The increased economic activity as CNY 2024 approaches serves as the perfect breeding ground for scammers to devise new festive scams.
The Lunar New Year is fast approaching. Spending on gifts, shopping, leisure, and other related business activities typically see a huge boost during this festive period, and this year is expected to be especially significant due to the importance accorded to the Year of the Dragon.
The increased economic activity serves as the perfect breeding ground for scammers to devise new festive cyber scams to lure unsuspecting prey to the slaughter and earn themselves a big windfall.
Satnam Narang, senior staff research engineer, Tenable, warned: “It is easy to let our guard down during festive periods, but that is precisely when scammers tend to come out in droves. It is important to remain vigilant and take appropriate precautions to avoid falling victim to fraudulent activities during our celebrations.”
Businesses need to play their part too. “It is not just consumers who have to be wary – businesses may be more vulnerable to cyberattacks during the holiday weeks, as they take extended breaks or are staffed by a leaner team. IT teams should communicate these risks promptly to their companies and ensure that they are prepared to prevent them,” he added.
Here are some common scams to watch out for in the coming weeks:
Fake bak kwa and other festive treats
Scammers may set up fake bak kwa or pineapple tart shops online that demand upfront payment for the popular Chinese New Year snack, then fail to deliver. These fake establishments provide shoppers with forms to input personal details, including mobile numbers and social media account information. This method efficiently collects a large amount of information, which scammers can exploit for fraudulent activities.
Impersonation scams
Scammers may impersonate relatives and ask for red packets or monetary gifts, preying on the tradition during Chinese New Year. Beware of anyone calling from an unknown number and pretending to be your friend or family only to turn around and ask for personal information or financial assistance.
Phishing scams
Phishing scams, where individuals are tricked into providing personal information or making payments to malicious entities, are also prevalent during the holiday season. Phishing scams also target businesses indirectly through employees, who may unwittingly give away access to critical systems.
