Financial Impact of Online Frauds and Misleading Advertisements on Consumers

Digital technology and transactions have brought about a shift in how consumers relate with firms or companies in the world today. However, this has not only brought benefits like increased efficiency but also some problems, including misleading information by some websites that is detrimental to the financial status of consumers. In order to examine how online frauds and misleading advertisements affect consumers financially, a study was conducted. Some of the areas explored include the awareness level of consumers, their digital literacy, amount of money they have lost, and how misleading advertisements affect buying behaviour. Data was collected using questionnaires administered to 83 respondents. It was found out that some of the things that cause financial losses in consumer accounts included phishing attacks, false websites, misleading promotions, and impulsive purchase behaviours.