Norton Security Winter Report 2023

The “Norton Holiday Report 2023” is a comprehensive document that covers various aspects of online holiday shopping and cyber safety.

Here are some key insights from the report:

Online Holiday Shopping Trends

The report indicates a significant trend towards online shopping, with nearly all consumers planning to shop online during the holiday season. This shift accompanies concerns about cybercrime, AI shopping scams, and fake online stores.

The concerns about cybercrime, AI shopping scams, and fake online stores stem from several key factors:

1. Increased Financial Risks: Online shopping involves monetary transactions, making it a prime target for cybercriminals. The concern is that personal and financial information, like credit card details and addresses, can be stolen and misused, leading to financial losses and identity theft.
2. Sophistication of AI Shopping Scams: AI technology has enabled scammers to create more convincing and personalised scams. These can include fake websites that mimic legitimate ones, targeted phishing emails, and chatbots designed to deceive consumers into divulging sensitive information. The realistic nature of these scams makes them harder to detect, increasing the risk of falling prey to them.
3. Prevalence of Fake Online Stores: With the rise of e-commerce, there has been a surge in fake online stores. These stores often offer products at significantly lower prices to lure consumers. However, they either deliver counterfeit products, substandard goods, or nothing at all. Identifying these fake stores can be challenging, especially as they often mimic legitimate sites in appearance and functionality.
4. Data Privacy Concerns: Online shopping involves sharing personal data, which can be vulnerable to breaches. Consumers are concerned about how online retailers store and use their data. There’s a risk of personal data being sold or misused by third-party entities without consent.

Consumer Confidence and Concerns

While most consumers express confidence in their ability to shop safely online, a notable proportion still feels unsure about the best practices for safe online shopping. Over half of the consumers are concerned about security issues like personal detail compromise, cybercrime, and scams. Over half!

Consumer confidence has drastically fallen in recent years due to numerous key factors:

1. Increasing Black Friday Scams: As reported by Barclays, the giant bank expects cyber crimes to increase by 22% during Black Friday and the holiday season. Consumers have every right to be concerned.
2. Increase in Online Shopping: The shift towards online shopping, accelerated by the pandemic, means more consumers are exposed to the risks of digital transactions. This increased exposure naturally leads to more significant concern about the security of these transactions.The older generation is typically more wary of shopping online, and with the continual increase in scams, the worry will only continue.
3. Impact of Past Experiences: Consumers who have experienced or know someone who has been a victim of cybercrime are more likely to be concerned about online security. These personal experiences or stories from acquaintances can significantly influence one’s perception of online safety.

Scams and Financial Impact

Approximately one in four consumers report being targeted by scams while shopping online. The financial repercussions for victims are significant, with substantial monetary losses reported across different countries.

1. Sophistication of Scams: Modern online scams are highly sophisticated and often indistinguishable from legitimate offers. Scammers use advanced techniques like AI to personalize scams or create convincing fake websites, making it easier to trick even cautious consumers.
2. Social Engineering Tactics: Scammers often use psychological manipulation, like urgency or fear, to trick consumers into making hasty decisions. These tactics can be particularly effective during the holiday season when consumers are under pressure to find deals and complete their shopping.

Rise in AI Shopping Scams

The emergence of AI shopping scams as a significant concern highlights the evolving nature of cyber threats. These scams use advanced technologies to create more convincing and deceptive fraud schemes, posing a new level of threat to online shoppers; with the likes of deep fakes happening to high-profile influencers such as Mr Beast to promote a scam game, who knows what will happen next?

Summary

Nortons Holiday Report 2023 has backed up points we’ve seen/considered a problem. The rise in AI scams is increasing quickly, and it’s alarming.

Excellence IT is a cyber security-focused Managed Service Provider (MSP) located close to Cardiff. We work with businesses all around South Wales and have digitally transformed hundreds of businesses, establishing our reputation as your trusted IT partner.