Because of the increase in e-commerce and the sizeable number of online buyers, fraudsters have access to a wider network of prospective victims. Thus, they have more opportunities to steal money as a result.

Peter Olyott, CEO of financial service company, Indwe Risk Services (Indwe) says, “Shoppers tend to be more relaxed during the festive season, making them more susceptible to overlooking suspicious online activity, and the abundance of special offers and deals during this period makes scams more believable,”

According to a report published by Interpol, online scams pose the most significant threat to consumers regarding cybercrime. They note that cybercrime activities tend to escalate over Black Friday and the holiday season. 

In order to mitigate the risk of cybercrime and stay secure, online users must know some of the common cybercrimes. Here, we are mentioning some of these common cybercrimes:

• Fake Website: These are made to look like real brands, making it difficult to tell them apart from scammers. But frequently, they offer discounts and offers that seem too good to be true. Cybercriminals take advantage of the opportunity to steal critical information when unwary buyers click on these bargains and divulge their banking information.
• Phishing Schemes: Phishing involves sending emails that trick recipients into downloading attachments, clicking on links, or creating accounts. Phishing emails can easily slip through the cracks this season due to the deluge of holiday-themed mailings.
• Fake Gift Cards: These are an effective way for financial thieves to steal money. Gift card transactions are almost impossible to charge back, in contrast to credit card transactions. Scammers use a variety of strategies, including assuming the identity of trustworthy businesses and demanding payment in the form of gift cards, creating phoney gift card activation websites in order to obtain personal data, and posting phoney gift cards with discounts on websites belonging to other parties.

How to Stay Protected in this Black Friday? 

Here are some of the safety measures one can take to protect themselves in this holiday season:

• Regularly check electronic statements and debit/credit card balances. 
• Go with strong, unique passwords for different accounts. 
• Set up two-factor authentication on all significant accounts, including social media, banking, and email.

“Given the increasing sophistication and escalation of cybercrime, we strongly encourage consumers to exercise caution while shopping online during the holiday season. By remaining alert for anything suspicious, you can protect yourself from falling victim to cybercrime, so you can enjoy a happy and safe festive season,” adds Olyott.