November 03, 2025
Last December, an accounts payable clerk at a mid-sized company received a suspicious text "from her CEO": Purchase $3,000 in Apple gift cards for clients, scratch off the codes, and email them. Though it seemed unusual, the message used the boss's name during hectic holiday season. By the time she verified, the gift card value had vanished, the scammer cashed out, and the company suffered the loss.
That costly scam was painful, but other frauds can devastate entire companies. In that same month, Luxembourg chemical manufacturer Orion S.A. was targeted by a far more severe fraud. An employee received what looked like routine urgent wire transfer requests via email, seemingly from trusted colleagues or partners. The requests matched normal business practices and appeared genuine, prompting the employee to make multiple transfers without hesitation.
The outcome? $60 million paid straight to cybercriminals—over half of the company's yearly profits wiped out through bogus wire transfers.
Think your small business isn't a target? Think again. Gift card scams alone cost companies over $217 million in 2023, while business email compromise attacks accounted for 73% of cyber incidents in 2024. The holidays are peak time for these schemes as cybercriminals exploit busy, distracted teams processing heightened transaction volumes.
Top 5 Holiday Scams Your Employees Must Spot (Before They Drain Your Wallet)
1. "Your Boss Needs Gift Cards" Scam (The $3,000 Text Trap)
- The Scam: Fraudsters impersonate executives, pressuring staff to buy gift cards purportedly for "clients" or "employee appreciation." In Q1 2024, 37.9% of business email compromise cases involved such gift card schemes.
- Prevention: Enforce a policy requiring two approvals before any gift card purchase. Train employees that top executives will never request gift cards via text message.
2. Invoice & Payment Information Fraud (The Big Money Heist)
- The Scam: Scammers send fake "updated banking info" or hijack vendor email threads just as year-end payments are due. For example, Arlington, MA lost nearly $500,000 in June 2024 to this scheme.
- Prevention: Always verify banking changes by calling a known phone number, never one included in the email. Implement a "phone call confirmation rule" for any financial changes exceeding $5,000.
3. Deceptive Shipping & Delivery Notices
- The Scam: Phishing emails or texts impersonate UPS, FedEx, or USPS with links inviting users to "reschedule delivery."
- Prevention: Educate employees to enter carrier websites directly into browsers and bookmark official tracking pages to avoid clicking dubious links.
4. Malicious "Holiday Party" Attachments
- The Scam: Emails carrying infected attachments like "Holiday_Schedule.pdf" or "Party_List.xls" that unleash malware once opened.
- Prevention: Disable macros, scan all attachments carefully, and inculcate a protocol to verify unexpected files before opening.
5. Fraudulent Holiday Fundraising Campaigns
- The Scam: Fake charity websites and bogus "company match" initiatives are designed to steal funds or sensitive information.
- Prevention: Distribute an official list of approved charities and require all donations to occur via trusted company channels.
Why These Schemes Succeed and How to Defend Against Them
The very tools that boost business productivity—email, online banking, digital payments—are what scammers exploit. These aren't laughable "Nigerian prince" emails; these attacks are impressively sophisticated, combining social engineering and detailed research on your business.
Businesses that conduct regular phishing simulations cut cyber risks by 60%, yet many small firms neglect staff training. Multifactor authentication stops 99% of unauthorized logins, but many companies still rely on passwords alone.
Your Essential Holiday Cybersecurity Checklist
Prior to the busy season, implement these critical safeguards:
- Two-Person Authorization: Require voice confirmation via a separate channel for transactions above your threshold.
- Strict Gift Card Policy: Enforce a written rule banning gift card purchases through email or text.
- Vendor Payment Confirmation: Validate all payment or banking detail changes by contacting vendors using established phone numbers.
- Enforce Multifactor Authentication: Activate MFA on all email, banking, and cloud service accounts.
- Holiday Scam Awareness: Educate your team on these top five holiday scams using real-world examples.
The True Price: Beyond Financial Loss
Although Orion's $60 million loss captured headlines, smaller businesses often suffer hidden consequences including:
- Disrupted operations during crucial peak seasons
- Diminished productivity as teams scramble to recover
- Damaged customer trust if client information is breached
- Soaring insurance premiums post-cyberattack
With the average business email compromise incident resulting in a $129,000 loss, many small businesses face ruin during their most important sales periods.
Keep Your Holidays Safe and Successful
Instead of worrying about recovering from wire fraud, focus holidays on growth and celebration. A quick team meeting, a few strong policies, and layered security measures can effectively bar cybercriminals from your accounts.
Remember: The Orion employee could have prevented a $60 million theft with a single confirmation call. With awareness and simple verification, you can protect your business from becoming the next example of costly fraud.
Ready to secure your team before the New Year? Click here or call us at 866-523-2985 to schedule a 15-Minute Discovery Call. We'll guide you through practical steps to safeguard your business. The greatest gift this season? Peace of mind.
