Follow these steps to protect yourself this holiday season.
Nadia Manara, Global Fraud Awareness
Staying vigilant to protect yourself from falling victim to fraud may feel like a full-time responsibility—and it is, especially around the holidays.
Seasonal fraud scams increase annually, and in 2023, the FBI reported consumers lost over $309 million to such attacks.
Taking steps to adopt a strong security posture shields you from the ever-increasing number of attempts, no matter the time of year. Typically, fraudsters intensify their efforts to swindle you out of your hard-earned money when your attention on security is lessened. Therefore, it is good practice to periodically review the controls you have in place and make adjustments as appropriate.
Here are a few best practices to guarantee safe and secure purchases, and ensure your holiday remains free from fraud.
1) If it seems too good to be true, then it probably is.
Perhaps you receive an email with an item you’ve been eyeing at a great discounted price. Or you see a pop-up ad while shopping online or via social media. Beware! Scammers create fake online retail websites to mimic legitimate vendors and attempt to lure unsuspecting victims, often by offering extraordinary discounts. Many times, these so-called opportunities result in the receipt of subpar-quality items or they can ultimately steal your money without providing the items at all.
Best practices:
- Always use legitimate websites by typing in the web address instead of clicking on links embedded in ads, emails or text messages.
- Refrain from saving your payment methods in web browsers or websites, as it could put you at risk of exposing this sensitive information should your device be hacked.
2) Shop smart, pay smarter.
Person-to-Person (P2P) payment channels such as Zelle and the like have gained popularity, but they don’t offer fraud protection. Beware! Criminals often request that you send funds using unconventional or potentially unsecure channels such as these, or even debit cards, as it increases the potential that you may not be able to recover your money once it is sent to a fraudulent account—once payments are sent, they cannot be canceled.
Best practices:
- Always use secure payment channels, such as credit cards or the vendor’s secure payment channels, for extra security.
- Regularly monitor your accounts and enable alerts to receive notifications of potential suspicious activity.
3) Don’t take the bait.
Social engineering attempts increase around the holidays with fraudsters impersonating charities, shipping carriers and other legitimate organizations. Beware! Watch for phishing (fake emails), vishing (fake phone calls) or SMiShing (fake texts) attempts, as fraudsters may contact you and try to deceive you into sharing sensitive data about yourself, your accounts or maybe your organization.
Best practices:
- Pause before taking action. Fraudsters many times create seemingly urgent scenarios to catch you off guard and get you to reactively respond by clicking suspicious links or attachments. Always take the time you need to make a confident decision. Remember, you can always contact your banking team for guidance.
- Limit the information you share on public platforms, as fraudsters can use those details to target you.
While there’s a heightened risk of fraud around the holidays, following these precautions can help reduce the likelihood of you becoming a victim, and will allow you to concentrate on spending time with your loved ones while keeping the Grinch at bay.
We can help
If you believe you have been a victim of fraud or have questions, immediately contact your J.P. Morgan team.
IMPORTANT INFORMATION
This information is provided for educational and informational purposes only and is not intended, nor should it be relied upon, to address every aspect of the subject discussed herein. The information provided in this document is intended to help clients protect themselves from cyber fraud. It does not provide a comprehensive listing of all types of cyber fraud activities and it does not identify all types of cybersecurity best practices. You, your company or organization is responsible for determining how to best protect itself against cyber fraud activities and for selecting the cybersecurity best practices that are most appropriate to your needs.
