As the holiday shopping season kicks off with Black Friday and Cyber Monday, Self Reliance Financial Federal Credit Union encourages members to enjoy the savings while staying financially secure. These high traffic shopping days offer exciting deals but also attract scammers, identity thieves, and impulse spending traps.

According to the Federal Trade Commission (FTC), there were over 380,000 reports of online shopping fraud last year, resulting in $432 million in consumer losses. The (FTC) also reports that online shopping is the second most common area for fraud, ranking just behind imposter scams. With millions of consumers turning to digital storefronts especially during the holiday season, scammers are finding more opportunities to exploit unsuspecting shoppers. To see the full breakdown of fraud trends and statistics, check out the FTC’s Scam Snapshot 2024. It’s a quick, visual summary of the top five scam categories and how they impact consumers.

According to a Darktrace investigation published in December 2024, cybercriminals ramped up their efforts during the peak holiday shopping season. The report revealed a 327% increase in Christmas-themed phishing attacks and a 692% spike in scams themed around Black Friday and Cyber Monday compared to early November.

Here’s how to protect your finances and accounts while making the most of the season:

Black Friday and Cyber Monday: Big Deals, Bigger Risks

Online shopping continues to dominate, with mobile traffic accounting for a large portion of holiday purchases. But with convenience comes risk. Scammers increase phishing attempts, fake websites, and fraudulent ads to trick shoppers into revealing personal and financial information. Here is how to protect yourself online:

• Shop only on secure websites by looking for ‘https://’ and avoiding unfamiliar URLs.
• Use strong, unique passwords and enable multi-factor authentication on all accounts.
• Beware of flash sale phishing: Time-pressured ‘flash sales’ may trick consumers into revealing personal info or downloading malicious files.
• Watch out for phishing emails and texts posing as retailers or delivery services. Always verify before clicking.
• Avoid gift card scams: Purchase gift cards directly from trusted retailers rather than third-party websites.

Financial Safety First: Guard Your Accounts

Scammers are more active during the holidays, often impersonating banks, companies or charities. With the rapid advancement of Artificial Intelligence (AI) and our growing dependence on it, cybercriminals are now using these same tools to make their scams more convincing and harder to detect. “Generative AI can now write code for a website, generate images, or duplicate a website’s code at a large scale,” said Scott Shackelford, executive director of the Center for Applied Cybersecurity Research at Indiana University, in an interview with Forbes.

Despite these growing threats, a McAfee survey found that 59% of people feel confident in their ability to spot deepfakes or AI-generated content. However, experts caution that today’s AI tools are increasingly capable of fooling even the most vigilant consumers.

To learn more, check out the full Forbes article on AI and Black Friday shopping.

Self Reliance Financial Federal Credit Union encourages all members to stay alert and take proactive steps to safeguard their accounts especially during the busy holiday shopping season. Here’s how to keep your finances secure:

• Monitor your accounts frequently for any unusual activity. Set up alerts for large transactions or changes to your profile.
• Avoid storing payment information on retail websites unless absolutely necessary.
• Use credit cards for online purchases as they typically offer stronger fraud protection than debit cards.
• Manage your money safely using our Mobile App. It’s the fastest way to track spending and report suspicious activity.
• Before donating to any charity, verify the organization’s legitimacy to avoid scams.

Peace of Mind This Holiday Season

Whether you’re shopping for gifts or supporting local businesses, Self Reliance Financial Federal Credit Union is here to help you stay financially safe and confident. By following these tips, you can enjoy the holiday season without compromising your financial wellness. By following our safety tips, you can enjoy the holiday season without compromising your financial wellness.

What to Do If You Suspect a Scam

If you believe you’ve fallen victim to an online scam, acting quickly is essential. Here’s what to do:

1. Secure your accounts: Change passwords immediately and enable multi-factor authentication.
2. Contact Self Reliance Financial Federal Credit Union: Report any suspicious transactions or account activity.
3. Monitor your credit: Check for unauthorized activity and consider placing a fraud alert.
4. Report the scam: File a complaint with the FTC at reportfraud.ftc.gov and notify relevant platforms.

Scams don’t stop after the holidays. For ongoing protection and education, explore trusted resources like the Norton LifeLock blog for insights on both seasonal and everyday scams.