The holiday season is a favorite time for cybercriminals. With so many people shopping online, booking trips, and connecting with loved ones digitally, it’s a perfect chance for scammers to strike. Cybercrime is a growing threat, with global damage costs predicted to reach a staggering $9.5 trillion US in 2024. (1)
So, how can you protect yourself from these online threats? Let’s explore some simple steps to help safeguard your finances during the holiday season.
Why Holidays Amplify Scam Risks
During the festive season, scammers leverage:
- Increased online shopping traffic
- Emotional vulnerability and generosity
- Overwhelmed consumer attention
- Last-minute gift panic
- Reduced personal vigilance
Common Holiday Scam Types
Scammers are always looking for new ways to take advantage of unsuspecting consumers, especially during the holiday season. Here are some common scams to watch out for:
- The “It” Toy Trap: Scammers prey on desperate parents by sending fake links to popular toys that are in high demand. Always verify the seller’s legitimacy and avoid clicking on suspicious links.
- Fake Shipping Notifications: Be wary of unsolicited texts or emails claiming to be from shipping companies. These messages may contain malicious links or attachments.
- Phony Charities: Scammers often create fake charities to solicit donations. Research any charity before giving and donate directly to reputable organizations.
- Holiday Job Scams: Be cautious of job offers that seem too good to be true. Scammers may use fake job postings to collect personal information or steal money.
- Gift Card Gimmicks: Avoid buying gift cards from third-party sellers or responding to unsolicited offers. These scams often involve selling expired cards or stealing card information.
By being aware of these common scams, you can help protect yourself from falling victim to holiday fraud.
Protection and Recovery Strategies
If you suspect a scam:
- Change all potentially compromised passwords
- Contact financial institutions to freeze accounts
- Document and report fraudulent charges
- Notify local and federal authorities
- Freeze credit reporting agency records
- Remove suspicious device software
Holiday-Specific Prevention Considerations
- Verify charity authenticity before donating
- Use credit cards for online purchases
- Enable two-factor authentication
- Avoid clicking unknown links
- Be cautious of “too good to be true” deals
- Monitor financial statements closely
- Use secure, private networks for transactions
Warning Signs of Holiday Scams
- Urgent language demanding immediate action
- Requests for gift cards or wire transfers
- Unsolicited communications
- Pressure to act quickly
- Offers with unrealistic discounts
- Incomplete or suspicious contact information
Help Protect Yourself Now
If you have any questions about these suggestions or you think your accounts may be in danger, don’t hesitate to reach out to schedule a complimentary call.
Source:
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(1) Cybercrime Magazine. (2024, November 18). Cybercrime to cost the world $9.5 trillion USD annually in 2024. https://cybersecurityventures.com/cybercrime-to-cost-the-world-9-trillion-annually-in-2024/
