Consumer Payment Card News

Holiday Fraud Bad Guys Gear Up for Black Friday and Cyber Monday

Holiday fraudsters are most active during the holiday season and this year is no exception. More than three out of ten consumers cite identity theft and financial fraud is as the biggest concern about shopping during the holiday season, more than overspending.

A recent survey by Capital One CreditWise discovered 85% of those U.S. consumers surveyed believe the holidays are a riskier time to shop. The survey also found that 1 in 4 believe Cyber Monday is a riskier day to shop online than any other day of the year.

Holiday Fraud Fears

Despite those fears, only 17% took more action during the holidays in 2017 to protect their credit or prevent fraud, with millennials being twice as likely to act than other age groups during the holidays.

Additional findings from the study include:

• 41% of U.S. consumers surveyed have experienced or know someone who has experienced fraud during the holiday season, primarily as a result of credit card fraud (48%) and identity theft (33%).

• 16% of survey respondents say they are more worried than they were last year about identity theft and financial fraud.

• Millennials are twice as likely than other age groups to take action to protect their credit scores or prevent fraud during the holidays.

• Millennials are also more likely to know someone or have themselves been a victim of identity fraud than the older age groups during the holidays.

• 75% of respondents who know a victim or were themselves a victim of fraud want to understand how to detect credit fraud.

Holiday Fraud Protection

In 2018, CreditWise from Capital One launched three new tools to help users quickly detect fraud for free. The tools feature a Social Security Number (SSN) Tracker, Dual Bureau Credit Alerts from Experian® and TransUnion® and Dark Web Surveillance.

The Capital One surveillance tool scans the dark web, including thousands of unsafe sites, hacking forums and illegal digital marketplaces, and alerts users if it finds users’ social security number or email address so they can take action. Since launching these new features, CreditWise has uncovered 1.5 million email addresses on the dark web, and the surveillance alerts have maintained over a 90 percent helpfulness rating from users.

Holiday Fraud Concerns

Americans cite identity theft and financial fraud as their No. 1 concern this holiday shopping season, over their fear of spending too much according the 2018 Holiday Shopping Survey by CreditWise® from Capital One®.