Record Holiday Spending Predicted Amid Cybersecurity Warnings

As the holiday shopping season approaches, the National Retail Federation (NRF) forecasts record spending, with consumers expected to spend an average of $902 per person. However, cybersecurity experts are raising alarms about the increased risk of online scams targeting shoppers during this peak retail period.

Key Takeaways

• Shoppers are expected to spend a record $902 per person this holiday season.

• Cybersecurity experts warn of rising online scams, particularly through text messages.

• Consumers are advised to verify deals directly on retailer websites to avoid scams.

Record Holiday Spending Forecast

The NRF's prediction indicates a $25 increase from last year's spending and a $16 rise from the previous record set in 2019. This surge in consumer spending is attributed to a combination of factors, including pent-up demand and the growing trend of online shopping.

Cybersecurity Risks on the Rise

As shoppers flock to online platforms for deals, criminals are also gearing up for the season. Cybersecurity expert Paul Keener from GuidePoint Security highlights several scams that are becoming prevalent:

1. Text Message Scams: Fraudsters are increasingly using text messages to lure victims into providing personal information or clicking on malicious links.

2. Shipping Scams: With many consumers expecting deliveries, scammers may send fake notifications about package delays, prompting users to click on links that lead to phishing sites.

3. Fake Retail Websites: Utilizing artificial intelligence, scammers can create convincing fake websites that mimic legitimate retailers, making it difficult for consumers to distinguish between real and fraudulent sites.

Tips for Safe Online Shopping

To protect themselves during the holiday shopping season, consumers are encouraged to follow these safety tips:

• Avoid Clicking on Links: Do not click on links in unsolicited emails or text messages. Instead, visit the retailer's official website directly.

• Use Credit Cards: opt for credit cards over debit cards when making purchases, as they offer better fraud protection.

• Verify Shipping Notifications: If you receive a shipping notification, check the retailer's website directly to confirm its legitimacy.

While the holiday season brings excitement and opportunities for savings, it also presents risks that consumers must navigate carefully. By staying informed and vigilant, shoppers can enjoy a safe and festive shopping experience while contributing to record holiday spending.

At BetterWorld Technology, we understand the ever-evolving nature of cybersecurity and the importance of staying ahead of emerging threats. Led by our expert team we deliver cutting-edge solutions tailored to your business needs. Don’t leave your organization vulnerable—book a consultation with BetterWorld Technology today and let us help you build a resilient cybersecurity strategy that keeps your business secure and thriving.

Sources

• Record holiday spending predicted, while cybersecurity experts warn against online scams, WKRC.

• Cybersecurity experts warn shoppers to be careful the peak retail season, MSN.

• Top 10 Most Profitable Cybersecurity Companies | Cyber Magazine, Cyber Magazine.