Tietoevry Banking warns of rising fraud as Black Friday and holiday shopping begin

Published: 18 November 2024

Tietoevry Banking, partners with Nordic and European banks to protect digital transactions, expects fraud activity to peak on Black Friday, only matched by the days immediately before Christmas in sheer volume of shopping and transactions. Tietoevry Banking is expecting Black Friday card transaction volumes to increase with 15-20 percent from previous year.

Scammers are increasingly using fake online stores with high-quality designs and targeted social media ads to trick consumers into giving up payment details or making purchases that never arrive.

"As technology has transformed our shopping habits, it's also provided new tools for scammers. Fraudsters target shopping peaks, so both consumers and banks need to stay alert and prepared", says André Moen Eide, who's heading Tietoevry Banking's Defense Center for Financial Crime Prevention.

During last year's Black Week alone, Tietoevry Banking blocked over NOK 60 million in transactions attempted through these fake sites - a 100% increase from the weeks prior. This year, Tietoevry Banking continue to screen millions of transactions daily, blocking close to 90% of all fraud attempts before they can harm consumers or banks.

Some of the most common fraud methods this season include phishing, manipulation, and digital wallet fraud. Phishing scams have increased by 200% in recent years and now make up approximately 35% of all fraud. Meanwhile, scams involving digital wallets have surged by an astonishing 500% as criminals use new techniques to bypass security measures.

"These fake websites look professional, often mimicking well-known retailers. And with social media ads driving traffic, they're difficult to avoid. We encourage consumers to verify websites and be cautious with online offers that seem too good to be true", says André Moen Eide.

André Moen Eide offers two essential tips to help shoppers avoid scams during this high-risk season:

• Verify unknown online stores and be wary of offers that look too good to be true. Take a moment to check if the website is genuinely affiliated with the brand.
• If a card transaction fails, take it as a potential warning and check the site's legitimacy before attempting payment again. Often, a blocked transaction is due to the bank's fraud protection system stopping a suspicious transaction. Avoid trying a different card or payment method until you confirm the store is legitimate.

"If you experience a suspect fraud, report it immediately to your bank or card provider. Most banks allow for easy fraud reporting through their apps or customer service. This helps us track and respond to emerging threats more quickly. While our systems block most fraud attempts in real-time, consumer caution remains a critical layer of protection", explains Moen Eide.

Tietoevry Banking's fraud prevention systems are built on data from millions of transactions and combine technology and AI with human oversight to analyze patterns and predict fraudulent transactions.

"Fraud prevention is a shared responsibility. By working together - consumers, banks, and technology providers - we can make a significant impact against financial crime. Caution can go a long way in making this holiday season secure for everyone", says André Moen

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