This week marks Black Friday 2024! As the popularity of this event has skyrocketed in recent years, so have the cyber risks involved in buying and selling products. In the second of two articles, we have gathered some insights from cybersecurity experts who have their say on Black Friday, from the threats faced by consumers and vendors, to the best practices advised to stay safe.
Tim Ward, CEO and Co-Founder of ThinkCyber Security:
“Black Friday, Cyber Monday, and the holiday season are some of the busiest times of the year for online shoppers. Unfortunately, they’re also prime opportunities for cybercriminals to exploit consumers’ hasty shopping habits. With so much focus on finding the best deals, many shoppers are more vulnerable to scams, especially those disguised as unbeatable offers, unexpected refunds, or delivery notifications.
Psychology plays a significant role in how scammers succeed. Our brains are wired to seek shortcuts and rely on heuristics—mental rules of thumb—to simplify decision-making. During the holiday season, we’re inundated with “amazing deals” and promises of massive savings. This constant exposure to offers can prime us to expect such opportunities everywhere, making us more likely to fall for scams. The mere-exposure effect, a principle of cognitive psychology, explains that the more familiar something feels, the more we trust it—regardless of its legitimacy. Scammers exploit this by crafting offers that appear increasingly credible with repeated exposure.
Scarcity is another tactic commonly used by both legitimate marketers and cybercriminals during the holidays. Phrases like “Offer ends today,” “Limited stock,” or “Don’t miss out!” are designed to create urgency and push consumers into acting quickly. Scammers leverage this psychological pressure to lur ..
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