As the holiday sales season ushers in Black Friday on November 24 and Cyber Monday on November 27, consumers are gearing up for a shopping extravaganza. However, it's also a prime time for cybercriminals to exploit the rush for bargains and compromise our financial security.
To help navigate this cyber jungle, ConsumerAffairs consulted a panel of fraud experts who shared invaluable tips on protecting ourselves from fraudsters and scammers.
1. **Hack Friday and Cybercrime Monday:** John Watkins, Senior Vice President of Fraud Strategy at Jenius Bank, advises early shopping, not just to beat the crowds, but because fraudsters tend to strike in the afternoon and evening when crowds thin out. Monitoring your credit and debit card transactions throughout the day, setting low transaction notifications, and staying vigilant against phishing emails and texts are crucial precautions.
2. **FOMO = FUBB:** Sandro Okropiridze, CEO of STORI, warns against falling prey to counterfeit products by recognizing too-good-to-be-true deals. If an ad mimics a well-known brand and offers a price that seems unrealistically low, pause and research the product elsewhere using platforms like Google Shopping to verify prices and sellers.
3. **Counterfeiters' Holiday:** Frank Cullen, C4IP Executive Director, emphasizes the rise in consumers purchasing counterfeit products, especially during the holidays. Okropiridze highlights the prevalence of counterfeit items on social media, advising shoppers to scrutinize reviews and the seller's digital footprint.
4. **In-store/Public Wi-Fi Risks:** Paul Fabara, Chief Risk Officer at VISA, urges consumers to avoid public Wi-Fi, which can be exploited by cybercriminals. Using a secure, private internet connection, like a home network or VPN, provides a safer shopping environment.
5. **'One-time Passcodes' (OTP) New Threats:** Fabara points out the growing threat of one-time passcodes, manipulated by scammers impersonating banks or financial institutions. Experian warns against OTP bots tricking people into sharing authentication codes via text or email, emphasizing the importance of safeguarding such information.
As you embark on your holiday shopping spree, staying vigilant and implementing these expert tips can help ensure a secure and enjoyable shopping experience.
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