CRIF: Fraudsters Increase Activity in Summer; Consumers Advised on Protection
Credit information company CRIF GmbH reports a significant rise in credit card fraud and data theft during the summer months, with 7.5 billion stolen data records circulated globally in 2023.
CRIF GmbH has issued a warning regarding an anticipated increase in fraudulent activities during the summer season. According to the CRIF Cyber Observatory, 7.5 billion data records were stolen and circulated globally on the dark web or messaging platforms in 2023, indicating a heightened risk period.
The summer months, characterized by increased travel and spending, present prime opportunities for fraudsters. Consumers are often distracted by vacation planning and deviate from their usual spending routines, making it easier for fraudulent transactions to go unnoticed. Beyond travel scams, risks include fake job offers targeting students and fraudulent ticket sales for summer events.
Technology serves as both a facilitator and a vulnerability. While chip-and-PIN technology has reduced some risks, skimming devices can still be used. The growing popularity of mobile wallets and contactless payments also introduces new avenues for exploitation if devices are lost or stolen. Social engineering scams via social media are also prevalent.
CRIF advises consumers to vigilantly monitor their credit card statements for unfamiliar charges. Caution is recommended when booking travel or accommodations online, especially for deals that seem too good to be true. Securing personal devices with strong passwords and two-factor authentication, and exercising skepticism towards unsolicited digital communications, are crucial protective measures.