Cybercrime is rising in the holiday season. Olympians should take care | Opinion
AI-generated summary reviewed by our newsroom.
- Holiday season drives surge in cyber fraud as scammers target distracted consumers.
- Enable two-factor authentication and verify retailers to block unauthorized access.
- Banks, telecoms, platforms and lawmakers must collaborate to curb evolving scams.
The holiday season is officially upon us, and with it comes a surge in cyber fraud, a problem that affects nearly everyone. While most of us are occupied by travel plans, gift lists,and family traditions, digital scammers are preparing for their busiest time of year. As a local bank leader, I see firsthand how disruptive — and devastating — these scams can be.
During the holidays, people are juggling tasks, moving fast and often more trusting than usual. Scammers count on this. Unfortunately, all too often we meet with customers who clicked a link that looked legitimate or who provided sensitive information because a message sounded urgent or official. Some lose the funds they set aside for the very things that make the season special.
Although banks have invested heavily in sophisticated security tools, consumer awareness remains just as important. A few preventive strategies and routines can go a long way in preventing fraud. The best place to start is by enabling two-factor authentication wherever possible — it’s one of the easiest and most powerful ways to block unauthorized access from virtual scammers. When shopping online, stick to retailers you know and trust, and inspect website links carefully before entering payment details. Furthermore, treat “limited-time offers” or “last-chance deals” with skepticism as scammers use fast-moving language to pressure people into quick clicks and speedy decisions.
Another area to watch closely is social media. Fake products, bogus ads and fraudulent sellers appear legitimate at first glance. Taking a moment to check reviews, seller histories or official websites can prevent future headaches and problems.
Sadly, the tactics of cybercriminals are expanding well beyond misleading digital ads. A growing number of scammers are impersonating banks through phone calls, text messages, emails, and/or QR codes — and many of them look extremely convincing. Remember, if someone contacts you unexpectedly about an issue with one of your financial accounts, slow down. The safest and most effective next step is to hang up or ignore the message and then reach out to your bank using a verified phone number or website. Caller ID can no longer be trusted, because spoofing tools allow scammers to appear as if they’re calling from real bank phone numbers.
Individuals should also be cautious of job offers requiring upfront fees, charitable requests from unfamiliar organizations and social media sellers with no track record. It’s vitally important to always take control of the communication — never depend on a link or phone number sent to you unexpectedly.
On our end, banks continue to work tirelessly to strengthen consumer protections. We employ real-time transaction analysis, fraud detection and multi-factor authentication. Staff receive ongoing training so they can respond quickly to the latest emerging threats. We also work closely with peer institutions to share information about new fraud tactics.
Still even with all these preventive tactics in place, many vulnerabilities lie beyond the banking system.
Combating fraud requires collaboration. Local and national banks can invest in strong defenses; however, telecom companies, social media platforms, regulator, and consumers must work together to stop scammers. It is essential legislators are aware of the broader origins of cyber threats and support policies that include telecoms and social media platforms when addressing cybercrime.
In the meantime, as we enter the holiday rush, be sure to talk with your family and friends about how scams work today and remind them to trust their instincts. If something feels off, pause and verify first. The more we know and the more we inform people about cyber prevention fraud, the better off we’ll all be. Let’s protect one another and enjoy what truly matters this season — family, friends and the joy of making memories together. Visit banksneveraskthat.com for additional guidance on staying safe.
Josh Deck is president and CEO of Olympia Federal Savings.