Cyber Monday Brings Out More Scams
The National Retail Federation coined the term "Cyber Monday" to describe a kick off to the online holiday shopping season but it has come be more associated with the increase of scams that occur at this time of year. We can expect more spam, phishing lures and other attempts to steal personal and financial data. Phishing doesn't just show up in the inbox, Fruggle phishing, for example, uses online shopping services to lure victims to phishing sites with low priced products falsely listed in shopping aggregators.
According to at least one prediction, the cost of holiday scams is going to increase this year.
In an annual report by CyberSource, which provides online business services, the cost of online fraud will increase to $3.6 billion this year, up from $3.1 billion in 2006. Although the percentage of fraudulent transactions will remain the same at about 1.4 percent, the cost of the crime is growing.
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