With the holidays upon us, people’s minds turn to shopping for presents, decorations and everything to do with the holidays. Scammers know this and continue to take advantage of our increasingly online shopping habits.

Our partners at the Better Business Bureau (BBB) have received 331 reports of online shopping scams so far this year with a total loss of $357,000! Some of the fake websites even claim to be in Memphis and scam money from people like you all over the country.

Online shopping scams are the No. 1 riskiest scam for consumers and 40% of all scam reports to the BBB in the last few years have been related to online purchases. Also important to note is that 40% of those online purchase scam reports resulted from clicking through social media links.

Since the pandemic, more and more of our shopping is at least initiated online – grocery pickup and delivery, Instacart, DoorDash, UberEats, etc., not to mention all those online shopping ads from retailers both known and unknown on social media applications. We know that it is unrealistic to think that online shopping will decrease, so we want to make sure that you know how to do so as safely as possible to protect your money.

Better Business Bureau: Read the fine print and prevent being scammed: Some free trial offers are not truly free

Here are Better Business Bureau tips to shop smartly and safely

• Research before you buy. Use BBB.org and shopper reviews to do your homework before paying. Also, read our tips for spotting phony reviews.

• If the deal looks too good to be true, it probably is. The price was the top motivating factor for people who made a purchase and lost money. Don’t shop on price alone.

• Beware of fake websites: Check the URL (web address), watch for bad grammar (scammer grammar), research the age of the domain, and search for contact information. Stay away from websites with no working customer service number and no physical address! See BBB’s tips for identifying a fake website.

• Professional photos do not mean it’s a real offer. Respondents reported that website photos motivated them to engage with scammers, especially for pets/pet supplies, clothing/accessories, and vehicles.

• Make sure the website is secure. Look for the “HTTPS” in the web address (the extra ‘s’ is for “secure”) and a small lock icon on the address bar. Never enter payment or personal information into a website with only “HTTP” – it is not secure.

• Be careful purchasing sought-after products, especially during the holiday season. The risk of online purchase scams rises during the holidays because more people are making online purchases, and scammers offer the most popular products for the season at great prices.

• Beware of making quick purchases while scrolling through social media. Scammers have access to tools they need to learn about your buying behaviors, offering exactly what you want at enticingly low prices.

• Look for the BBB Seal. BBB Accredited Businesses pledge to uphold the BBB Standards for Trust and to deal fairly with consumers. If a business displays a BBB seal, verify it by going to BBB.org.

• Use secure and traceable transactions and payment methods. According to BBB's research, those who paid with a credit card were less likely to lose money. Be cautious when using digital wallet apps, prepaid money cards, or other non- traditional payment methods. Learn more about payment types and how to use each safely.

• Try not to store your credit card information on websites when you make purchases.

• Shipment tracking information can be faked. Look closely to make sure it is a legitimate business. Avoid clicking on the tracking link; go to the 'shipper's website and type in the code to see if it is real.

• Never, ever do any shopping or access your bank account from a public, non- secure WIFI network.

• Count on BBB to help you “Shop Safe, Shop Smart.” More tips are available at BBB.org/holiday.

• Report unsatisfactory purchase experiences to BBB. If you are unhappy with a purchase, file a complaint at BBB.org/complaints. If you never got what you paid for, consider reporting it to BBB Scam Tracker to help other consumers avoid being scammed.

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CFPB orders Toyota to pay $60 million fine

The Consumer Financial Protection Bureau (CFPB) continues to root out bad actors in the financial arena and hold them accountable with multimillion dollar fines and a force of change in processes, procedures, products, and consumer notifications.

On November 20, 2023, they announced that Toyota Motor Credit was ordered to pay $60 million for illegal lending and credit reporting misconduct. $48 million will be paid to harmed consumers and $12 million will go to the CFPB Victims Relief Fund as a penalty. They were bundling products to increase the cost of car loans then denying consumers the right to cancel those product bundles, delaying or denying refunds of the cancelled bundles.

Our goal with Wallet Warnings remains the same - to help you safeguard your money. If you have any questions or need any additional information about anything discussed here, please call (901) 222-0206. We are happy to help you avoid scams, fraud and predatory lenders. You work hard for your money, and we want to make sure scammers don’t get it.

To view all previous Wallet Warnings, visit https://www.shelbycountytrustee.com/313/Wallet-Warnings.

Regina Newman is the Shelby County trustee.

This article originally appeared on Nashville Tennessean: Gift scams: Some tips to protect your pocketbook during the holidays