The most awaited time of the year faces the highest number of fraud attempts. From chargebacks to account takeover, almost every kind of criminal activity is at its peak during the holiday season. While everybody is planning the epic break from everyday drama, perpetrators are plotting against consumers and businesses. The corporate sector across the globe has experienced a remarkable increase in criminal activities. Advanced technology is no longer restricted to businesses, but fraudsters are strategically employing artificial intelligence and machine learning algorithms to manipulate identity documents and use them for their illicit plans.
Halloween, Black Friday, and Cyber Monday create opportunities for identity and financial crime worldwide. As we move ahead, bad actors extend their activities to Thanksgiving, Christmas, New Year’s Eve, and New Year’s Day. Given the circumstances, the Federal Trade Commission (FTC) issued a report warning older adults of the rising threat of frauds. The report further revealed that online retailers are on the brink of chargebacks and that the pandemic is partly to blame in this situation.
Based on the facts and statistics of the last five years, our experts are predicting a sharp increase in holiday season fraud. Due to the Covid-19 pandemic, the finance sector, retail industry, and online shopping sector must be prepared to face rising numbers of false chargebacks and manipulated financial information. Find out more in our report.