Black Friday Cyber Threats: 9 Tips to Protect Your Business
As Black Friday approaches, the excitement of scoring incredible deals often overshadows the lurking risks. Black Friday is notorious for increased cyber incidents, but it's not just about credit card fraud or point-of-sale (POS) threats anymore. We need to look beyond these well-known risks and consider the lesser known, yet equally dangerous, types of cyberattacks that are on the rise.
While shoppers and businesses gear up for a record-breaking sales season, cybercriminals are just as eager to cash in on the chaos. Black Friday is a prime opportunity for hackers to exploit unsuspecting consumers and overwhelmed businesses with a variety of scams—ranging from phishing emails to fake websites offering jaw-dropping deals.
In this guide, I'll explore the top cyber threats you need to watch out for this Black Friday and provide nine tips to help protect your business from falling victim to holiday-season cybercrime.
A Surge in Holiday Cybercrime
Cybercriminals thrive on chaos, and there’s no better opportunity than Black Friday’s shopping frenzy. Research from Darktrace observed a 30% increase in ransomware attacks over the holiday period compared to the monthly average, with attackers targeting both individuals and businesses. The heightened volume of online transactions, combined with distracted shoppers eager for deals, creates a perfect breeding ground for cyberattacks.
While past years focused heavily on POS malware and credit card skimming, the threat landscape has shifted dramatically. Breaches exposing sensitive personal and financial data—like the Change Healthcare breach, which compromised millions of records—now fuel more sophisticated attacks like synthetic identity fraud and adversary-in-the-middle (AitM) schemes.
These aren't just isolated incidents; they’re the building blocks of a broader strategy by cybercriminals to exploit the holiday rush.
How Data Breaches Fuel Holiday Fraud
Data breaches may feel like yesterday’s news, but their long-term consequences linger. Stolen data often lands on the dark web, sold to the highest bidder. Criminals then use this information in innovative ways, amplifying their ability to commit fraud.
For example, healthcare-related breaches make synthetic identity fraud more effective. With access to names, Social Security numbers, and even medical history, attackers can create identities that are virtually indistinguishable from real ones.
This kind of fraud isn't just a financial nuisance—it can have far-reaching implications. Victims may face years of financial and emotional strain, from clearing up fraudulent accounts to repairing damaged credit scores.
The holiday season, with its emphasis on quick transactions and high spending, becomes an ideal time for these attackers to cash in.
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The Growing Risk of Phishing and Fake Deals
Phishing attacks, already a major concern year-round, escalate during Black Friday. Cybercriminals craft fake emails and websites promising exclusive deals, only to steal login credentials or payment information when victims attempt to buy.
A particularly alarming trend involves smishing (SMS phishing), where shoppers receive fraudulent texts posing as delivery notifications or order confirmations. These messages often include malicious links that, once clicked, compromise sensitive information.
For instance, a shopper might receive a text from what appears to be a major retailer like Amazon, claiming an order issue. Clicking the link leads to a convincing website that requests login credentials, which are then stolen. With access to these accounts, attackers can drain gift card balances, make purchases, or even access saved payment methods.
Protect Your Business With These Proactive Measures
As cyber threats grow more advanced, both shoppers and businesses must step up their defenses.
For Shoppers:
- Verify Sources: Always check the URL or sender's email address before clicking on links in emails or texts. Official communications rarely include urgent, high-pressure language.
- Enable Multi-Factor Authentication (MFA): Adding an extra layer of security to your accounts makes it harder for attackers to gain access, even if they have your password.
- Consider Freezing Your Credit: A credit freeze can help protect against new accounts being fraudulently opened in your name.
- Point-of-Sale Vigilance: Customers should use POS terminals that are either well-monitored in-store or sealed with security tape (e.g., gas pumps). Avoid using terminals that appear tampered with.
- RFID Protection: Credit cards with tap capability should be kept in RFID-shielded wallets to prevent unauthorized scanning.
- Table-Side Payments: When dining out, ensure the server doesn’t take your card out of sight. The safest option is for the payment terminal to be brought to the table.
For Businesses:
- Invest in Fraud Detection Tools: AI-driven solutions can identify unusual activity in real-time, helping businesses thwart fraud before it escalates.
- Educate Employees and Customers: Training programs can teach employees to recognize phishing attempts, while businesses can provide customers with tips for safe shopping.
- Patch Systems Regularly: Stores and small businesses should keep systems patched and up-to-date and use professional security services for monitoring.
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Final Thoughts
With the holiday season just around the corner, caution is the name of the game. Monitoring your accounts for signs of identity theft isn't easy, but with diligence and precaution, we can frustrate our cyber adversaries.
The holiday season is already hectic—let's make sure we’re not also giving cybercriminals an easy win.
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