Analysts project a rise in financial fraud activity during 2024, with Russia identified as a key target and overall fraud levels likely higher than in 2023. The forecast comes from a senior analyst in the Digital Risk Protection unit at FAC.CT, and is reported by socialbites.ca. The assessment highlights how scammers adapt to seasonal trends and global events, exploiting consumer trust during peak social and shopping periods to stage convincing scams.
During holiday seasons, consumers should anticipate a surge of scams that exploit generosity and timing. Examples include phishing sites tied to hotel bookings, airline purchases, or sweepstakes and cash-claim schemes. Experts caution that spikes are probable before the new school year, with heightened risk around New Year and Christmas promotions that promise lucrative returns while quietly siphoning data and funds from payment cards.
On the calendar, notable surges are expected around Valentine’s Day and national holidays such as February 23 and March 8, among other celebratory dates. In these windows, impostors may push FakeDate style phishing campaigns and retail promotions that hide fraudulent activity behind appealing offers.
One well-established scam pattern involves a fraudster posing as an attractive profile on social networks or dating platforms to lure a victim into a paid entertainment arrangement—such as a stand-up show, cinema outing, hookah bar visit, or a special dinner. The scammer guides the victim to a phishing site under the pretense of buying a ticket, collects the payment card details, and uses the information to extract funds. Egorov notes that even refunds can erode trust, with money sometimes erased after a supposed reversal to appear legitimate.
Recent trends in 2024 show cybercriminals intensifying efforts to harvest credentials through phishing pages linked to instant messaging apps. Creative contests for children, offering camp coupons as prizes, have repeatedly proven to attract phishing content and drive audience engagement by attackers.
Unforeseen or evolving tactics are also gaining traction. Cybercriminals may simply adapt to new information streams and shifting circumstances, making it essential to anticipate potential changes driven by political developments, legal updates, or the emergence or dissolution of services and platforms. This adaptability underscores the need for vigilance across all channels and ongoing monitoring by security teams.
FACCT’s Information Security Monitoring and Incident Response Team notes that 2023 featured more than 29,221 phishing domains identified by analysts. A sizable portion, 17,315 domains, were connected to the Mammoth scheme, which involves deceiving users into paying for non-existent goods or services through fake delivery promises. The scale of this activity demonstrates how fraudsters continuously refine their lure, often mirroring legitimate customer-service prompts to win trust.
Practically, consumers are advised to scrutinize every online interaction that requests sensitive data or payment information. Verification steps such as checking official sources, examining site security indicators, and refraining from immediate payments are crucial. Financial authorities have previously offered guidance on recognizing scam sites, stressing the importance of due diligence before sharing personal or financial details. Keeping software and devices updated, enabling multi-factor authentication where possible, and staying aware of common red flags can significantly reduce risk. Experts emphasize that slow decision-making during peak shopping periods may be exploited by attackers, so measured, deliberate online behavior remains essential.
Overall, the evolving landscape of online fraud demands a proactive approach from individuals and organizations alike. Security teams should implement layered defenses, stay informed about new phishing themes, and maintain rapid response capabilities to mitigate potential damage as schemes adapt to current events and consumer behavior patterns. The focus remains on preventing data exposure and unauthorized financial transactions through user education, robust technical controls, and timely incident reporting. By remaining vigilant, users can better protect themselves and their communities from fraud attempts in an ever-changing digital environment. (Citation: FACCT)