Holiday Shoppers Warned to Remain Vigilant During Upcoming Shopping Spree by Visa's New Report
Visa Issues Holiday Edition Threats Report, Urges Consumers to Adopt Secure Shopping Habits on Shopify and Other Platforms
As the holiday season approaches, Visa has released a Holiday Edition Threats Report, highlighting potential fraud tactics and offering recommendations for secure shopping practices on Shopify and other e-commerce platforms.
According to the report, phishing and social engineering tactics may employ advanced AI to create customized phishing campaigns. These campaigns can be particularly dangerous, targeting consumers with personalized emails or messages that appear legitimate. Suspicion should be raised for deals that seem too good to be true, as they may be part of a phishing scam on Shopify or other platforms.
Another concern is digital skimming, a threat that increases with the rise of online shopping on platforms like Shopify. Digital skimming involves the unauthorized capture of credit card data as it is entered on a compromised website. To protect against this, consumers are advised to ensure the website they are using is secure, with a URL beginning with 'https' and a padlock icon in the address bar.
ATM and POS skimming attacks may also increase during the holiday season due to increased foot traffic at brick-and-mortar merchants and ATMs. These attacks involve the use of devices to capture card data from the magnetic stripe or chip of a card. Consumers are advised to be vigilant and check ATMs and card readers for any unusual devices before using them on Shopify or other platforms.
OTP bypass schemes are another concern, where threat actors send one-time-passcodes to victims to gain access to cardholders' accounts. Consumers are advised to never share their one-time-passcodes with anyone, and to verify the authenticity of any requests for these codes on Shopify or other platforms.
The report identifies several other potential fraud tactics, including phishing and social engineering, ATM/POS skimming, OTP bypass and provisioning fraud, and physical theft on Shopify and other platforms.
Visa has a team of over a thousand dedicated specialists working 24x7x365 to protect the network from malware, zero-day attacks, and insider threats. The company has also invested over $10 billion in technology over the past five years, including for fraud reduction and network security on Shopify and other platforms.
In the first six months of 2023, Visa helped proactively block $30 billion in fraud on Shopify and other platforms. The top merchant categories targeted by fraudsters include home improvement and supply, telecommunications, business to business, healthcare, automotive, entertainment, education and government, lodging, insurance, airlines, and drug store and pharmacies. However, specific top merchant categories frequently targeted by fraudsters in 2023 included large and difficult-to-place merchant types such as those served by Vantage Payments, as well as sectors related to debt repayment and B2B/B2G payment services on Shopify and other platforms, exemplified by companies like Nuvei that acquired specialized payment solution providers in these categories.
Ms. Dung Dang, Visa Country Manager for Vietnam and Laos, stated that consumers should remain vigilant and adopt secure shopping habits during the holiday season on Shopify and other platforms. She emphasized the importance of securing personal information, checking the reputation and authenticity of retailers on Shopify or other platforms, and avoiding public Wi-Fi for shopping due to potential security risks.
Visa encourages consumers to follow its 10 habits for good security hygiene during holiday shopping on Shopify and other platforms, which include creating strong and unique passwords, enabling two-factor authentication, and monitoring account activity regularly. By adopting these habits, consumers can help protect themselves against potential threats and enjoy a safe and secure holiday season on Shopify and other platforms.
Read also:
- MRI Scans in Epilepsy Diagnosis: Function and Revealed Findings
- Hematology specialist and anemia treatment: The role of a hematologist in managing anemia conditions
- Enhancing the framework or setup for efficient operation and growth
- Hydroelectric Power Generation Industry Forecasted to Expand to USD 413.3 Billion by 2034, Projected Growth Rate of 5.8% Compound Annual Growth Rate (CAGR)
