Consumers Beware of Cybercriminals When Shopping for Mom This Mother’s Day – Fourth Busiest Spending Holiday
Posted May 9, 2013
ThreatMetrix Offers Best Practices for Consumers to Avoid Falling Victim to Fraud
San Jose, CA – May 9, 2013 – ThreatMetrix™, the fastest-growing provider of integrated Web fraud and cybersecurity solutions, today announced several cybercrime scenarios and preventative tips for consumers to stay protected while shopping for mom this Mother’s Day.
According to the National Retail Federation, Mother’s Day spending this year is expected to reach $168.94 on average, with total spending expected to reach a staggering $20.7 billion.
“The unfortunate reality is that today, any major spending holiday places consumers at high risk for fraud, malware and account takeover as cybercriminals capitalize on consumer spending for personal gain,” said Alisdair Faulkner, chief products officer, ThreatMetrix. “Consumers must be vigilant of the risks associated with online shopping. The last thing you want to give dear old mom for Mother’s Day is a case of malware or identity theft.”
Mother’s Day ranks fourth in spending holidays, behind the winter holidays, back to school shopping and Valentine’s Day. To help consumers stay protected, ThreatMetrix has identified the following top account takeover threat scenarios for consumers to be aware of when shopping for Mother’s Day:
1. Phishing is a concern for consumers around major spending holidays, especially Mother’s Day. Here’s how it works: Cybercriminals will send out an email with a fake offer – “Click Here to Send Mom One Dozen Roses for $20.” You click on the link and are taken to a fake website where you enter your credit card details along with mom’s personal information for delivery. Once the “order” is submitted, the cybercriminal has stolen your credit card details and no roses ever arrive for mom.
2. Data Breaches and Password Reuse occurs when a customer’s account at an e-merchant, financial services organization or social media site has been hacked and personal information, including the account password, has been compromised. Reusing the same password across multiple sites puts all customers’ accounts at risk of being compromised. For example, if the website you purchased flowers from for your mom suffers a data breach, all of your accounts with the same password are now at stake.
3. Mobile devices offer consumers the convenience of shopping on the go. With this convenience comes security risks you need to be aware of when shopping for mom this Mother’s Day. If you lose your mobile device, whoever finds it may be able to access your phone and all the sites and applications containing your saved passwords. To help prevent this scenario as you’re purchasing a gift for mom, be sure to lock your screen when not in use.
According to ThreatMetrix, the most effective ways for consumers to stay protected when shopping for Mother’s Day online include:
• Only purchase from verified retailers
• Avoid using the same password across several online shopping and banking sites
• Avoid storing credit card information on retail sites and mobile phones
• Avoid clicking on suspicious links in unsolicited emails
“While consumers should be extra cautious to avoid cybercrime around major spending holidays, it is just as important for retailers to put preventative measures in place,” said Faulkner. “It is much easier and more effective to avoid cybercrime all together than have to pick up the pieces once customer accounts have been verified. Without preventative cybercrime solutions in place, retailers risk jeopardizing customer accounts and company revenue.”
ThreatMetrix is the fastest-growing provider of integrated web fraud and cybersecurity solutions. The ThreatMetrix Platform helps companies prevent unauthorized access to web and mobile applications, protect sensitive data, and secure transactions against account takeover, payment fraud, identity spoofing, malware, and data breaches. ThreatMetrix protects more than 1,500 customers and 8,500 websites across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government, and insurance. For more information, visit www.threatmetrix.com or call 1-408-200-5755.
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