Scammers target generous givers

While this time of year is full of merriment and cheer, the prevalence of scams during the holiday season could quickly put a damper on your holiday spirit. Non-payment and non-delivery scams cost people more than $309 million last year and credit card fraud cost $173 million in losses, according the Internet Crime Complaint Center’s 2023 report.

Holiday scams revolve around paying for gifts you never receive, issues around shipments and delivery, gift exchanges, short-term employment and charitable giving—most of which happens online.

“With so much digital gifting and giving this time of year, it’s important to take precautions to help safeguard personal data,” said Krista Taylor, information security program consultant at BOK Financial®. “Fortunately, even as fraudster tactics are ever-changing, the best ways to avoid them remain consistent.”

Be proactive to protect yourself
“Cybercriminals keep their scams up to date with the latest trends and technologies,” Taylor said. “Beware that scammers thrive on timeliness and emotion to catch people off guard.”

One new twist is the prevalence of artificial intelligence (AI) in holiday scams. As the technology has become more accurate in its ability to impersonate people or organizations, the scams its developing are more realistic. Be on the lookout for:

• Phishing attacks: Emails that look like an order confirmation, discount to an online store or donation receipt.
• Deepfake phone calls or voicemails: Scammers use AI to create realistic sounding audio messages made to sound like family members or even a bank representative.
• Fake websites: AI helps scammers generate fake websites to mimic retailers or charitable organizations.
• Social engineering: AI algorithms analyze your online behavior to tailor offers to be appealing to you.

“We’re all getting approached by devious emails, phone calls, text messages or fake websites to purchase gifts or donate to causes that seem legitimate,” said Taylor. “It’s crucial to be diligent in checking for validity before responding to any unexpected request, especially when it prompts you to enter personal or financial information.”

Taylor offers four basic tips to protect yourself—at the holidays and all year round:

1. Do not click on unknown links or attachments and never enter your login information into unknown or unexpected prompts.
2. Do not reply to suspicious emails or text messages; hang up on suspicious callers.
3. Use your phone app or go directly to the official website to verify any account in question; do not trust links or directives from suspicious sources.
4. Be wary of unusual requests for cash, money transfers, prepaid credit cards, gift card purchases or cryptocurrency.

‘Tis the season
The same words of caution apply to in-person giving as well. “There are lots of scams during the holiday season particularly,” said Wendell Franklin, director of security for BOK Financial. “People have giving hearts and fraudsters want to take advantage of that, whether that's scammers on the side of the road where you're giving to what you believe is a specific cause or those outside of a store when you’re shopping for the holidays.”

One of the simplest tips is to donate directly to familiar organizations rather than giving to individuals on the street, he said. This also applies to QR codes: be sure to review any websites you’re directed to for donations carefully before entering your credit card or financial information.

Sites like the BBB Wise Giving Alliance or Give.org are useful for checking the legitimacy of a charitable organization.

“I encourage people to be thoughtful about your holiday giving,” said Matt Kirkland, senior manager of corporate security and emergency operations at BOK Financial. “At the holidays, or really any season, if you’ve made decisions about who you’ll support ahead of time, you’ll be less likely to have your judgment compromised in the moment by a scammer looking to prey on your generous spirit.”

If you are targeted, you can report holiday scams to the FBI’s Internet Crime Compliant Center. In addition, security experts recommend contacting your credit card company or bank to dispute any suspicious charges right away.

Through proactive planning and vigilance, consumers can protect their identities and assets, and still deliver on their intended generosity.

Learn more about BOK Financial's online security or call 844-517-3308 to report suspicious activity on BOK Financial-related accounts. The Cybersecurity and Infrastructure Security Agency also keeps an up-to-date list of current threats.