After major retailer Wal-Mart announced its new price match guarantee, many consumers took advantage of the policy and tricked the company into selling them gaming systems such as a PlayStations 4 for as low as $90.

Wal-Mart's price match guarantee was originally a policy that would match prices posted in advertisements and competing companies' weekly circular. But heading into the holiday shopping season, Wal-Mart decided to update its policy and will now match any price on new products offered online including Amazon and competitors' websites.

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The new guarantee led many scammers to create a loophole using Amazon, and were able to receive gaming consoles at just a fraction of the price. Anyone with a registered Amazon account is able to list items for sale at whatever price they choose, in this case a PlayStation 4 worth $400 for just $89.99.

Although the online retailer always deletes misleading price listings, this can take some time and scammers were still able to easily take a screenshot or print out a copy of the listing and trick Wal-Mart employees into matching the fake price.

Wal-Mart finally began to recognize what was happening on Wednesday after some not-too-bright scammers boasted on social media about their rouse. Many of the Wal-Mart locations now have signs saying the "PS4 Amazon.com Ad will not be Ad matched Due to Fraud."

Furthermore, Wal-Mart ended the scams by contacting multiple news outlets and confirming that their price match guarantee will no longer match the prices of third-party sellers.

"We can't tolerate fraud or attempts to trick our cashiers," Wal-Mart said in a statement. "This kind of activity is unfair to the millions of customers who count on us every day for honest value." 

TagsWal-Mart, price match guarantee, Amazon, Holiday shopping season, scammers, playstation 4