Seven out of ten Brazilians plan to make holiday shopping on Black Friday and Cyber Monday, Norton research says  

The growth of e-commerce has revolutionized the way people buy and sell products, intensifying during seasons like Black Friday, Cyber Monday and the holidays Norton, the cybersecurity brand of Gen(NASDAQ: GEN), seven out of ten (74%) of respondents in Brazil are waiting for these discount dates to make their holiday purchases. 

Every year, significant traffic and transaction growth is expected on digital platforms.However, this growth also attracts the attention of cybercriminals, who seek to take advantage of the increase in online activities to commit fraud and scams.In this context, Norton experts highlight that cybersecurity plays a crucial role in protecting both consumers and businesses. The use of appropriate digital security practices not only prevents financial losses, but also strengthens customer confidence in digital services. 

Increased scams in the shopping season 

During shopping seasons, cybercriminals intensify their efforts to target both end users and e-commerce platforms.“One of the most common methods is phishing, where scammers create fraudulent websites that appear to be legitimate stores, sending emails and text messages to steal people's personal and financial information.This type of scam is particularly effective in times of high shopping season, when consumers are focused on finding attractive product offers. The rush to make purchases at lower prices often leads users to let go of guard and suspicious links or insert data into dubious websites, says Isanderz Director of Sander-Rola. 

The same Norton study reveals that three quarters (76%) of consumers in Brazil have already taken some action to get a discount code, such as answering surveys or signing up for email lists.Of this group, 44% responded to a survey, 40% interacted with social media posts, 29% signed up for email lists and received unwanted messages. Interestingly, 27% spent more than they planned on their initial order to benefit from a discount or free shipping. 

However, three in five (67%) of respondents in Brazil said they had provided some personal information to receive a discount. Regarding the information shared by users, email is the most commonly provided data (91%), while 72% shared their name, 61% their phone number and 28% provided their home address. 

Despite the frantic search for offers, there are still high levels of concern about being scammed, as 74% of Brazilians said they were afraid of being victims of scams during events like Black Friday or Cyber Monday. In fact, 32% have already been the target of scams during year-end online shopping, with 55% of these scams reported during Black Friday and 4% on Cyber Monday. 

Consequences of fraud for consumers and businesses 

The impact of cyber fraud on online commerce can be devastating to both consumers and businesses. For users, the consequences can include direct financial losses, with Norton research showing that 83% of victims in Brazil suffered financial losses. Of these, the average loss of those who were cheated was more than 1,000 thousand reais (R$ 1,307.18) 45,000 thousand reais when shopping online, especially in the end-of-year season. 

For businesses, the cost of a security breach can be even higher.In addition to financial losses from fraud, organizations face potential fines for violating data protection regulations, falling customer trust, and reputational damage, which are difficult to repair. A company that does not adequately protect customer data risks losing the loyalty of its consumers and suffering a drop in long-term sales. 

The importance of robust cybersecurity 

Given the growing risk, it is vital that online commerce companies take proactive steps to ensure the security of their digital platforms and user data. Some key cybersecurity practices that must be implemented include: 

• Multi-factor authentication (MFA): this mechanism adds an extra layer of security beyond passwords, making it much harder for scammers to access accounts with sensitive information.
• Data encryption: it is essential that companies encrypt all information transmitted between the user and the platform, especially payment data.This prevents cybercriminals from intercepting and reading critical information. 
• Continuous monitoring: constantly monitoring networks for suspicious activity allows companies to detect and respond to attacks in real time, minimizing impact. 
• Security updates and patches: keeping company software up to date is crucial to protect against known vulnerabilities.Cybercriminals often exploit security flaws on outdated systems, so timely installation of patches is essential.
• Employee training: many security breaches occur due to human error.Training employees to recognize phishing emails, unsafe settings, and other threats can significantly reduce risks. 

How to protect yourself as a consumer 

Consumers should also take an active stance in protecting their information when shopping online. Iskander Sanchez-Rola, Director of Innovation at Norton, shares some tips to avoid becoming a victim of fraud: 

• Check the authenticity of the sites: before making a purchase, it is important to ensure that the site is reliable. It is recommended to check if the URL starts with “https” and if the company has a good reputation. 
• Avoid suspicious links: during promotional seasons, it is common to receive emails or text messages with offers. It is important not to click on suspicious links and instead directly access the official website of the store. 
• Use strong and unique passwords: do not reuse passwords on different websites and opt for combinations of letters, numbers and symbols to increase security. 
• Monitor bank transactions: frequently review bank statements to detect any unauthorized charges. 

Methodology 

The study was conducted online in Brazil by Dynata, on behalf of Gen, from September 2 to 11, 2024, with 1,000 adults aged 18 and older.