Consumers More Concerned with Fraud than Overspending During Holiday Season
A recent survey from CaptialOne found that 26 percent of consumers believe Cyber Monday is the riskiest day of the year to shop online while 85 percent of US consumers believe the risk of identity fraud is elevated during the holidays. Financial fraud was the top concern amongst Americans, surpassing consumers who were most concerned about potentially overspending during the holiday season.
CapitalOne CreditWise surveyed 1,000 US consumers about fraud and identity theft during the holiday season. Fraudsters are known to increase fraud attempts during these peak sales volume times, but identity thieves and hackers can be more active this time of year as well. These issues are top of mind for shoppers, as 37 percent of US consumers say identity theft and financial fraud are their top concern this holiday season, compared to 24 percent who are most worried about spending more than they should.
Many are concerned with identity fraud this time of year because they personally know victims or have experienced it firsthand during the holiday season, as indicated by 41 percent of respondents. Despite 85 percent of consumers acknowledging that their identity is at greater risk during the holiday season, just 17 percent reporting taking any additional measures to protect their identity.
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Cyber Monday Heightens Consumer Fears of Fraud, ID Theft