Threats to Watch & Spells to Ward Away Scammers This Halloween
The air is crisp and cool, and the days are getting shorter. You know what that means.
‘tis the season for spooks and scares, and goblins and ghouls. Pretty soon, the kiddos will be out dressed as their favorite beasties, demanding tricks or treats. That chill down your spine isn’t just the weather, though…
In the gloomy corners of the digital realm, a dark tale unfolds. The menace of eCommerce fraud reaches from the dark, waiting for unwitting victims. By the time the witching hour strikes on 2023's final eve, global losses are projected to surpass a harrowing $48 billion!
North America accounts for a staggering 42% of all eCommerce fraud, most of which can be traced to an influx of data breaches, as countless private records are spirited away into the abyss. Amidst this, the ever-present specter of stolen credit cards emerges from the shadows, available to those who dare to tread in the darker corners of the internet.
Unfortunately, the US is the beating heart of this phenomenon, with a disquieting 34% of consumers whispering tales of being ensnared in a fraudster's trap. So beware, for as the Halloween festivities approach, so too, does the ever-stretching web of eCommerce fraud.
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Somebody’s Watching Me!
The haunting prevalence of fraud on social media, in particular, is a growing concern.
As per the FTC, scammers often operate conspicuously on social media platforms. One in four individuals who have fallen victim to fraud since 2021 identified social media as the origin of their woes.
This is particularly alarming given the vast expanse of the social media landscape, which boasts almost 5 billion users worldwide. And, the average individual engages with seven distinct social platforms each month. This means scammers have ample opportunity to take advantage of potential victims.
The resulting surge in fraudulent social media activity has reached shocking levels in recent years. Financial losses reported due to scams originating from these platforms have skyrocketed to a staggering $2.7 billion. Social media-related fraud losses are now outpacing losses from any other communication method.
It's important to recognize that these horrifying figures only scratch the surface, though. The lion's share of fraudulent activities goes unreported, hinting at a more extensive, spectral issue.
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The Most Haunting Scams to Know for 2024 (& How to Stop Them)
While our feeds on social media might be full of spooky memes and pumpkin-spiced everything, that's not the only place where things can get a tad eerie.
According to a chilling study by Juniper Research, eCommerce channels like airline ticketing, money transfers, and banking services are set to lose a whopping $200 billion to online payment tricksters by 2024. The culprits? Craftier fraud strategies and more gateways for online fraud.
Beware! Here are just a few of the scariest scams to be on the lookout for in 2024:
Fraud: as Persistent as the Walking Dead
Remember: things are not always as they seem in the ever-perilous landscape of eCommerce.
As 2024 dawns, it's crucial for cardholders to fortify their defenses against the eerie specter of fraud. By adopting these strategies, they can ensure they remain as vibrant as a town square during a Halloween festival, rather than succumbing to the ghoulish grip of financial loss.
Stay vigilant, and may your finances remain untouched by these spectral scams!