Irish consumers are expected to spend in excess of €40 million on online purchases today as the growing phenomenon of Cyber Monday gains further traction here.

Major online retailers including amazon.com, ebay.ie and harveynorman.ie are confident that slashing prices for a 24 hour period  on everything from giant TVs and high-end computers to vacuum cleaners and coffee machines will temp shoppers to splash out more than the €39 million spend on this occasion one year ago.

Cyber Monday is a contrivance dreamed up ten years ago by US retailers anxious for new ways to boost sales and only 34 per cent of Irish consumers are aware of the phenomenon, a recent survey found. However, according to a poll conducted by the Irish League of Credit Unions, two thirds of shoppers here said they do expect to make online purchases this Christmas.

Because cybercrime is a growing problem, consumers are advised to take extra precautions when purchasing items online over the holiday period.

"The allure of cheaper Christmas shopping and the bombardment of deals and special offers can lower our guard to cybercrime," said Jason Ward of technology company, EMC Ireland.

"While paying for goods and services via trusted websites is generally very safe, there are still criminals seeking to take advantage of consumers' willingness to spend, and defraud them of their financial information."

Source: www.businessworld.ie