BANGKOK, 19 December 2024: The holiday season is here, and as you hunt for the best deals, be aware that fraudsters are also finding new ways to exploit the surge in holiday spending.
Fraudsters aim to steal your money and personal data or obtain unauthorised access to your accounts. According to the Visa Payment Ecosystem Risk and Control (PERC) team, here are the top five ways fraudsters try to steal your holiday cheer and tips on how to keep them at bay.
1. Reel you in with phishing attacks
Phishing attacks often appear innocuous, presenting an unsuspecting message from a “friend” asking for help or an email telling you about a grand prize you have just won. But they lead to lasting damage.
Fraudsters pose as trustworthy entities or familiar contacts to steal personal information. They may also use the higher volume of promotional emails, notifications, and messages to slip past your defences during the holiday shopping season. While usually easy to spot, the higher volume of emails, notifications, and promotional messages during the holiday shopping season can lower your defences.
Phishing attacks are increasingly targeting Asia Pacific. According to Statista, Vietnam, Taiwan, and Sri Lanka are among the world’s top 10 phishing targets. With fraudsters employing new and sophisticated phishing methods, it pays to stay vigilant during the holiday season.
Visa’s Tips: Follow our four-step checklist – Pause, Check, Ask Around, and Act Only if You’re Sure – to ensure you know who or what you interact with before sharing your personal information.
2. Pose as merchants you love
As shoppers hunt for holiday deals, fraudsters can pose as merchants on eCommerce and other shopping sites to trap unsuspecting victims. In the past four months, Visa PERC saw a 284% increase in fake merchant websites compared to the prior four months, a sign that these fake merchants are gaining momentum.
In addition to creating fake merchant websites and profiles, these fraudsters can create enticing ads offering discounts on popular or luxury items. They lure victims to provide their personal and payment credentials to check out deals that never arrive.
Visa’s Tips: Ask yourself three simple questions to spot fake merchants and deals before they strike you this holiday season:
Do I trust the offer?
Am I paying safely?
Do I need more advice?
3. Collect your data with bogus deals
The peak in travel during the holiday season leads to a surge in air travel, hotel reservations, and other related bookings. Fraudsters target these industries by creating fake websites, sending hoax emails about flight cancellations, and listing non-existent holiday rentals to steal your data and funds.
In Asia Pacific, fraudsters use bots for “seat spinning” activities. Unauthorised online travel agencies (OTAs) deploy bots to reserve airline seats at scale without payment, then offer these seats on their websites, collecting personal and payment data.
Visa’s Tip: Verify the URLs of airlines, travel, and hospitality providers to ensure you are booking with trusted merchants. Avoid online ads that may lead to fake travel merchants. Finally, paying via secure gateways like Visa can help you avoid fraudulent transactions and track sudden cancellations or changes to your travel bookings.
4. Mislead you with fake apps
Fake holiday-themed mobile apps can also emerge during the travel season, offering services ranging from itinerary planning to discovery to “fun” activities like tracking Santa around the globe.
While these can sometimes add value to the travel experience, they can also be fronts for malware that steal login and payment credentials. Mobile malware in Asia Pacific recorded a 77% year-on-year increase in spyware targeting personal and financial data.
Visa’s Tip: Only download apps from official app stores. It also helps to visit the retailer’s official website to confirm that the app you’re downloading is correct. When using these apps, be aware of the permissions you are granting them so you know what they can access on your phone. Finally, keep your devices updated to ensure your security is current.
5. Steal your cards and credentials
Finally, with holiday shopping on the rise and more people travelling this season, the theft risk increases, especially in crowded places. In-person shopping creates opportunities for stolen payment cards, phones, or more advanced theft of payment credentials via automatic teller machine (ATM) skimming devices. Aside from digital threats, consumers must stay vigilant and protect their personal information.
Visa’s Tip: Stay aware of your surroundings and secure your belongings in public places. Report suspicious devices at ATMs or POS devices to the authorities. In case of a lost card, immediately contact your bank or card issuer or freeze your credentials on your mobile banking app to prevent unwanted expenses.
