Financial fraud spikes by 50% in Bangladesh’s online Eid shopping

As the Eid approaches, the digital marketplace witnesses a surge in online shopping, accompanied by a distressing rise in financial fraud. Recent reports indicate a staggering 50 percent increase in fraudulent activities targeting eager consumers seeking discounts and deals during this celebratory period. Instances of deception have been rampant, with scammers leveraging enticing offers on social media platforms, particularly Facebook, to lure unsuspecting shoppers into their traps. The lure of steep discounts, such as a Vivo X Hundred Pro model handset priced at Tk 98,000 being offered for a mere Tk 3,500, or Eid clothing with a 25 percent discount, has proven irresistible to many. However, the excitement of securing a bargain quickly turns to despair as consumers find themselves duped after making advance payments. Pages promising swift deliveries vanish into thin air, leaving behind a trail of shattered trust and financial losses. Despite efforts by regulatory bodies like the National Consumer Protection Authority, tracking down these fraudulent entities proves challenging, as many operate under aliases and lack legitimate contact information. Evidently, the tactics of these fraudsters involves setting up temporary pages with ever-changing names and minimal identification details. With over 800 complaints filed in the past month alone, it is clear that online shoppers are increasingly falling victim to this malicious practice. Muhammad Hasanuzzaman, Assistant Director of the Consumer Rights Complaints Department, sheds light on the uphill battle faced by authorities in tackling this issue. "Some pages or outlets do not use addresses or identification numbers. They are mainly opened for fraud. As a result, many times finding these pages or organizations and settling cases becomes a challenge," he added. The E-Commerce Association of Bangladesh (E-CAB) emphasises the importance of consumer vigilance in thwarting fraud attempts. Jahangir Sobhan, executive director of the organization, underscores the need for thorough scrutiny before making any online purchases. "Consumers should be aware. Before ordering anything, check the age, reviews, and payment system of the page. Under no circumstances may transactions be made outside of the Market Account. Because fraud is increasing with personal accounts," he advises. Despite the prevalence of fraudulent activities, online shopping continues to surge, with a 25-30 percent increase expected around Eid. However, this growth is overshadowed by the pervasive threat of financial fraud, reminding consumers to exercise caution and diligence in their online transactions. As the digital marketplace evolves, so too must consumer awareness and protective measures. In the face of escalating fraud, vigilance remains the most potent defense against exploitation and deception. This serves as a clarion call for consumers to stay informed, stay cautious, and stay safe amidst the allure of online shopping this festive season.
Published on: 2024-04-03 07:22:11.127212 +0200 CEST