Halloween is around the corner with monsters in the shadows or possibly under your bed. Do you know what’s worse than monsters? Real monsters. By real monsters I mean cybercriminals. Trust me, they are not fairy tales. They are as real as they can get and apparently more frightening. These criminals don’t attack you for blood or bones but for your money. Holy water, salt, or garlic is not going to help you avoid these scams. The sooner you realize the better.
Holiday sales are worth 30% more for online retailers according to NRF. Halloween spending reached a total of $9.1 billion in 2018, these figures tell us how strong the retail economy is. Meaning the Halloween game this time around will be stronger for online criminals to relish. As online businesses increase in revenue, it gives online criminals more opportunities to find loopholes in the system for fraudulent activities. Talking about the holiday season, in another study, online frauds increased by 22% between the seasons of thanksgiving and Christmas in previous years. According to recent documented attacks, fraudulent purchases with stolen credit card information are top-scoring. Moreover, the use of AI for coordinating attacks across multiple platforms for malicious activity is making it difficult for industries to detect and prevent.
Halloween ‘Spooky’ Offers
Every year, on Halloween, we see many offers, some of them are genuine but some not so much. Some sales are directed at exploiting humans the best. Spam sale offers usually originated from dangerous sources are just pirated Halloween goods, the aim of these scams is to make customers reveal their personal identified information including credit card details or account logins. These spam emails usually deliver viruses to the customer inbox after clicking which sends customers to phishing websites where customer’s valuable information is harvested.
Now you may be thinking that I can never fall prey to such a scam because I am a genius. But trust me, people do and the number only seems to be increasing by the day because people or companies typically can not identify between fake emails and decent ones. Because they don’t always look like pure scams. The threat is not going to stop anytime sooner, it will just grow and more scam campaigns will be launched every year because for criminals these spam campaigns are very profitable, and it’s pretty evident. All it takes is a noob to click on the link which then directs them to a phishing website, and the virus can be automatically downloaded to the system. The virus will compromise the entire system, making it weak and vulnerable to outside attack for stealing personal information.
Because of this uptick in online crimes, regulatory authorities have made KYC protocols mandatory for some industries. Identity verification for KYC compliance in the eCommerce industry is also trending. Identifying customers through biometric authentication and other AI technologies is just a first step to eliminate crimes such as identity theft and others. These identity verification solutions are here to deliver compelling services for the customers, reducing overall drop-off rates while improving industry reputation and overall customer experience altogether.
We live in a digitized era where every identity can be compromised. Just as newer ways are introduced to obstruct the crimes, so are more ways for online criminals to steal your identity. Whether you are old, sick, dead, or just minor, online criminals are always finding ways to exploit identities. So it’s important to protect your businesses and your company’s sensitive data from going into the wrong hands. Identity verification using AI and OCR technologies is a step in the right direction. Halloween is the time to spook around, but remaining cautious is a must. Stay vigilant of scams, phishing, and identity frauds, by using identity verification solutions during customer onboarding. It not only helps businesses to prevent online frauds but also builds trust among customers.