FICO fraud expert TJ Horan explains that “It’s an environment that provides the perfect conditions for global consumers to fall for scam deals or buy products that aren’t quite what they expected. Not to mention, the window for fraud has grown because retail events kicked off in October to counter concerns about supply chains and logistics.”

Growth in e-Commerce has Seen Fraud Surge

The fraud problem has gone viral. Three-quarters of retailers across the U.K., U.S., France and Germany have seen fraud increase during the pandemic. A further third of global retailers say they have lost 5% to 10% of revenue to fraud last year. Online fraud has become a massive issue, so it’s important to be aware of the impact on consumers as well. For instance, online shopping scams in the U.K. surged by 65% over the year, with more than £69 million lost. In the U.S. digital fraud was up 25% in the first four months of 2021 and continues to grow during the holiday season.

With that in mind, here are the actions FICO’s TJ Horan says you can take right now to protect yourself from fraud and identity theft.

Tip #1: Revisit Your Password Habits

So many of us write our passwords down in a diary or an online doc or worse, use the same three passwords for almost every online account (and we all know that “three” might be generous). There is a better way to safeguard accounts during the holiday season; your new habit should be to use a password manager. Go ahead, make this your New Year…

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