Holiday Fraud & Scams Threatens More Than Wallets: New Iris Data Reveals Emotional Toll on Victims

Iris^® Powered by Generali calls on businesses to help reduce fraud-related stress with stronger education and prevention during peak shopping season

WASHINGTON – November 12, 2025  – Iris® Powered by Generali,  ("Iris"), provider of a proprietary identity and cyber protection platform, today released internal resolution support data indicating a sharp rise in fraud activity during the holidays. In parallel, findings from Iris’ 2025 Identity & Cybersecurity Concerns (ICC) Survey underscore the deep emotional toll fraud has on victims. In light of this, Iris is calling on businesses to step up this holiday season to better educate and protect their customers.

According to the National Retail Federation (NRF), U.S. holiday retail sales in 2024 set a new record, fueled by online spending. At the same time, Iris’ Resolution Center saw scam cases spike 50% between October and November of last year and jump a staggering 87% compared to September. Yet customer inquiries dropped by more than half between August and December, suggesting that shoppers – distracted by seasonal demands – were paying less attention just as scams surged.

“Fraudsters love the holiday season because it’s a perfect storm of distraction and digital activity,” said Paige Schaffer, CEO of Iris ® Powered by Generali. “Fraud is not just about lost dollars – it’s about lost trust and mental well-being. Technology is critical, but education is equally powerful. Businesses can and must do more to warn customers, share prevention strategies, and provide support when it’s needed most. Doing nothing is no longer an option.”

The emotional impact of victimization is profound, as data from Iris’ 2025 ICC Survey reveals:

• 93% of fraud victims said the resolution process caused stress, with over half (52%) describing it as “significant” or “the worst stress they had ever experienced.”
• Feelings of frustration (62%), anger (61%), and overwhelm (39%) were most common, but many also reported anxiety, helplessness, or hopelessness.
• Baby Boomers (86% angry, 65% frustrated) and Gen X (72% frustrated, 64% angry) lean strongly toward anger and frustration.
• Gen Z reports overwhelm (54%), embarrassment (22%), and even suicidal feelings (12%) at rates significantly higher than older generations.
• Lower-income victims were twice as likely as higher-income victims to feel depressed or hopeless (22% vs. 11%).
• Rural victims reported frustration (79%) and anger (66%) at higher levels than urban respondents, who more often reported anxiety or depression.
• Alarmingly, nearly 1 in 5 victims reported feeling depressed/hopeless (18%), and 5% of identity theft victims reported suicidal feelings following their incident.

For a deeper exploration of how fraud impacts mental and emotional well-being amongst different demographic sets – and what businesses can do to help – download Iris’ new eBook, The Holiday Hustle: How Fraudsters Steal Joy, the second edition of Iris’ ICC Perspectives series.

As holiday spending continues to reach record highs, Iris urges retailers, financial institutions, and organizations across the board to take a more active role in protecting customers:

• Educate in the moment. Provide timely scam education and reminders at the point of sale, both online and in store.
• Make support visible. Make fraud and scam assistance services easy to find and understand so customers know exactly where to turn.
• Aid recovery with care. Offer resources that not only resolve fraud but also help reduce stress and rebuild customer trust.

To help businesses educate and empower their customers, Iris developed The Anatomy of Falling for a Scam – a shareable interactive guide illustrating how scams manipulate human behavior and how to spot them before it’s too late.

The holiday shopping season may be a peak time for fraud, but it’s also an opportunity for businesses to demonstrate leadership, accountability, and care for the customers they rely on most.

About Iris^® Powered by Generali

Iris^® Powered by Generali is a B2B2C global identity and cyber protection company owned by the 190-year-old multinational insurance company, Generali, that is passionate about not just developing effective identity protection solutions but also integrating them into people’s lives in a meaningful and impactful way. Today, we partner with some of the world’s most well-known brands, protecting their people how they want to be protected, no matter where they are.

To learn more about Iris’ offerings, please visit  https://www.irisidentityprotection.com/.

Iris Media Contact
M Group Strategic Communications
IrisPR@mgroupsc.com