Christmas In September? Holiday Fraud Planning Is In Full Takeover Mode
The criminals have already started. They are buying fraud tutorials and data from other criminals online. They are eyeing juicy targets such as gift cards and loyalty programs, both of which are of increasing importance to merchants’ holiday revenues. They are setting up fences and other methods to sell stolen goods — as well as rewards points and those gift cards — and win paydays.
The 2018 holiday shopping season has already started for people and organizations bent on fraud. It’s not just about stealing products from shelves, of course. This year, fraud will probably bring more account takeovers than last year, according to experts — along with the theft of gift cards, loyalty points and other consumer data ID.
In a new PYMNTS interview, Tricia Phillips, SVP of product at Kount, discussed the fraud trends for the upcoming fourth quarter. Though many consumers have yet to shift focus onto the season (Halloween is next on their agenda, after the rush of back-to-school shopping), retail preparations, of course, are well underway. Macy’s, for instance, recently said it will hire 80,000 temporary workers for the holiday season, and will add more employees to handle online orders.