This time of year, consumers are inundated with Black Friday and Cyber Monday promotions and enticing deals. While the holiday selling season means a spike in online and in-store traffic and sales, it also brings more fraud. Unfortunately, fraudsters don’t take time off during the holiday season. Common fraud types include account takeovers, discount and coupon abuse, return abuse, payments fraud, and scams. Educate your members, so they don’t fall victim to fraud during what should be a cheerful season.
Details
Fraud attacks increased by 13% last year during the holidays, according to the 2018 Fraud Attack Index from Forter . With holiday shopping just around the corner, increased online and in-store fraud is anticipated.
Unfortunately, many of these risks are outside of credit union control. Your members are vulnerable to common card fraud and other holiday scams at this time of the year.
Risk Mitigation
The article Fraudsters Don’t Take Time Off During the Holiday Season was published by the CUNA Mutual Group.
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