As the holiday shopping frenzy ramps up, so do the wolves circling the digital flock. Every year, we’re told to “stay vigilant” and “shop safely,” but 2024 is shaping up to be a turning point and not in our favour. Fraudsters are no longer a step behind consumers; with AI now in their arsenal, they’re several steps ahead.
Larry Zelvin, who leads the financial crimes unit at BMO Financial Group, put it bluntly: ’Tis the season to steal even more. He’s right. Retailers might be gearing up for their biggest sales of the year, but scammers are gearing up for their biggest hauls.
What’s most alarming is how sophisticated the scams have become. With AI tools that anyone can access, criminals can whip up a fake retailer website, mimic trusted influencers through deepfake videos, or blast out phishing emails that look nearly indistinguishable from the real thing. Even QR codes once seen as a harmless convenience have become a digital Trojan horse. Most people never check the tiny URL they lead to, and scammers know it.
And then there’s the rise of digital pickpocketing. Criminals can skim payment data from phones using contactless devices, and most victims have no idea until long after the damage is done. Add in counterfeit products flooding platforms like TikTok Shop, and the online marketplace starts to look a lot more like the Wild West.
The numbers back it up: last year, 2.6 percent of online transactions in Canada during Thanksgiving to Cyber Monday were fraudulent a staggering 51 percent jump. And while anyone can be fooled, older consumers are being targeted the most.
But let’s be honest consumers aren’t entirely helpless. We just need to change the way we shop.
It starts with the basics: don’t click links in emails or texts, no matter how urgent they sound. Go to the retailer’s website yourself. Check for HTTPS (yes, it still matters). Be wary of flash deals that scream one-time-only! And if a seller feels unfamiliar or flies under the radar, take two minutes to investigate or better yet, skip them.
Most importantly, rethink how you pay. Debit cards, payment apps, gift cards, cryptocurrency once that money leaves your account, it’s gone. Credit cards offer stronger fraud protections, and in a season when scammers are in overdrive, that safety net matters more than ever.
Holiday shopping should be joyful, not stressful. But the reality is that fraudsters view this season as a gold rush. If we’re going to keep up, we need to shop smarter, slow down, and stop assuming every festive bargain is legitimate.
Otherwise, the only ones getting the gift this season will be the scammers.
