and raised the cost of living.
In addition, Nigeria’s consumption trend has been hampered by the country’s ongoing foreign exchange problem, which reached N956.33/$1 on Thursday.
These tough economic realities will undoubtedly entice many Nigerians to shop at Black Friday sales.