November 03, 2025
Last December, an accounts payable clerk at a midsize company received an urgent text appearing to be from her "CEO": purchase $3,000 in Apple gift cards for clients, scratch off the codes, and email them immediately. Despite the odd request, she complied amid the holiday rush. By the time the mistake was realized, the funds were gone, drained by scammers, leaving the company to absorb the loss.
This scam caused a sting, but some attacks can devastate businesses completely. That same month, Luxembourg chemical manufacturer Orion S.A. suffered a far more catastrophic breach. An employee received what seemed to be routine, urgent wire transfer emails from trusted colleagues or partners. Without hesitation, multiple transfers were executed as requested.
The outcome? Cybercriminals stole $60 million — over half of the company's annual profits—through fraudulent wire transfers.
If you believe small businesses aren't targets, think again. In 2023, gift-card scams alone cost companies more than $217 million. Business email compromise attacks accounted for 73% of cyber incidents in 2024. The holiday season is especially risky as criminals exploit your team's distractions, stress, and increased transaction volume.
Top 5 Holiday Scams Your Employees Must Recognize (Before They Drain Your Budget)
1. "Your Boss Needs Gift Cards" (The $3,000 Text Trap)
- The Scam: Impostors masquerade as executives demanding gift card purchases for "clients" or "employee rewards." In early 2024, gift card schemes accounted for 37.9% of business email compromise incidents.
- How to Prevent: Enforce a strict policy requiring dual authorization for gift card purchases. Train staff that executives will never request gift cards via text messages.
2. Invoice & Payment Fraud (Targeting Large Transactions)
- The Scam: Scammers send fake "updated banking information" or hijack vendor email threads near payment deadlines. For example, in June 2024, Arlington, MA lost nearly half a million dollars to this tactic.
- How to Prevent: Always verify banking changes by calling known numbers—not the ones in emails. Implement mandatory phone confirmation for financial transactions over $5,000.
3. Fraudulent Shipping & Delivery Alerts
- The Scam: Phishing emails or texts impersonate UPS, FedEx, or USPS, prompting recipients to click links to "reschedule delivery."
- How to Prevent: Educate employees to visit carrier websites directly by typing URLs or using bookmarked pages, avoiding suspicious links.
4. Malicious "Holiday Party" Attachments
- The Scam: Emails with attachments named "Holiday_Schedule.pdf" or "Party_List.xls" that unleash malware when opened.
- How to Prevent: Disable macros, run attachment scans, and cultivate verification habits for unexpected files.
5. Fake Holiday Fundraisers
- The Scam: Phishing websites impersonate charities or counterfeit "company match" drives to steal data or donations.
- How to Prevent: Provide a vetted charity list and require all contributions to go through official company portals.
Why These Scams Succeed — And How You Can Protect Your Business
The very tools that streamline business operations—email, online banking, digital payments—are exploited by cybercriminals. These aren't outdated "Nigerian prince" scams; they're carefully crafted attacks combining social engineering with targeted company research.
Companies that implement regular phishing simulations reduce risks by up to 60%, yet many small businesses neglect employee training entirely. Multifactor authentication blocks 99% of unauthorized access, yet some still rely on passwords alone.
Your Essential Holiday Security Checklist
Prepare before the holiday season ramps up:
- Two-Person Authorization: Require verbal confirmation via separate channels for all transactions above your threshold.
- Gift Card Policy: Establish a written rule prohibiting gift card purchases ordered through email or text.
- Vendor Confirmation: Verify banking or payment changes by calling pre-existing contacts.
- Enable MFA: Activate multifactor authentication on all email, banking, and cloud services.
- Holiday Scam Awareness: Inform your team about these scams using real-world examples.
The True Cost: Beyond Financial Losses
While Orion's $60 million loss made headlines, small businesses often suffer hidden losses such as:
- Disrupted operations during peak periods
- Declining productivity as employees manage damage control
- Damaged customer trust if sensitive data leaks
- Increased insurance premiums post-incident
The average cost of a business email compromise is $129,000—enough to shutter many small companies at the worst time.
Keeping Your Holidays Safe and Stress-Free
The holiday season should focus on growth and celebration—not cleaning up cyber fraud disasters. With a quick team briefing, robust policies, and layered security measures, you can effectively keep fraudsters out of your finances.
Remember, a single verification call could have prevented Orion's $60 million loss. By raising awareness and implementing simple safeguards, your business can avoid becoming another cautionary statistic.
Ready to secure your team before the New Year? Click here or call us at 336-310-0277 to schedule a Discovery Call where we'll guide you through practical, immediate steps to protect your business. Don't let cybercriminals ruin your holiday success; the greatest gift to your company this season is peace of mind.
