Christmas is approaching and retail activity is in full swing — and so are the fraudsters. Visa has published a new report, “Visa 2024 Holiday Threats Report”, which maps the five most common ways card fraud occurs during the year’s busiest shopping period. With Black Friday, holiday gift shopping and post-Christmas sales, consumption peaks — and so do attempts at fraud.
The report shows that criminals are becoming increasingly sophisticated. They exploit the rise in both e-commerce and in-store shopping to steal card details and money using advanced methods such as phishing, fake online stores and malicious apps. The number of fraudulent merchant websites has almost tripled in the past four months compared with the period before.
The Swedish National Council for Crime Prevention’s (Brå) report “Fraud against private individuals 2023” also highlights the seriousness of fraud, particularly crimes that rely on social engineering. In these cases, perpetrators exploit trust to trick victims into handing over money or personal data. This type of fraud accounted for 46 percent of criminal gains in 2022, despite representing only 19 percent of reported fraud cases.
Visa’s report identifies the five most common methods used by fraudsters:
- Phishing and social engineering
- Fake online stores
- Travel-related fraud
- Malicious holiday-themed apps
- Physical theft of cards and phones
“Fraudsters are becoming more sophisticated, but there are simple steps you can take to protect yourself. Be cautious of suspicious links and offers that seem too good to be true, and always verify that the website you’re shopping on is secure,” says Fredrik Lindqvist, Sweden Country Manager for Visa.
Visa’s findings offer a window into a hidden world of organized crime that operates alongside holiday commerce. Criminals are adept at exploiting consumers’ stress and focus on seasonal shopping.
Sources:
1. Visa 2024 Holiday Threats Report
2. BRÅ, “Fraud against private individuals 2023”