£360m to be spent on counterfeit goods during Christmas holiday

Consumers beware! More than likely £73 million will be spent on counterfeit goods this Christmas Day alone.

In addition, NetNames has predicted that £360m will be spent online on counterfeit goods over the entire Christmas period and expectations should meet £85m on Boxing Day.

Their research shows that there could be a seven percent growth in the amount spent on fake products this year since it was expected that £337m was to be spent on counterfeits last year during the Christmas holiday.

“Whilst many retailers will slash their prices to attract bargain hunters in the run up to Christmas, consumers may be caught out by cyber-criminals selling counterfeits at a seemingly attractive price online. Consumers must, therefore, remain wary of “too good to be true offers” for the must-have festive gifts,” said Gary McIlraith, CEO of NetNames.

To avoid becoming a scam victim, NetNames advises consumers to check if the domain of the registered website matches that of the company, check if the website is secure prior to submitting payment details, and check if the reviews on the website are bad or too good to be true.