UK Insurance News

Home Insurance specialist LV= say that the UK public will spend an estimated £132 million online this year, buying ‘black market’ goods for Christmas, through auction sites and bargain hunting.

Their research says that 35% of the public will turn to online auction sites and market places to hunt for bargain Christmas gifts and 40% will be happy to turn a blind eye to potentially stolen goods if the price is right.

Experts warn online shoppers to check out the background of independent sellers online, with one in twelve shoppers previously falling victim to criminals selling stolen or fake goods.

LV= also warn shoppers to be on their guard, saying that anything stolen or counterfeit will not be covered by a home insurance policy so shoppers buying these goods could find themselves or their family out of pocket. Furthermore, buying from these sellers encourages further criminal activity such as burglary and theft.

LV= offers the following advice to avoid ‘black market’ goods:

• Carefully check the description and photographs of the item online and compare with other examples for sale.
• Check if the price is similar to other sellers, and if it is much lower be suspicious.
• When buying a designer item, such as a watch or bag, check that you are getting all the extras such as the box and certificate of authenticity.
• If you are buying a designer watch, check that the number engraved on the watch itself matches the number on the certificate of authenticity.
• If buying expensive items, avoid private sellers and buy from registered UK businesses. These are by law required to provide an address and phone number.
• When dealing with private sellers, ask for a name and check they have working contact details before you part with any money and always check their online ‘feedback’.
• Avoid any seller who asks for payment only by cash or by moneygram type services.
• Check if there’s a refund and returns policy – all legitimate UK businesses have to offer refunds and returns.
• If you’re dealing with an independent private seller, ask about their refund policy and get this in writing so you are less vulnerable in the event of the item being damaged, stolen or counterfeit.
• Use online reviews and reputation sites to check out sellers.
• Pay by credit card or take advantage of protection schemes provided by online payment suppliers. You will then be protected if the goods do not arrive or turn out to be fakes.
• One of the biggest risks of ending up with stolen or counterfeit goods is when purchasing from abroad. Be particularly cautious when buying from China, Nigeria and Romania.