In its updated version Report on Threats to Digital Payments, Visa notes that fraudsters will use sophisticated ways to exploit consumer information during the holiday season and shares tips for safe transactions.

Visa, the global leader in digital payments, has released the revised version of its Digital Payments Threat Report, which predicts increased fraud activity during the holiday season, both in card-present and card-present transactions. and through e-commerce (card-not-present).

The new report identifies popular fraud tactics expected between November 2023 and January 2024 due to rapid growth in e-commerce activities and personal spending in retail and lodging.

Historical data and transactions show that various risk factors lurk for consumers during the holiday season.

Visa data shows that in the top categories1 of merchants targeted by fraudsters, holiday fraud rates in 2022 increased 11% over non-holiday fraud rates.

The updated report warns that fraudsters will attempt to take advantage of consumers’ increased interest in finding deals and buying special gifts.

Highlights of the report include:

Digital Skimming: With the rise of online shopping, there is a greater chance that fraudsters can successfully steal account data from e-commerce businesses and exploit it.
Phishing and Social Engineering: Advances in artificial intelligence (AI) in recent years have enabled fraudsters to create campaigns/ads that mimic the real thing, making it harder for consumers to spot fake ones.
OTP interception: Visa has identified several one-time password (OTP) interceptions through which fraudsters attempt to gain access to cardholder accounts. In this case victims are sent pages to enter their OTP which appear to be related to the desired purchase.
Card theft: Criminals may attempt to steal cards and/or phones from unsuspecting consumers in busy retail stores, malls or parking lots.

“During the holiday shopping season fraudsters take advantage of increased activity and consumers targeting the search for the perfect gift,” said Nikos Petrakis, Visa Country Manager in Greece. “At Visa, we’re committed to security and reliability, promising to monitor threats 24/7, even during the busiest time of year. Consumers can rest assured that this holiday season, as throughout the rest of the year, Visa’s team of experts is working around the clock to eliminate fraud.”

Ten habits that help consumers buy safely

Our “10 Safe Shopping Habits for a Carefree Holiday Season” can help consumers planning to shop during the holidays stay safe. Visa’s advice includes the following:

  • Buy from trusted merchants: Make your purchases from trusted and known merchants. If you are considering purchasing from an unfamiliar online store, do some research first to check its reputation and authenticity.
  • Secure your personal information: Make sure the website you’re visiting uses secure technology. When you are on the payment page, the website address must start with https://, which means it is secure and your data is encrypted and sent over a secure connection.
  • Avoid public Wi-Fi for shopping: Public Wi-Fi networks are often insecure and make it easy for hackers to steal your information. Always use a secure, private network when shopping.
  • Beware of offers that are too good to be true: Offers on websites and in emails that can often sound too good to be true, especially if they contain extremely low prices on hard-to-find products. Consumers should remain suspicious of such offers.

At Visa, security and reliability are a top priority all year round. Over the past five years, the company has invested more than $10 billion in technology, both to reduce fraud and increase the security of its network. More than 1000 experts are dedicated to protecting the Visa network from malware, zero-day attacks and insider threats 24x7x365. In fact, in the first six months of 2023, Visa helped proactively block $30 billion in fraud cases, protecting many consumers before they even knew they were at risk of a potentially malicious transaction. We encourage consumers to remain vigilant during this season and think about where they shop and who they share their details with in order to stay safe.

1 Top merchant categories include home improvement and furnishing, telecommunications, B2B, healthcare, automotive, entertainment, education and government, lodging, insurance, airlines and pharmacy.

For Visa

Visa (NYSE: V) is a global leader in digital payments, facilitating payment transactions between consumers, merchants, financial institutions and government entities in more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payment network, enabling individuals, businesses and economies to grow. We believe that economies that include everyone everywhere lift everyone everywhere and see access as fundamental to the future of money movement. Learn more at visa.gr