November 03, 2025
Last December, a finance team member at a mid-sized company received an urgent message from someone posing as the CEO: "Purchase $3,000 in Apple gift cards for clients, reveal the codes on the backs, and email them immediately." Despite the unusual nature of the request, it appeared to come from the boss's name amid the hectic holiday rush. By the time the employee confirmed it was a scam, the fraudsters had already cashed in, and the company suffered the loss.
While this scam resulted in a painful loss, some fraudulent schemes cause far greater damage. In the same month, Orion S.A., a chemical manufacturer based in Luxembourg, was targeted by a more destructive scheme. An employee received seemingly routine emails requesting wire transfers that appeared to come from trusted partners or colleagues. The messages were urgent and aligned with typical business activities, prompting the employee to process multiple wire transfers without hesitation.
The devastating outcome? Cybercriminals absconded with $60 million—over half of the company's yearly profits—through a series of fraudulent wire transfers.
If you believe your small business is too minor to attract such threats, reconsider. In 2023 alone, gift-card scams drained businesses of over $217 million, while business email compromise (BEC) attacks comprised 73% of all cyber incidents in early 2024. The holiday season is especially risky since criminals exploit the chaos, distractions, and increased transaction volume.
Top 5 Holiday Scams Your Employees Must Recognize (Before They Cost You Thousands)
1. "Your Boss Needs Gift Cards" - The $3,000 Text Scam
- The scam: Fraudsters impersonate company leaders, pressuring staff to buy gift cards for "clients" or "employee rewards." In Q1 2024, gift-card scams made up 37.9% of BEC incidents.
- How to prevent: Establish a strict company policy requiring two authorized approvals for all gift card purchases. Educate employees to never fulfill such requests via text messages or emails from executives.
2. Invoice & Payment Account Hijacking - The High-Stakes Fraud
- The scam: Scammers send fake notifications about updated bank details or intercept vendor email threads when invoices are due. For example, in June 2024, Arlington, MA lost almost $500,000 to this scheme.
- How to prevent: Always verify banking or payment changes by calling a verified phone number, not by replying to emails. Adopt a mandatory "phone call rule" for all financial transactions exceeding $5,000.
3. Fake Shipping and Delivery Alerts
- The scam: Phishing emails or text messages impersonate carriers like UPS, FedEx, or USPS, containing links to "reschedule deliveries."
- How to prevent: Train employees to visit carrier websites directly by typing their URLs or using bookmarked official tracking pages, avoiding risky links.
4. Dangerous "Holiday Party" Attachments
- The scam: Emails containing attachments labeled "Holiday_Schedule.pdf" or "Party_List.xls" that install malware when opened.
- How to prevent: Disable macros by default, scan all attachments thoroughly, and encourage employees always to verify unexpected files before opening.
5. Fake Holiday Fundraising Campaigns
- The scam: Phishing websites mimicking charities or counterfeit "company match" initiatives to steal money and personal data.
- How to prevent: Provide your team with a list of approved charities and insist that all donations be made exclusively through verified company channels.
Why These Scams Succeed (And How to Defend Against Them)
The very digital tools that streamline your business—email, online banking, digital payments—are precisely what scammers exploit. These attacks aren't unsophisticated spam; they are highly targeted, combining social engineering with in-depth research about your organization.
Companies conducting regular phishing training see a 60% drop in risk, yet many small businesses skip employee education. While multifactor authentication prevents 99% of unauthorized access, numerous firms still rely solely on passwords.
Your Essential Holiday Cybersecurity Checklist
Prepare your business before the busy season with these key steps:
- Implement the Two-Person Rule: Require verbal confirmation via a separate channel for all transactions exceeding your defined limit.
- Establish a Gift Card Policy: Clearly communicate that gift card requests cannot be made or fulfilled via email or text.
- Verify Vendor Changes: Confirm any modifications to banking or payment details by calling previously verified phone numbers.
- Enable Multifactor Authentication: Apply MFA protections across email, banking, and cloud platforms.
- Train for Holiday Awareness: Educate your team on these top five scams using real-world examples.
The True Cost of Cyberattacks: Beyond Money
While Orion's dramatic $60 million loss gained headlines, smaller businesses often endure even harsher hidden impacts:
- Disruptions to operations during critical peak periods.
- Declining productivity as staff dedicate time to recovering from incidents.
- Erosion of customer trust if sensitive client data is exposed.
- Rising insurance costs following cybersecurity breaches.
The average financial impact per business email compromise incident reaches $129,000 — a potentially ruinous amount for many small companies during the busiest season of the year.
Keep Your Holidays Safe and Prosperous
The holiday season should be a time for business growth and celebration, not damage control after wire fraud. A quick team briefing, effective policies, and layered security measures can dramatically reduce your risk and keep cybercriminals at bay.
Remember: A single verification phone call could have prevented Orion's $60 million loss. By fostering awareness and implementing simple checks, your business can avoid becoming a cautionary story.
Ready to safeguard your team before the New Year? Click here or call us at (210) 582-5814 to schedule a Discovery Call. We'll guide you through straightforward, effective steps to protect your business. Don't let cybercriminals ruin your holiday success — give your business the ultimate gift this season: peace of mind.
