Visa is focusing on consumer attention for transactions during the Christmas and New Year holiday season, which has already begun. In particular, he points out, with the holiday shopping season in full swing, consumers should be vigilant against the growing threat of fraud. As transactions increase, both online and in person, fraudsters are trying to take advantage of the situation in various ways, he adds.

According to Visa’s latest report “Scam threats in the 2024 holidays» these threats are escalating.

The main targets of fraudsters are usually:

  1. Account breach: Fraudsters take control of accounts by convincing victims to give them data, such as one-time passwords (OTPs), that allow them to bypass account authentication.
  2. Data theft: Fraudsters steal payment data and personal information. Their tactics include phishing, fake websites, and infecting victims’ devices with malware.
  3. Allocation of funds: Fraudsters use stolen data and hack accounts to withdraw money, buy goods to resell, or transfer funds. They also create fake online stores and websites to extort money from victims.

Phishing

  • Email Phishing: Scammers send emails that appear to be from reputable organizations, asking for personal information or containing suspicious links. Always check the sender’s details and avoid clicking on links from unknown sources. Common scams include deeply discounted products and fake Black Friday deals.
  • Phone Phishing: Fraudsters impersonate financial institutions or other services over the phone. Always contact your bank directly using the number on your card.
  • Phishing via SMS: Be wary of package delivery scams, prizes and notifications about financial matters, or issues concerning your bank accounts. Do not respond to random messages that ask for personal information.

Non-existent traders

  • Non-existent merchants are advertising heavily discounted items on social media, luring shoppers to fake websites. Verify the legitimacy of online stores before making purchases to avoid data theft and unfulfilled orders.

Theft

  • Fraudsters operate in crowded areas to steal payment cards or mobile phones.

THE Nikos Petrakis, Country Manager of Visa in Greecestates that “during the holiday season, fraudsters increase their activity by taking advantage of the increase in transactions as consumers search for the perfect gift. At Visa, security is our top priority, which is why we’ve invested over €9 billion globally in technology over the past 5 years, aiming to reduce fraud and strengthen network security, among other things. Consumers can rest assured that during the holiday season, as throughout the rest of the year, Visa’s team of experts is working around the clock to prevent fraud and secure their transactions».

Ten tips from Visa to protect yourself from fraud when shopping

  1. Avoid clicking on unknown links: Do not click on hyperlinks found in emails or messages from unknown or suspicious sources.
  2. Implement multi-factor authentication: Enable multi-factor authentication on all sensitive login environments to add an extra layer of security.
  3. Use strong and different passwords: Use cyber security best practices, including anti-phishing protection in your browser and using unique, strong passwords for different accounts.
  4. Monitor your bank accounts: Regularly review your accounts and their activity to detect activity that could indicate fraud or identity theft.
  5. Sign up to receive notifications about your purchases: You enable receiving notifications about your purchases from your card issuer. These alerts are customized to your preferences, can be received via email or text, and can be used to confirm legitimate purchases or alert you to suspicious activity.
  6. Verify URLs: When paying online, make sure the URL starts with “https://” and make sure the website name is correct. Watch for signs of fraud in the payment method requested, such as wire transfers, reloadable or prepaid gift cards, cryptocurrencies, or sending cash, as these forms are more difficult to detect.
  7. Do your research on online stores: Verify the legitimacy of online stores before shopping. Look for reviews, check the website’s contact information and make sure its domain is correct.
  8. Stay alert in busy areas: Keep your wallets and purses safe and in your line of sight. Be careful of anyone who comes too close to you, especially in crowded areas.
  9. Use secure payment methods: Prefer to use cards or secure payment services for online shopping. They often come with anti-fraud features that can help you recover lost funds.
  10. Never provide OTP to strangers who call you: Never provide your OTP to strangers who call or contact you either via email or SMS and do not install remote access software unless requested by a trusted system support provider . Stay informed and take proactive steps to protect your financial and personal information.