Turning the Tide on Payment Fraud During the Holiday Season
The holiday season is a time of excitement and celebration. It starts with Black November sales and rolls into festive shopping sprees where deals and discounts are everywhere. For shoppers, it’s a chance to grab bargains. For those of us in payments, it’s a time of increased transactions and heightened vigilance against fraud.
Every card swipe, mobile money transfer, or online checkout is an opportunity for fraudsters. While payment providers have invested heavily in security, consumers and businesses also play a critical role in protecting themselves. Fraud prevention is a shared responsibility.
Recent reports show why this matters. PricewaterhouseCoopers noted a 25% spike in phishing attacks during last year’s Black Friday rush. African consumers are now prioritizing trust and security over price or product variety. This shift reflects growing awareness of digital fraud risks.
Why Holiday Shopping Increases Fraud Risk
Fraudsters thrive on urgency and distraction. During peak shopping periods, fake websites, phishing messages, and malicious QR codes become common. A single click on a suspicious link or sharing personal details can expose sensitive information.
Simple habits go a long way:
- Cover your PIN when paying in-store
- Verify merchant websites before entering card details
- Ignore unsolicited SMS links or emails promising deals
Businesses Feel the Heat Too
For merchants, the festive season brings opportunity and risk. Whether you run a boutique with a POS terminal or a large e-commerce store, the surge in transactions can attract fraud. Common threats include:
- Stolen or cloned card details leading to chargebacks
- Card-not-present fraud exploiting weak authentication
- Mobile money scams involving social engineering or OTP interception
- Online attacks like account takeovers and bot-driven checkout fraud
Managing these risks while keeping operations smooth is challenging. That’s why partnering with a trusted payment provider is essential.
Partnering for Protection
Technology: Our Strongest Ally
The Bottom Line
As festive lights go up and shopping carts fill, security must remain a priority. For consumers, it means shopping smart and protecting your data. For businesses, it means creating secure checkout experiences and working with trusted partners. For fintech professionals, it means staying ahead of tech-savvy criminals.
Fraud protection is a collective effort. Together, we can turn the tide.
