The holiday shopping season is well underway, and like a lot of people, you’re probably on the hunt for great online deals on those must-buy holiday gifts.
The rush to cross everyone off your list may have you ready to pounce on any offer. But security experts say you need to think before you pull out your credit card because scammers and other online Grinches want to take advantage of your haste.
This holiday season is already smashing shopping records. According to Adobe Analytics, American consumers spent $109.3 billion online between Nov. 1 and Cyber Monday, a 7.3% increase over the same period a year ago.
That’s not entirely surprising, given the continued increase in online shopping. According to a survey by cybersecurity company McAfee, 76% of Americans planned to shop online this holiday season, and 30% said they planned to do more online shopping than in previous years.
Meanwhile, now that Black Friday and Cyber Monday are over, shoppers are well aware that with every day that passes, there is less time to get everyone crossed off their holiday lists. Couple that with tough economic conditions, including high inflation, and shoppers are ready to snap up anything that looks like a good deal.
Michael Jabbara, vice president and global head of fraud services for Visa, says cybercriminals want to capitalize on that behavior as they look to steal credit card numbers, log-in credentials and other personally identifiable information.
“You have this perfect confluence of events that make the holiday season a perfect time for fraudsters to strike,” he said.
That can have dire consequences. Thirty-six percent of Americans polled in the McAfee survey reported being the victim of an online scam during a previous holiday season, and three-quarters of those victims lost money as a result.
That may seem daunting. But just as Rudolph’s bright red nose lights the way for Santa Claus, a…
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