As we head into the holiday season, a time of cheer and festive shopping, it’s more crucial to stay alert this year than in the past. Reports of cybercrimes like fraud and identity theft are on the rise, and GAi is a great enabler with which we did not have to deal last year, which translates to a dramatic spike in these incidents throughout December.

A recent analysis by TransUnion revealed a 12% increase in suspected digital fraud during the popular “Cyber Five” shopping period. This trend is alarming, particularly when we think about the massive scale of online transactions that take place during these days. The FTC points out that imposter scams, online shopping, and credit card fraud were among the most common targets last year, contributing to a multibillion-dollar criminal industry.

The risks associated with online transactions are now sky-high. Even reputable-looking sites could be fraudulent, and the use of credit cards at retail points is very risky, especially with skimmers and database breaches.

From 2001 to 2021, we’ve seen reported cases of fraud and identity theft soar from about 325,519 to nearly 6 million annually. Last year, the FTC reported nearly $8.8 billion in fraud losses, a significant jump from the $6.1 billion the year before. Social media platforms accounted for $1.2 billion in losses, while phone scams reported the highest loss per person.

One of our big concerns this year is “smishing,” where fraudulent text messages mimic legitimate companies to steal personal information. If you receive an unexpected text related to shopping or banking, delete it and avoid clicking any links or calling any numbers provided.

These are the top 12 scams this year:

1. Misleading social media ads
2. Social media gift exchanges
3. Holiday apps
4. Fake texts that say you’ve been hacked
5. Free gift cards
6. Temporary holiday jobs
7. Look-alike websites
8. Fake charities
9. Fake shipping notifications
10. Advent calendars
11. Top holiday wish list items
12. Puppy scams.

We always advise consumers to be wary of social media ads promoting discounted items, holiday events, job opportunities, and donation requests, particularly when unusual payment methods like wire transfers, third-party transactions, or prepaid cards are involved.

In summary, as we dive into the season of giving and receiving, let’s not forget the importance of being vigilant against these cyber threats. With increased awareness and caution, we can all ensure that our holiday season remains joyous and secure.