As we approach Black Friday, Cyber Monday and the December holiday season, cybersecurity firms are warning consumers to exercise caution when shopping online.
According to ESET Southern Africa, in 2023, an estimated 90.6million people worldwide shopped online on Black Friday, with South Africa’sBankservAfrica recording 1.4 million online transactions – an 11% increase fromthe previous year.
Capital Connect estimates that in 2024, the Black Friday season is set to provide a substantial boost to South Africa’s economy, injecting an estimated R88 billion, including R22 billion in direct retail sales. It forecasts that November’s total retail sales will hit R136 billion, a significant jump from 2023’s R116 billion.
With such an increase in retail activity, comes an expected increase in cyber criminal activity.
Kaspersky reports that it has seen a 25% rise in phishing attempts targeting online shoppers between January and November, with its solutions blocking over 38 million attempts, up 25% from approximately 31 million during the same period last year.
It says these attempted attacks exploit consumer interest in major retail events, such as Black Friday, and often impersonate offers from trusted brands, banks, and online marketplaces.
Kaspersky notes that these attacks push victims to fake websites that closely mimic legitimate ones, using slight alterations to domain names or minor spelling errors to deceive users.
Meanwhile, ESET Southern Africa has highlighted the threats posed via social media, which include posts advertising offers that similarly impersonate legitimate brands, pushing victims to fake sites.
Both vendors recommend caution and to check links of any visited URLs, especially when being driven to the site from either email or social campaigns.
But the festive spending period isn’t just being used by bad actors as bait to trick victims, it appears.
According to Kaspersky some cybercriminals have even adopted their own Black Friday marketing tactics by offering promotions, such as a 10% discount on stolen credit card data.
“This year, dark web markets mirror the pricing strategies and marketing tactics of legitimate online retailers. Some even offer Black Friday-style promotions, such as discounts and bundled deals,” said Marc Rivero, lead security researcher at Kaspersky’s Global Research and Analysis Team.
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