SCAMMERS are expected to target both card and non-card transactions during the holiday season, with fraud activity seen growing until January, a study by Visa showed.
“Crooks prepare all year for the holiday shopping season, taking advantage of increased activity and consumers who let their guard down searching for the perfect gift,” Visa Country manager for the Philippines Jeffrey V. Navarro said in a statement on Monday.
Visa’s Holiday Edition Threats Report showed scam activity for card and non-card transactions are likely to rise between November 2023 and January 2024 amid an expected increase in both e-commerce and in-person shopping amid the holiday season.
In 2022, holiday fraud rates rose by 11% compared with the non-holiday fraud rate, Visa said.
Scams also rose by 8% during the holidays last year versus the same period in 2021.
Visa expects scammers to target account data from online merchants through digital skimming.
Developing technology, especially artificial intelligence (AI), allows threat actors to create customized phishing campaigns, making it harder for consumers to spot fakes, it said.
“Fraudsters also create phishing websites, often using malvertising (malicious advertising) and other illicit search engine optimization (SEO) tactics on retail or service websites to entice victims,” Visa said.
It urged cardholders to be careful when using automated teller machines or point of sale terminals as scammers are expected to target these. Scammers could also use fake one-time password templates to gain access to accounts.
Consumers should keep their belongings close when outside to keep their cards or phones, which contain their financial information, from being stolen, Visa added.