- Research by Revolut found that over 46% of Singaporeans surveyed plan to spend more than S$100 this Black Friday; in fact, 1 in 5 respondents between 18-24 years old plan to spend more than S$500
- The majority of Singaporeans surveyed don’t mind waking up in the middle of the night or in the wee hours of the morning to catch a good Black Friday deal with close to 24% saying they will definitely wake up in the night to score a deal, and close to 52% saying they might depending on how good the discount is
- Revolut’s Head of Financial Crime is warning consumers to stay vigilant amidst surging frauds this sales season as e-commerce scams such as fake websites become increasingly sophisticated; he shares top safety tips to take note of this shopping season
Singapore, 22 November, 2023 – Revolut, the global financial super app with more than 35 million customers worldwide, recently conducted a survey with research company Dynata on a representative sample of 1,000 Singaporeans aged 18-65+ about how they plan to shop this Black Friday (24th November) amidst scams.
According to the Dynata figures, commissioned by Revolut, over 46% of people plan to spend more than S$100 this Black Friday, whilst only 13.5% don’t plan to spend anything at all. However, those aged between 18-24 years old are the biggest sale seekers and plan to spend the most, with 1 in 5 respondents saying they plan to spend more than S$500 SGD.
Eco-Conscious Consumers Less Likely to Return Items
The majority of Singaporeans surveyed (close to 47%) say they hardly ever return Black Friday items. Furthermore, close to 10% say they never return Black Friday items as they’re conscious of the environment when sending deliveries back and forth.
Practical Purchases and Holiday Savings
The research found that people in Singapore consider their purchases carefully, with close to 52% of people saying they only buy functional things they need. However, over 23% of those surveyed say they like the sale to treat themselves to things they don’t really need and enjoy a good deal.
Singaporeans Willing to Sacrifice Sleep for a Good Deal
Moreover, the research reveals that Singaporeans surveyed sure love a good bargain. The majority don’t mind waking up in the middle of the night or in the wee hours of the morning to catch a good Black Friday deal with close to 24% saying they will definitely wake up in the night to score a deal, and close to 52% saying they might depending on how good the discount is. On the other hand, about 21% say they’d never do that in their lives.
Sale Surge turned Fraud Frenzy
However, salegoers are urged to remain vigilant this sale season amid soaring scam rates which robbed consumers of S$21.3 million in 2022 according to research firm Statista. E-commerce scam cases increased by close to 78% in 2022 (just under 4.8k) compared to the previous year (2.7k) and are predicted to be more prevalent this year. In fact, e-commerce scams are now among the leading types of scams reported last year.
Top Safety Tips from a Revolut Financial Crime Expert:
Revolut warns that euphoria and urgency experienced by shoppers seeking to score a deal may come at a cost. Nelson Yiannakou, Head of Fraud and Financial Crime at Revolut APAC shares types of scams shoppers should be wary of:
- Fake websites: Scammers use the latest and greatest tech to set up fake retailer websites so that they look exactly like genuine online retail stores. Some of the fake stores will send you the product you purchased but their real goal was to obtain your personal and card data.
- Selling fake goods: Some sites sell luxury items like popular jewelry or clothing brands, or electronics at very low prices. Sometimes shoppers will receive the item they paid for but they will be fake or other times they will receive nothing at all.
- Temporary fake sites: A newer version of online shopping scams involves the use of social media platforms to set up fake online stores. The stores open for a short time and then disappear after some sales are made.
- Social media advertising: Scammers use social media to advertise their fake websites. Often they use “Swipe up” features and put time pressure on it to create a sense of urgency.
The Safest Way to Shop Online
For many customers, a fear when shopping online is to have their card details stolen. However, this risk can be mitigated by using Revolut’s single-use virtual disposable cards. The cards provide users with a temporary, randomly generated card number, CVV, and expiration date to be used for a single transaction. Once the transaction is completed, the virtual card automatically perishes, reducing the risk of unauthorized transactions, and safeguarding personal and financial information. Nelson also advises that if a purchase is not received or was misrepresented by the seller, then customers should raise a dispute via the Revolut app.
Shulin Tay, Head of Legal & Compliance at Revolut Singapore, says: “Black Friday shoppers are regularly left deflated and out of pocket after being duped by online scammers, particularly when under time pressure to buy an item.
“At Revolut, our top priority is to help customers avoid online fraud to keep them and their money safe. In 2022, our 2,500-strong, 24/7 fraud prevention team prevented customers from falling victim to more than £200M (approx S$335m) in potential fraud. Our sophisticated fraud detection systems constantly monitor for high-risk transactions to keep our customers safe while they continue saving, sending, and spending with ease.”
This Black Friday, Revolut is offering its users a special offer – from 21 – 27 November, all Standard and Premium users can avail of the Metal plan at S$100 / year, close to a 50% discount from the original price (S$199 / year).
About Revolut
We are building the world’s first truly global financial super app. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, 35 million customers around the world use dozens of Revolut’s innovative products to make more than 400 million transactions a month. Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.
In Singapore, Revolut Technologies Singapore Pte. Ltd. (“RTS”) is regulated as a Major Payment Institution (licence no. PS20200326) since October 2020. For more details, you can refer to the MAS website here. RTS also offers a precious metals product that is not regulated under the Payment Services Act.
Revolut Securities Singapore Pte. Ltd. (“RSS”) has been regulated as a Capital Markets Services licensee by the Monetary Authority of Singapore (“MAS”) since November 2021. For more details, you can refer to the MAS website here.
