As the holiday shopping season nears, forecasts predict online sales to grow to historic levels as retailers turn to e-commerce to reach customers amid the COVID-19 pandemic, and consumers opt to shop online for added safety.
According to Forrester, online retail is expected to grow 18.5% this year. In preparation, Jewelers Mutual cautions jewelers that an increase in online shopping can also pose a risk of increased cybercrimes to their businesses.
Common cybercrimes jewelry retailers should be aware of include:
• Identity theft using phishing techniques such as email or a phone call.
• Setting up fake accounts that mimic those of a company’s suppliers, and then asking for payment to that account.
• Taking over a store’s mailing system to obtain private information from its customers.
“When it comes to cybercrime, there are many precautions jewelers can take to prepare for the increase in online sales,” said Larry Spicer, Jewelers Mutual vice president of loss prevention and risk management. “Even if jewelers do not sell inventory online, any computer connected to the internet can become a source of attempted crime.”
Spicer advises jewelers to be aware of their vulnerabilities and implement steps to strengthen their security to protect their customers and business.
A few safety tips from Spicer include the following:
• Add security and anti-virus software with increased levels of intrusion protection systems and firewalls to any computer connected to the internet.
• Update anti-virus software weekly or even daily.
• Take extreme caution when opening and downloading email attachments unless you know exactly what it is and that it is a reliable source.
Additional cyber security tips and information can be found in Jewelers Mutual’s Clarity blog via: https://www.jewelersmutual.com/clarity-blog/how-to-protect-your-jewelry-business-cybercrime.
About Jewelers Mutual Group
The Jewelers Mutual Group was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Today, Jewelers Mutual offers products and services nationwide and throughout Canada that enable jewelry businesses to run safe, secure, and successful operations. Consumers also put their trust in Jewelers Mutual to protect their personal jewelry and the special moments it represents. The group's strong financial position is reflected in its 33 consecutive ratings of "A+ Superior" from A.M. Best Company. For more information, please visit www.jewelersmutual.com.
