The growth of e-commerce has revolutionized the way people buy and sell products, intensifying during seasons like Black Friday, Cyber Monday, and the holiday season. According to a recent survey fromNorton, the cybersecurity brand ofGen™ (NASDAQ: GEN), seven out of ten (74%) respondents in Brazil are waiting for these discount dates to make their year-end purchases.
Every year, significant growth in traffic and transactions 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 frauds and scams.In this context, Norton experts emphasize 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 trust in digital services.
Two-stroke increase in 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 during peak shopping seasons, when consumers are focused on finding attractive product deals. The rush to buy at lower prices often causes users to let their guard down and click on suspicious links or enter data on dubious sites," says Iskander Sánchez-Rola, Director of Innovation at Norton.
The same Norton study reveals that three-quarters (76%) of consumers in Brazil have already taken some action to obtain a discount code, such as responding to surveys or subscribing to email lists. Of this group, 44% responded to a survey, 40% interacted with social media posts, 29% subscribed to 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 out of five (67%) 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 residential address.
Despite the frantic search for deals, there are still high levels of concern about the possibility of being scammed, as 74% of Brazilians said they are worried about falling victim to scams during events like Black Friday or Cyber Monday. In fact, 32% have already been targeted by scams during online holiday 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 frauds on online commerce can be devastating for 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 for those who were deceived was over 1,000,000 reais (R$ 1,307.18) – with the highest reported amount being 45,000,000 reais when shopping online, especially during the holiday season.
For companies, the cost of a security breach can be even higher. In addition to financial losses from fraud, organizations face potential fines for violations of data protection regulations, a decline in customer trust, and damage to reputation, which are difficult to repair. A company that does not adequately protect customer data risks losing customer loyalty and experiencing a decline in sales in the long term.
The importance of robust cybersecurity
In the face of increasing risk, it is vital for online commerce companies to take proactive measures to ensure the security of their digital platforms and user data. Some key cybersecurity practices that should be implemented include:
- Multi-factor authentication (MFA):This mechanism adds an extra layer of security beyond passwords, making it much more difficult for scammers to access accounts with sensitive information.
- Data encryption:It is essential for companies to 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 activities allows companies to detect and respond to attacks in real time, minimizing the impact.
- Security updates and patches:Keeping the company's software up to date is crucial to protect against known vulnerabilities. Cybercriminals often exploit security vulnerabilities in outdated systems, so timely patch installation is essential.
- Employee training:Many security breaches occur due to human error. Training employees to recognize phishing emails, insecure configurations, 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 Sánchez-Rola, Director of Innovation at Norton, shares some tips to avoid becoming a victim of fraud:
- Verify the authenticity of websitesBefore making a purchase, it is important to ensure that the website is trustworthy. It is recommended to verify 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 access the store's official website directly.
- Use strong and unique passwords:Do not reuse passwords on different sites and choose 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 over.
