‘Tis the season to be wary: reporting shows a trend in holiday fraud

As the holiday shopping season approaches, retailers and consumers alike are bracing for an uptick in fraudulent activities. The rise in scams and identity fraud has reached an industrial scale, significantly impacting consumer trust and business operations. 

One of the key trends this season is the increasing sophistication of fraud tactics. Fraudsters are leveraging advanced technologies, including generative AI, to create more convincing scams. This has made it harder for both consumers and businesses to detect and prevent fraudulent activities. The result is a heightened sense of vulnerability among shoppers, with 52% of businesses reporting an overall increase in fraud across all the channels they operate in.  

Journalist Marlon Hyde with NPR affiliate station WABE, recently reported on this fact. Listen to his reporting below for greater details:

With fraud on the rise, a significant portion of consumers now prioritize security when choosing where to shop, with 68% ranking it as the most important factor when creating an online account. This means that businesses must invest in robust identity verification and fraud prevention measures to maintain consumer trust and stay competitive during the holiday shopping season. 

Download our Global Fraud Report: 9th Edition for deep insights into trending fraud.