It’s the holiday season!
Or another way to look at it, it’s the shopping season.
The ten busiest in-store shopping days of the year all fall between Black Friday and what’s forecasted this year as “Super Saturday”– the Saturday before Christmas, Dec 23rd
There’s a reason that kind of last minute shopping is done in person (because let’s be real, there’s no amount of express shipping that can get it to you in that kind of time)
But it’s still the 21st century- the age of online shopping and knowing that, no matter how nuanced that perfect gift is, it is out there somewhere.
So where does Cyber Monday, the online shopping version of Black Friday, fall in terms of the biggest shopping days of the year?
This year, online shoppers in the US spent $12.4 billion on Cyber Monday, indicating a 9% increase from last year and setting a record as the biggest online shopping day ever.
How many of those billions of dollars spent online were spent safely, conscious of the potential holiday season threats to online shopping cyber security?
In the chaos of the season, our blind spots get bigger as we seek out any opportunity to make those long gift wish lists to Santa easier to fill and come faster.
This is why it’s important to keep an eye on your online shopping cyber security practices and awareness because, if caught in one of the many scams, the time and headaches you “saved” now in making those quick purchases, will mount and multiply later.
Online Shopping Cyber Security: Stay Informed
You’re here tuning into this, so you’re already on the right track!
Of course, though, it needs more than just one article read, a single news story listened to, or an individual (though most likely heavily repeated) warning told to you by your mother.
Staying up to date on the scams and strategies being used will widen your view of what to look for and how to avoid it.
Online shopping cyber security threats, or online scams in general, can really span across a huge spectrum.
It can be anything from a classic phishing sting of a cheap photoshop invoice for an expensive service you never paid for, enticing you to call to contest the fake purchase; or it can be an intricate web of fake reviews of fake products hosted on fake websites.
How can you stay informed?
Cybercriminals are constantly evolving, so awareness is your first line of defense.
- Subscribe to newsletters from reputable sources
- Follow financial news
- Regularly check for updates from your bank or credit card issuer
Online Shopping Cyber Security: Monitor Your Accounts
Speaking of your bank and credit card issuer, it’s a good practice to regularly review your bank and credit card statements for all activity. During the holiday season, and keeping online shopping cyber security in mind, it doubles as an even better practice, enabling you to identify unauthorized transactions as soon as they go through.
Notifying your bank will begin a process of review and return of funds, so the quicker they know, the quicker your money will be returned to you.
This process can be as easy as signing a paper and canceling a card, taking up to 10 days to return the funds.
However, some online shopping cyber security breaches can go deeper than that, leading to more funds taken and more damage done, igniting a longer process.
To Monitor Your Accounts:
- Set up account alerts for large or unusual transactions to receive instant notifications of any suspicious activity. The sooner you identify and report unauthorized charges, the better your chances of minimizing the damage.
- Create a schedule to check in on your bank statements. It might just be a quick peek at your online banking and credit card portals over coffee every Sunday morning. It may seem like a lot to do all at once, but remember, the more you do it, the less you’ll have to review each time.
Online Shopping Cyber Security: Secure Online Shopping
Fortifying your online shopping cyber security begins with online shopping on secure sites.
Seems incredibly straightforward, right?
I mean, you would think you would be able to spot a fake e-commerce website from a mile away, right?
Unfortunately 84% of folks who are targeted by fake online shops actually engage with it. Even more unfortunate, 47% of those lose money in the process.
Now, I’m not saying to question every online store you come across, but there are a few safeguarding practices you can put into action that you’ll begin to do second nature. That means your online shopping cyber security becomes second nature, and protecting yourself becomes second nature.
So, What Do You Look for?
- Purchase from secure and reputable websites. These sites’ URLs begin with “https://”. This is different from “http://” as those with the added “s” (we’ll just call it S for Secure) use an SSL certificate to encrypt information shared on the website.
- In most browsers, you can also identify a secured website by the little lock icon that sits next to the URL in the URL address bar where your website’s address sits.
Take a look up there now– you’ll see our website has both an “https://” address and a lock icon indicating you are indeed in a secure place.
- Make sure your purchases are made on private WiFi networks as well. Public Wifi networks can be secure enough at times, though often they lack adequate security, making your financial information vulnerable to hackers.
Online Shopping Cyber Security: Use Virtual Credit Cards
From the first rendition of credit cards being issued as “diner’s cards” in the 1940’s to the first credit cards as we know them today being issued in 1966, it’s no surprise the next iteration was unveiled in 2011.
Though we hadn’t seen them become as widespread and popular until recent years, the cards– and their security benefits– are becoming more commonplace.
How do you use virtual cards?
- Your bank or credit card issuer may offer a virtual version of the card you already have. Contact them to learn about their specific process as it pertains directly to you.
These virtual credit cards, which are temporary card numbers generated for a single transaction. This adds an extra layer of security, as even if the virtual card information is compromised, it cannot be used for future transactions.
Online Shopping Cyber Security: Beware of Phishing Attacks
Is it just me or have you gotten an email from a far away prince that wants to deposit an unimaginable amount of riches in your bank account too?
Or maybe it was a distant great-great-aunt you didn’t even know existed that wants to leave you an inheritance that would change your life.
These types of phishing cyber schemes seem laughable now. We all think we can spot the fraudulence a mile away, and oftentimes, we really can.
But how can phishing schemes threaten a disruption to your online shopping cyber security.
These are the emails, messages, or calls requesting personal or financial information. They can land in your inbox alongside so many other digital receipts, piling up from your online holiday shopping. They may just ask for reconfirmation of sensitive information, or indicate the wrong purchase being made, igniting an urge in you to fight the charge by just clicking that one link…
How Do You Stay Aware…
…and avoid falling for one of the schemes in the chaos this holiday season?
- Remember, legitimate institutions will never ask for sensitive information through unsecured channels.
- Check the purchase through your bank statement first and double check it was one you actually made.
- If it is, and there is further action needed, verify the authenticity of any communication by contacting the institution directly through official channels.
- Always check the return email address. Its always best to contact them directly by contact information found on a secure and reputable website (See above on what that looks like)
- Never click links or call numbers provided in those suspicious emails.
Online Shopping Cyber Security: Update Software and Security Systems
Software and security systems are fairly common knowledge.
Most folks have heard of Norton or McAfee, some of the top antivirus and personal computer security software.
It’s these programs that can help protect your online shopping cyber security amidst their innumerable security features.
These programs, made to keep your information and identitysecure, undergo multiple updates to stay resistant to the evolving tactics used by cybercriminals.
Some laptops and phones come with developer specific programs designed to protect against malware, but there are still steps you will need to take in order to utilize what is offered.
What Do You Need To Do?
- Ensure that your computer, smartphone, and other devices have the latest security updates and antivirus software installed.
- Beyond the program specific updates, regularly update your passwords and use strong, unique passwords for each of your accounts to minimize the risk of unauthorized access.
Online Shopping Cyber Security: Enable Two-Factor Authentication (2FA)
It might seem annoying to type in a security code or password once, to only then be prompted to type in a second code.
What’s the point of a password to begin with?
This 2 step verification (2FA) process actually makes your password that much stronger and effective. When you set up that added layer of protection, you build another wall that is even more enforced and harder to break through.
By this point, you understand the threats to your online shopping cyber security and welcome the added protection from the simple second step.
How do you add 2FA?
- There are 2 step verification processes that can be added individually through the internal offerings of major sites (Google has their own 2 step verification you can activate on all Google accounts).
- You can also seek a reputable third party authenticator app that will supply that added protection across all sites. There are a number of resources you can review to see which one fits you best.
Online Shopping Cyber Security: Protect Physical Cards
Though this diverts a bit from the online shopping cyber security we’ve been discussing, in the conversation around fraud and scams, it’s worth adding a note on our physical credit cards.
Not all shopping is done online, clearly.
80% of all retail sales are done in store, though there are 81% of these shoppers that do a bit of online research prior to their purchase. Sometimes those purchases are then just made right there in the online store, but again, there is still a large number that take their physical cards to physical stores to make in-person purchases.
This means there are still physical protective steps that can be taken.
The number one step? Protect your physical cards
What Does That Look Like?
- Keep your credit cards in a secure location and never leave them unattended.
- Shred receipts and documents containing sensitive information.
- If your wallet or card is lost or stolen, report it immediately to your bank or credit card issuer.
Online Shopping Cyber Security: Educate Family Members
You’ve put in the time reading and educating yourself on how to protect your online shopping cyber security. You did so because you don’t want the headaches and lost funds that come with the security breach associated with cyber crimes that tend to peak around the holiday season.
A gift you can give your family members and those that are close to you is providing these same tips you’ve learned.
It’s Fairly Simple:
- Ensure that everyone in your household is aware of the risks and preventive measures.
- Educate family members, especially children and elderly individuals, about the importance of keeping financial information confidential and recognizing potential scams.
As the holiday season approaches, safeguarding your finances from credit card scams, theft, and fraud becomes paramount. By staying informed, monitoring your accounts, securing online transactions, and implementing additional protective measures, you can significantly reduce the risk of falling victim to cybercriminals. Remember, proactive steps and a vigilant mindset are your strongest allies in ensuring a safe and secure holiday season for you and your loved ones.