It’s the Most Fraudulent Time of the Year!
The holidays are a particularly busy time for companies and, unfortunately, fraudsters. Be aware of the fraud trends.
- U.S. fraud attempts from Thanksgiving to Christmas have remained consistent over the last four years at almost 20%.1
- Non-delivery and non-payment are two popular holiday scams that cost $265 million in losses just two years ago.2
- Over a four-year period, attempted ransomware attacks spiked 70% during the months of November and December.3
- In the last two years, 73% of major brands were targeted in Phishing-as-a-Service scams, where criminals sell their services to other fraudsters, leading up to Black Friday.4
- Shoplifting, fraud, and employee theft rises by more than 15% during the holidays.5
- 37% of retailers’ annual shrinking occurs during the holidays.6
Stay vigilant to mitigate risk to your business during the holidays. For more information, contact Synovus Treasury & Payment Solutions or your Treasury Consultant. You can also stop by one of our local branches to learn more.
Important disclosure information
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
- TransUnion, “Suspected E-Commerce Fraud Attempt Rates Between Thanksgiving and Cyber Monday Increase 25% Compared to the Rest of the Year,” December 2, 2021 Back
- Federal Bureau of Investigation, “Internet Crime Report 2020” Back
- Darktrace, “Darktrace Reports 30% More Ransomware Attacks Targeting Organizations During the Holiday Back
- CPO Magazine, “Phishing-as-a-Service Brings Cybercrime to the Masses,” January 20, 2022 Back
- Security Today, “Billions on the Line: Keeping Stores and Shoppers Safe During the Holidays,” November 15, 2021 Back
- Ibid Back