What are the most common holiday cyber scams the US Treasury warned about?

The US Treasury warned about business impersonation, fake charitable giving campaigns, and gift card draining as the most common holiday cyber scams.

How is AI being used in holiday cyber scams?

AI is used to clone voices, create convincing fake emails, ads, customer service chats, and deepfake videos to impersonate trusted individuals and companies.

What steps can consumers take to avoid holiday cyber scams?

Consumers should verify charities, independently contact organizations before responding to messages, use credit cards for purchases, and secure accounts with strong passwords and MFA.

Home / Technology / Holiday Scams Surge: AI & Crypto Fuel New Threats

Holiday Scams Surge: AI & Crypto Fuel New Threats

16 Dec

•

Summary

US Treasury warns of rising holiday cyber scams using AI and crypto.
Common scams include business impersonation, fake charities, and gift card draining.
Key advice includes verifying charities and using secure payment methods.

Holiday Scams Surge: AI & Crypto Fuel New Threats

The holiday season is a peak period for cyber scams, with criminals increasingly employing advanced tactics like AI and cryptocurrency. These technologies enable more sophisticated impersonations and harder-to-trace fraudulent activities, making detection more challenging for consumers. The US Department of the Treasury has issued an advisory detailing the most common threats expected to surge.

Three primary types of scams are identified: business impersonation, where fake websites and emails mimic trusted brands to steal credentials; fraudulent charitable giving, exploiting the season's generosity with fake charities; and gift card draining, where stolen card numbers are used to empty balances. These schemes aim to exploit consumers seeking bargains or looking to donate.

To counter these threats, the Treasury Department advises vigilance. This includes investigating charities before donating, independently verifying unexpected communications, using secure payment methods like credit cards that offer dispute options, and strengthening account security with strong passwords and multi-factor authentication. Reporting any victimizations promptly to financial providers and relevant agencies is also crucial.