Navigating the Holiday Season: Addressing the Challenges of Email Fraud for Consumers and Companies

The holiday season is a time of joy, generosity, and unfortunately, increased vulnerability to cyber threats. As technology advances, so do the tactics of cybercriminals. One prevalent and concerning threat that both consumers and companies face during this festive period is email fraud. Brownstone Worldwide recognizes the importance of addressing these challenges head-on to ensure a secure and enjoyable holiday season for all.

Email fraud is a serious threat that can affect both consumers and businesses, especially during the holiday season when online shopping and transactions are more common. According to a new report by AARP Fraud Watch Network, three-quarters of U.S. consumers have experienced or been targeted by at least one form of fraud that can be tied to the holidays, such as requests from fake charities, online shopping scams, and fraudulent communications about shipping problems¹.

Some of the ways that email fraud can occur are:

• Phishing: This is when criminals send emails that look like they are from legitimate companies or organizations, but contain malicious links or attachments that can steal personal information, such as passwords, credit card numbers, or bank account details. For example, some scammers may send emails pretending to be from USPS, FedEx, or UPS and claim that there is a problem with your package delivery¹.
• Spoofing: This is when criminals use stolen email addresses or domains to send emails that appear to be from trusted sources, such as online retailers or payment processors. For example, some scammers may spoof the email address of Amazon and ask you to confirm your account details or update your payment information².
• Vishing: This is when criminals call you using spoofed phone numbers and try to trick you into revealing sensitive information or transferring money. For example, some scammers may call you pretending to be from Microsoft and ask you to verify your identity or install software updates³.

Email fraud can cause significant losses for both consumers and businesses. According to a survey by TransUnion, 28% of consumers reported losing money due to digital holiday fraud in 2021⁴. Some of the impacts of email fraud include:

• Identity theft: Email fraud can lead to identity theft if criminals use your personal information to open new accounts, make purchases, apply for loans, or file taxes in your name.
• Financial losses: Email fraud can result in financial losses if criminals use your credit cards, debit cards, bank accounts, or gift cards without your authorization.
• Reputation damage: Email fraud can damage your reputation if you are associated with fraudulent activities or products on social media platforms.

To protect yourself from email fraud during the holiday season, here are some tips:

• Be wary of unsolicited emails that ask for personal information, money transfers, or urgent actions. Do not click on any links or attachments unless you are sure they are safe.
• Check the sender’s email address and domain name carefully. Look for spelling errors, unusual characters, or mismatched domains. If you are not sure about the legitimacy of an email sender, contact them directly using another method.
• Use strong passwords and change them regularly. Do not use the same password for multiple accounts or websites. Use a password manager to store and generate secure passwords.
• Monitor your credit reports and bank statements regularly for any suspicious activity. Report any unauthorized charges or transactions immediately.
• Use secure websites and apps when shopping online. Look for padlocks, HTTPS , and “https” in the URL bar. Avoid using public Wi-Fi networks or devices that may be compromised.

As we embrace the holiday season, it is crucial to remain vigilant against the ever-evolving threat of email fraud. Brownstone Worldwide remains committed to the security and well-being of both consumers and companies. By adopting proactive measures, staying informed, and fostering a culture of cyber resilience, we can collectively navigate the challenges posed by email fraud and enjoy a safe and secure holiday season.