Wealth Column: How to Stay Cybersafe This Holiday Season – Brainerd Dispatch

As Black Friday and Cyber ​​Monday approach, both consumers and investors need to remain extra vigilant. According to the FBI’s Internet Crime Complaint Center, cybercrime losses rose to approximately $1.6 billion between January and May 2024.

The Federal Trade Commission also found that cyber fraud losses exceeded $10 billion last year, representing a significant increase in scams and fraudulent activity. As cybercriminals use increasingly sophisticated methods to scam you out of your money, here are five cybersecurity threats and protections you should be aware of this holiday season.

1. Phishing attacks

Phishing, in which fraudsters use trusted companies to steal personal information, remains one of the most common threats during the holidays and especially during Black Friday, when you may not be on your guard. Shoppers receive fraudulent emails that appear to be from legitimate retailers offering deals that redirect them to fake websites where their personal information can be stolen. To protect yourself from phishing, you should carefully check URLs for authenticity, avoid clicking on links from unsolicited emails, and ensure that you only conduct business on secure, https-encrypted websites.

2. Fake apps and websites falsely promote offers that are “too good to be true.”

To lure online shoppers who can defraud them, cybercriminals often create fake websites or mobile apps that mimic popular retailers. Often these websites are indistinguishable from their real counterparts, aside from small differences in their URLs. (Phone numbers can also be spoofed.) Once users enter their credit card information on these sites, they steal their financial information. You should only download apps from official stores such as the Apple App Store or Google Play and check websites by carefully checking domain names. If an offer looks too good to be true, it probably is.

3. Social media scams mask nefarious intentions

Social media is a popular platform for holiday promotions, but it is also a popular tool for scammers who place fake ads to get your personal and financial information. Fraudulent ads often redirect users to phishing websites, while others may trick you into purchasing counterfeit goods. Be careful when clicking on ads and avoid purchasing directly from unverified social media links.

4. Investment scams targeting crypto and get-rich-quick schemes

The holiday shopping season is also a time when fraudulent investment offers increase. These digital tricks often yield high returns with minimal risk, especially with cryptocurrencies. While crypto scams target people of all ages and income levels, younger adults who engage primarily through social platforms are particularly at risk.

Given that, according to the Federal Trade Commission, investment scams caused over $4.6 billion in losses last year, you should be wary of unsolicited investment opportunities, and especially those that attempt to pressure you to make a decision to meet, be very skeptical. Never share financial information without thoroughly researching the legitimacy of the offer (which is why scammers don’t want to give you time to decide).

5. Malware and ransomware scammers target schools and medium-sized businesses

Cybercriminals often use malware that infects devices to steal passwords and credit card information or even lock files until a ransom is paid. The holiday season, when people are generally more trusting, is ripe for such heroics. Readers may remember the extremely devastating ransomware attack on Minneapolis public schools in 2023, which put students’ personal information at risk. Protect yourself from malware by installing reputable antivirus software, keeping devices updated, and avoiding suspicious downloads.

Regularly monitor your statements and set up alerts for transactions, as early detection of fraudulent charges can help limit the damage. To shop smart, take advantage of holiday season credit card benefits, which include fraud protection and return guarantees, providing further protection from cybercriminals.

Additionally, the FTC and FBI emphasize taking some proactive measures to protect personal information. For added security, enable two-factor authentication, use unique, strong passwords, and regularly monitor financial accounts for suspicious activity. If you suspect fraudulent activity, report it to the FTC at www.ReportFraud.ftc.gov and the FBI’s IC3 Center at www.ic3.gov to help combat cybercrime.

Taking these few extra precautions can help protect yourself and your finances. With fraud on the rise, education and a little vigilance go a long way toward keeping the season safe.

The opinions expressed in this material are for general information only and do not constitute specific advice or recommendations for any individual.