The holiday season is quickly approaching, and with it, a number of notable fraud trends will follow. It’s easy to fall victim to these schemes while trying to purchase the perfect gift for a loved one. So how do we defend ourselves when modern scammers have become so effective at creating fake websites, mimicking ads, and executing elaborate gift card rouses that feign legitimacy? The answer is simple: knowledge.
Being conscious of online fraud has always been imperative; maintaining a heightened awareness around the holidays even more so. As you begin the search for toys, electronics, jewelry, and more, bear in mind that malicious individuals will begin disguising deals that are “too good to be true” to lure you into their trap. Often, those deals are fronts for scams to collect your funds and leave you empty handed.
Last year alone, US Citizens lost over $281 million due to online shopping schemes, with a large amount of them being within the holiday season. Gift card scams, lookalike online stores, phishing emails, and text messages (often faux missed delivery notifications) are amongst the biggest ploys around the holiday season. In a 2023 AARP survey, fifty-three percent of respondents disclosed that they had received a notification from a claimant who masqueraded as the UPS, U.S Postal Service, or FedEx about delivery issues, which in turn was fraud. Thirty-eight percent of people had tried to purchase from a fraudulent online ad, and 1-in-4 individuals had received a gift card bearing no balance.
Additionally, trustworthy websites will never ask you to send funds peer-to-peer. Payments apps such as Venmo, Cash-App, and Zelle should only be utilized when sending money to individuals you personally know, such as friends or family. Pages that have a lot of pop-ups or ads are also a huge red flag; social media sites such as Facebook and Instagram are often used for malicious ads with claims that are too good to be true. Remember, if something seems too good to be true, your funds are more than likely the product rather than the sale itself.
We recommend that you keep all equipment and software updated to the most current version and tokenize your card by saving it to trusted websites in lieu of entering your card number for each purchase. Finally, always remain vigilant with your electronic communications.
For Community First Bank clients, we recommend downloading our card control app, Card Valet® Card Valet® allows you to turn your cards on and off with the click of a button and establish transaction controls for dollar amount limits, merchant categories, and geographic limits, all from your mobile device. It also gives you the ability to set up alerts when your card is used, approved, or if a transaction exceeds the limits you choose.
If you feel your sensitive or financial information has been compromised, please contact our Deposit Operations team through our Contact Us page or call (509) 783-0955 during business hours and (833) 221-8693 after hours.
Kylee Tretteen, Deposit Operations Specialist
