PURCHASE, N.Y.—‘Tis the season for spending—and scamming.
As shoppers fill virtual carts with gifts and holiday deals, cybercriminals are just as busy, hoping to turn the season of giving into one of taking.
A new Mastercard–Harris Poll survey reveals that even as 41% of consumers say they’re more cautious online during the holidays, nearly half admit they’d overlook security warnings for a steep discount or that must-have gift.
With fraudsters increasingly using generative AI to create convincing scams, Mastercard is stepping up its own tech defenses—blocking billions in fraudulent transactions and doubling the speed of detecting compromised cards—to help ensure shoppers get joy, not junk, this holiday season, the company said.
Mastercard pointed out that although one in four consumers claim to avoid unfamiliar websites, 72% still shop on them — often with little research.
The biggest red flags that make shoppers pause? Prices that seem too good to be true (52%), poor spelling or grammar (48%), and requests for unnecessary personal info (49%).
“Unfortunately, nearly one in five have had items that never arrived, and 16% have received counterfeit goods in past seasons,” Mastercard said.
And fraud threats are both on the rise and constantly evolving, with generative AI in particular supercharging scams. By scanning billions of transactions in real time, Mastercard has stopped $50 billion in fraud over the past three years, monitors 32 million risk events daily, and has harnessed gen AI to detect compromised cards twice as fast, the company said.
“While you’re focused on finding the perfect gift, Mastercard is working behind the scenes to keep your transactions safe,” said Alissa “Dr. Jay” Abdullah, deputy chief security officer for Mastercard. “Our goal is simple: make sure your holiday shopping is secure so you can focus on what matters most.”