Visa, a digital payment facilitator, has highlighted the increase in consumer vigilance during this holiday shopping season, acknowledging the growing threat posed by cybercriminals targeting both online and in-store shoppers.
The Visa Holiday Edition Threats Report indicates a surge in cybercriminals utilizing advanced techniques to exploit card-present (CP) and card-not-present (CNP) transactions, emphasizing the need for heightened awareness among consumers.
“Crooks prepare all year for the holiday shopping season, taking advantage of increased activity and consumers who let their guard down searching for the perfect gift,” said Jeff Navarro, country manager for the Philippines, Visa.
Visa strengthens initiatives to boost support for small businesses
Visa announces new payment security features
Visa’s data reveals an 11% rise in holiday fraud rates compared to non-holiday periods, marking an 8% increase from the previous year in fraudulent activities across top merchant categories targeted by fraudsters.
Phishing
Consumers are urged to remain cautious against digital skimming, phishing, social engineering tactics, and physical theft. Cybercriminals are now leveraging artificial intelligence (AI) to craft sophisticated phishing campaigns, complicating the identification of authentic messages for ordinary consumers.
In terms of cash withdrawals, criminals are resorting to ATM/POS skimming techniques, enabling them to siphon money from unsuspecting victims.
What is even more alarming is the OTP Bypass and Provisioning Fraud, wherein fraudsters have discovered methods to circumvent the One-Time Password (OTP) security measures employed by financial institutions, posing an increased risk to consumers.
Security roadmap
“Our updated Security Roadmap for the Philippines is designed to provide enhanced protection for transactions made online and at physical retailers,” Navarro said. “Visa partners with the government and clients to protect our customers through our focus on education to increase digital and fraud awareness.”
Visa strongly advises consumers to consistently adhere to robust security practices and exercise heightened vigilance during all financial transactions, whether conducted online or offline.