With the upcoming arrival of Black Friday and Cyber Monday, individuals are being cautioned by security experts to exercise caution when making online purchases. David Shipley, CEO and co-founder of Beauceron Security Inc. in New Brunswick, emphasized the need for vigilance against fraudulent activities on social media platforms like Facebook and search engines like Google. Shipley highlighted the proliferation of malicious and deceptive advertisements, attributing the surge to the utilization of artificial intelligence in perpetrating fraud.
Both Black Friday and Cyber Monday serve as marketing terms aimed at stimulating consumer spending, with the former falling on November 28, the day after U.S. Thanksgiving, and the latter on December 1, the ensuing Monday. Shipley pointed out the alarming ease with which AI tools enable unskilled criminals to create highly convincing fraudulent schemes, underscoring the importance of directly visiting reputable websites for online shopping to avoid potential risks associated with search engine or social media transactions.
Shipley suggested closely monitoring transaction details on credit cards and advised individuals to prioritize shopping from trusted sources, considering the current heightened risks associated with online shopping. He also encouraged supporting local businesses to bolster the local economy and reduce exposure to potential scams. Contrary to common belief, online scams are not limited to seniors, as younger generations may fall prey to fraud due to misplaced trust in technology.
Larry Zelvin, the head of financial crimes at the Bank of Montreal, warned of the heightened prevalence of online fraud during this period. Zelvin advised consumers to be cautious of urgent sale offers and unfamiliar vendors selling products at unusually low prices. Parents were particularly urged to supervise children’s online transactions, especially through platforms like TikTok. Zelvin stressed the importance of promptly reporting any suspected fraudulent activity to financial institutions or authorities without fear of judgment.
To mitigate the risk of falling victim to scams, Zelvin recommended using credit cards instead of debit or gift cards due to the added protection and extended processing time they offer. He explained that credit cards provide a better chance of halting fraudulent transactions compared to debit cards, where recovering lost funds is considerably more challenging. Despite the need for heightened vigilance, Zelvin reassured consumers that enjoying the holiday season is still possible, emphasizing the importance of remaining alert to potential threats.