New digital scams are on the rise during peak shopping season
The list of newer scams includes AI-powered fraud, through which fraudsters create fake retailer web sites, in addition to phishing emails or deepfake videos to impersonate brands or influencers. Scammers can even embed malicious links into QR codes – a technique that’s “extremely widespread,” Zelvin said. “When you scan that QR code, you actually see a URL or a website link, but people don’t look at it because it’s small,” he said.
Other methods include TikTok store counterfeit products and digital pickpocketing, where criminals use contactless payment devices to skim data from phones – something that’s becoming increasingly common. Zelvin said cases of digital pickpocketing can occur in places like a mall or on public transportation where there are crowds. “Someone used to steal your wallet or your purse, now they’re stealing what’s on your phone,” he said.
He noted that last yr, 2.6% of online transactions in Canada were flagged as fraudulent between Thanksgiving and Cyber Monday, an annual increase of 51%. He noted that older consumers are disproportionately targeted.
Zelvin said peak buying times see an enormous increase in people online and scammers are “taking advantage of the opportunity”.
According to a report from Boston Consulting Group, nearly all of Canadian consumers still plan to buy on Black Friday and Cyber Monday this yr, despite a slight decline in planned participation.
About 77% of Canadian consumers said they plan to attain deals, down six percentage points from last yr. The report found that buyers planned to spend a median of $305 on year-end sales events, down from last yr, reflecting a “cautious but stable sentiment.”
How to avoid scams this season
To prevent you from falling victim to fraud when shopping, Zelvin has outlined several steps you’ll be able to take. This includes not clicking on links in emails or text messages and as an alternative going on to retailers’ web sites. Checking links to web sites and on the lookout for relevant HTTPS security indicators can assist protect consumers.
He also recommends using bank cards as an alternative of debit cards or payment apps, as these are inclined to offer stronger fraud protection. “Credit cards are a good payment method just because they’re not fast-moving, but instant payment systems, wire transfers, gift cards, some of these payment apps and cryptocurrency – that money is gone,” Zelvin said.
The article continues below promoting
X
presented
Best cashback card with fast approval
SimplyCash card from American Express
Earn at the very least 1.5% money back on all purchases and three% on purchases made in US dollars. Redeem rewards at any time when you wish.
GO TO WEBSITE
Interest rates:
21.99% Purchase, 21.99% Cash Advance, N/A Balance Transfer
Welcome offer:
Value $100
Earn a 5% money back bonus on all purchases (as much as $2,000 in purchases). This is along with your each day cashback earning rates. That’s as much as $100 in bonus cashback.
presented
Silver: Best cashback card
CIBC Dividend Visa Infinite Card
Get 4% money back on gas and groceries and save on the pump with exclusive fuel discounts.
GO TO WEBSITE
Interest rates:
21.99% Purchase, 22.99% Cash Advance, 22.99% Balance Transfer
Welcome offer:
Value of $250
Join and earn over $400 in value, including annual fee reimbursement for the primary yr.†
presented
Bronze: Best cashback card
SimplyCash Preferred Card from American Express
Get at the very least 2% money back on all of your purchases – one in all the very best basic rates in Canada.
GO TO WEBSITE
Interest rates:
21.99% Purchase, 21.99% Cash Advance, N/A Balance Transfer
Welcome offer:
Value of $250
Earn a ten% cashback bonus on all purchases for the primary three months (as much as $2,000 in purchases). If you make a purchase order within the thirteenth month, you will also receive a $50 statement credit. This can lead to a bonus value of as much as $250 in the primary 13 months.
Other practices, comparable to Other things like being skeptical of “limited-time offers” may be helpful, he said, as can researching unknown sellers. “The work you’re going to do on the front is going to be far less than what you would have to do on the back if you suddenly have a large dollar amount or multiple fraud cases,” he said.
Overall, Zelvin advises consumers to “slow down” and never be in a rush to release their financial information. “Really think about it, be more skeptical. You don’t have to be afraid, you just have to be more critical,” he said.
Get free MoneyDown financial suggestions, news and advice in your inbox.
Read more about scams and scams:
