Cyberscalpers resell hot holiday toys at major markups Video

Transcript for Cyberscalpers resell hot holiday toys at major markups

All right, this has our blood boiling. Back now with the grinches snatching up the hottest toys and reselling them at major markups like the fingerling toy which usually sells for 14.99 is now being sold for as much as a thousand dollars, Amy is back and one lawmaker is upset. This is going to make everybody’s blood boil because it is so frustrating to see what people are doing. They’re calling it cyberscalping. Sophisticated computer programs or bots used to make mass purchases online and driven up ticket prices for Broadway shows an concerts and many have experienced that. Well, now, they are coming for Christmas. With the countdown to Christmas just 20 days away, plenty of parents are desperately trying to get their hands on the season’s hottest toys. Hello, dream house. ??? Reporter: But this morning many are out of stock and being resold online for hundreds or even thousands of dollars above list price all because of what some are calling grinch bots. The same cyberscalping technique that can make it hard to find tickets to concerts or sporting events now being used to buy up popular toys before Christmas. Cyberbot, we call them grinch bots are expanding their reach and unfairly scooping up the hottest toys before parents can even click buy. Reporter: And the markups on these toys can be sky high. For example, this Barbie hello dream house retails for almost $300 but here on Ebay, a reseller was asking more than $1700. The Nintendo super nes classic edition sells for $80 but being resold for 13,000. And this 14.99 turquoise fingerling money for 14 goes can go for a thousand dollars. It takes away from the true meaning of Christmas. I don’t think it’s good. I christmastime. We got skroofrns out there and Santa is watching by the way. Reporter: Some lawmakers agree. New York senator chuck Schumer wants to make it illegal and is call on retailers to help crack down on these online scrooges. Stores and the people who make the products are block the bots. They can. And they should be protecting their customers. Reporter: Overnight the national retail federation telling ABC news it is working to strengthen enforcement against bad actors and take away the tools being used to against innocent customers. And the retail industry leaders association saying it’s committed to taking precautions to mitigate fraud and illegal transactions. But for now experts suggest shoppers may need a…

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