U.S. online holiday shopping is expected to reach a record $215B this year; that’s more than 12% year over year growth following an unprecedented surge last year.¹

Be advised, as we place more items in our virtual carts, scammers are more than keeping pace. The Federal Trade Commission reported a 113% increase in ID theft cases last year over 2019 and anticipates the cost to Americans to grow by nearly $9B in 2021.

It was, of course, the pandemic that fueled the surge in 2020; the increase and extension of unemployment benefits made that sector an attractive target for scammers. But new credit card accounts are the next largest category of FTC complaints and remain a huge problem.² Fraudsters can steal your identity, apply for and receiving a new credit card in your name. Account takeover is another illegal, but increasingly popular move where criminal can steal money and/or access rewards from airlines, hotels, or merchants, even insurance policies.

Bahl & Gaynor offers our clients instructions to follow should they believe they are victims of identity theft.
We’re happy to share them with you, HERE.

Meanwhile, here are some important tips:

 

¹ https://www.digitalcommerce360.com/article/online-holiday-sales/
² https://www.iii.org/fact-statistic/facts-statistics-identity-theft-and-cybercrime

The information contained herein is true and complete to the best of our knowledge. Bahl & Gaynor offers it in good faith. All recommendations are made without guarantee on the part of the author or Bahl & Gaynor Investment Counsel.