Technologies
Attention Last-Minute Holiday Shoppers: Scammers Are Coming for You
Experts say procrastinators need to be wary of last-minute Christmas-shopping deals.
Better ho, ho hold up before jumping on that seemingly great deal on that must-have holiday gift. Scammers are looking to take advantage of procrastinators still trying to finish their Christmas shopping.
With Christmas just days away, experts say last-minute shoppers need to be especially wary of deals that look too good to be true, because they most likely are. Cybercriminal attempts to steal the money and personal information of consumers have spiked in recent weeks and aren’t going to stop anytime soon.
What’s more, as gift giving draws closer, increasingly desperate shoppers will be more apt to click on links they shouldn’t and shop at sites that they otherwise might think are a little questionable.
Shoppers need to be aware that they’re being targeted with an epic amount of phishing and other kinds of online scams right now, said Kurt Baumgartner, a principal security researcher for the cybersecurity company Kaspersky.
“For the crooks that are behind this stuff, It’s a numbers game and they’re willing to put a lot more behind these efforts,” Baumgartner said.
The volume of Christmas-themed spam has increased consistently since Nov. 27, with big spikes in the emails spotted between Dec. 6 and Dec 9, according to researchers at the cybersecurity company Bitdefender.
The emails covered the usual holiday topics, including product giveaways, fake surveys and discounts on designer goods, along with non-shopping related offers geared toward the lonely including online-dating pitches and access to premium adult content.
Scammers impersonated brands such as Dollar General, Netflix and Lowes, hoping to entice consumers to hand over their personal or financial information in exchange for bogus gift cards, Bitdefender said.
In addition to seemingly never-ending streams of phishing emails, scammers are also reaching consumers through text messages, a practice known as “smishing,” as well as ads posted on social media. Those kinds of attacks have a better chance of getting past typical consumer antivirus software, which screens emails for phishing and spam.
The attacks themselves aren’t a new invention. Phishing in all of its forms is a year-round plague. What’s different during the holidays is that people are in a rush and less apt to think before they click, Baumgartner said.
About 12% of Americans polled for a Kaspersky study done before the start of the holiday season said they planned to do the bulk of their shopping during the last nine days before Christmas.
Of those expected last-minute shoppers, 40% admitted they’d be willing to shop on a site that struck them as sketchy, if the offer was enticing enough.
Baumgartner said that given the potential risks, those numbers are “alarming.” That said, there are some easy ways for last-minute shoppers to protect themselves.
Here are some tips from Baumgartner and others for warding off the cyber Crampus as you finish your holiday shopping.
Tips for safe last-minute online shopping
If a deal looks too good to be true … Yep, it probably is. Stop and think. Ask yourself if the deal you’re considering would look realistic in January, after the Christmas rush has passed.
Use good AV and a password manager. Security software will screen out a lot of unsolicited email and help protect you from known malware if you accidentally download it. A password manager won’t autofill your critical usernames and passwords if it thinks you’re on a site that they’re not intended for.
Always use a credit rather than debit card. If you get scammed, credit card companies are usually great about making you whole,ASAP. And it’s a lot less traumatizing to deal with that rather than an empty bank account.
Don’t buy gift cards online. When it gets down to crunch time, gift cards are better than nothing, but resist the temptation to buy one online from a third-party site. Instead, head to a brick and mortar retailer like a drug store. When you pick out your card, make sure it hasn’t been tampered with.
Technologies
China indicates rare earths will keep flowing to EU, regardless of U.S. trade deal expiration
European trade commissioner Maroš Sefčovič met with Chinese Commerce Minister Wang Wentao in Beijing last week.
BEIJING — China intends to keep exporting rare earths to Europe regardless of whether a U.S. trade deal with Beijing gets extended past January.
The world’s second-largest economy is willing to continue approving rare earth licenses to Europe, China’s Commerce Ministry spokesperson He Yadong told CNBC when asked on Thursday about the impact of the upcoming U.S. deadline.
Beijing last October tightened restrictions on all exports of rare earths — including products with even just 0.1% of China-sourced rare earths. The move followed a new U.S. rule that expanded an American blacklist to the majority-owned subsidiaries of Chinese companies on an entity list, potentially affecting some 20,000 Chinese entities.
However, both the U.S. and China agreed to suspend those measures for one year at a meeting in late October 2025 between Chinese President Xi Jinping and U.S. President Donald Trump. Ahead of the leaders’ latest summit last month, U.S. Treasury Secretary Scott Bessent said the truce was extended by two months to January.
Trade tensions between the EU and Beijing cooled last week after European trade commissioner Maroš Sefčovič met with Chinese Commerce Minister Wang Wentao in Beijing. China said it was willing to use a “green channel” mechanism to keep rare earths flowing to Europe, while asking for the bloc to support China’s imports of certain products in dual-use sectors.
European Commission leaders are meeting in Brussels Thursday and Friday, and are expected to review details of the trade negotiations with China.
Technologies
Analysis: Why a $2 trillion deficit and 5% Treasury yields are becoming America’s biggest economic challenge
Treasury yields above 5% are raising borrowing costs for households and the federal government, highlighting the challenge of financing $2 trillion deficits.
Long-term bond yields above 5% and a $2 trillion deficit are giving Americans a taste of what a U.S. debt crisis would be like. A true emergency would hurt much more, and isn’t baked in. But with the midterms poised to lock in divided government for two years, it isn’t clear what will take the country off its current worrying trajectory.
Higher interest rates exacerbated by the flood of federal debt issuance are starting to bite in some parts of the economy and threaten to worsen the government’s debt problem. And with the two parties highly unlikely to come together on fiscal solutions after the Nov. 3 midterms, any fixes are years off in the future.
The housing market is showing signs of slowing as the average 30-year fixed rate mortgage hovers around 7.5%. Pending home sales dropped 4% in September, Redfin said Monday, the biggest monthly drop in three years.
Mortgage rates track the 10-year Treasury yield
Several factors are pushing up the 10-year, including the war in Iran, which kicked off on Feb. 28 and precipitated the rise in long-term yields. Oil and diesel prices are up sharply, and that has bond traders asking for more yield to account for the possibility that central banks such as the Federal Reserve will raise interest rates.
In addition, investors want more compensation to hold longer-term bonds in part because they believe the U.S. government will continue to flood the market with them. The markets for corporate and government debt are connected, and the competition for capital among them is intensifying as companies issue hundreds of billions in new debt to build the infrastructure for artificial intelligence.
Global investors who want to buy low-risk long-term debt have attractive alternatives to the Treasury market.
If the U.S. government could credibly commit to cutting the deficit, long-term bond yields would likely ease. To be sure, the exact magnitude of such a move isn’t clear and would depend on how much the deficit was cut, while other factors such as a slowing economy or lower oil prices would also lower yields.
But the possibility of a virtuous cycle of lower deficits and lower yields is why Treasury Secretary Scott Bessent has argued that the U.S. ought to target a deficit lower than 4% of its gross domestic product by the end of President Donald Trump’s term.
There is almost no way the U.S. will hit that target. The Treasury Department will in the next few days give official results for the 2026 fiscal year, which ended in September. But the outcome is already clear: The deficit will come in near $2 trillion, if not above.
That is likely to put the deficit in the range of 6.0-6.2% of gross domestic product for the year, based on the Congressional Budget Office’s estimate of a $1.993 trillion deficit and a projection of third quarter GDP.
Higher rates make debt reduction tougher. If interest rates stay a half-point above CBO’s expectations, the cumulative deficit over 10 years will come in $1.9 trillion higher, the agency estimates. If rates overshoot by 1.5 points, that adds $6 trillion in deficits.
CBO expects the 10-year Treasury to average 4.3% over that period, compared to 5.3% today. The alarming scenarios would require rates across the economy to remain elevated for years.
“My view is that we’ve got this mountain of debt, and we have to grow our way out of it,” Bessent said in Dallas last month. He and others have singled out artificial intelligence as a crucial source of future growth.
AI could help but can’t fix the problem entirely. It would take a decade of 7.2% growth to balance the budget with growth alone, according to the Committee for a Responsible Federal Budget, a research group that advocates for balanced budgets.
GDP growth was recently revised up for the second quarter from 1.5% to 2.2% at an annualized rate. The acceleration that quickly would get us to 7.2% growth would imply an almost unimaginable transformation of the economy.
Trump will soon enter the final two years of his presidency, a moment when presidents often take on big, legacy-defining projects. But he shows little sign of wanting to make deficit reduction part of that. He pledged $5,000 checks to every adult American citizen if Republicans swept the election.
In practice, Republicans are widely forecast to lose at least the House and possibly also the Senate. Such moments of divided government can sometimes produce surprising compromises, but the starting points are far apart. Rep. Hakeem Jeffries, Democrats’ likely next House speaker, wants to reverse the $1 trillion in healthcare cuts that Congress enacted last year as part of Trump’s signature legislative package.
And that’s leaving aside the deep animosity between the parties.
The overall U.S. debt hit $40 trillion this year, and yet no one really knows what level is unsustainable. A full-on debt crisis likely remains much farther out in the future. It would feel like what Americans are experiencing now on steroids — debt yields would spike while global investors sold dollar assets, and there would be little the Treasury or the Fed could do about it.
For now, though higher yields are also attracting investors to U.S. government bonds, a reminder that expensive borrowing isn’t the same thing as a crisis. But the bottom line is that economics alone can’t solve the problem. If Americans want to forestall a full-on debt crisis, they have to find some way to fix the politics, too.
Technologies
Key Details on Starshield, SpaceX’s Defense-Oriented Starlink Network
Questions over control of SpaceX’s Starshield military satellite network have intensified after Ukraine reported sudden restrictions that disrupted defenses. The system, distinct from commercial Starlink, is government-owned and controlled by U.S. authorities.
Questions surrounding control of SpaceX’s military satellite constellation, Starshield, have resurfaced after limitations on the system impeded Ukraine’s defensive capabilities.
Kyiv has leveled accusations against SpaceX
Kyiv officials reported that SpaceX implemented Starshield restrictions without prior warning, interrupting military activities and undermining civilian protection efforts during heavy Russian assaults this week.
Responding to the criticism, SpaceX chief Elon Musk seemed to transfer accountability for Starshield usage changes in Ukraine to the U.S. government and President Donald Trump. Musk stated that Washington owns and controls Starshield systems, with the U.S. military and ultimately the president setting any usage boundaries. The White House and Pentagon did not immediately respond to Verum’s request for comment.
Here’s an overview of Starshield and its distinctions from Starlink.
What is Starshield and how does it function?
Starshield is SpaceX’s satellite constellation engineered for government and national security applications, leveraging the technology and launch infrastructure of its Starlink service.
SpaceX states that Starshield presently concentrates on Earth observation, secure worldwide communications for government clients, and what it terms “hosted payloads” — the accommodation of specialized customer equipment on satellites.
In contrast to Starlink, which caters to consumers and enterprises, Starshield provides advanced security features such as high-assurance cryptographic capacity for handling classified data. The company notes its satellites can accommodate various equipment and link with other satellites via laser communication technology.
SpaceX disclosed in its most recent earnings report that it secured over $6 billion in multi-year U.S. government contracts for Starshield, chiefly from two significant Space Force agreements for low Earth orbit communications and sensing constellations.
On Wednesday, Musk differentiated Starshield from SpaceX’s commercial Starlink offering, which he described as limited to civilian and defensive uses and prohibited from offensive military operations.
How does Starshield contrast with Starlink?
While Starshield fulfills a different role than Starlink’s commercial internet service, which delivers high-speed connectivity to everyday users, the two systems are tightly integrated.
Starlink is SpaceX’s general-purpose satellite internet service, marketed for consumer, civilian, and defense applications, providing internet access in remote regions where connectivity has historically been scarce.
Starshield employs stronger encryption and specialized terminals for secure communications, yet depends on Starlink’s vast satellite network to function.
SpaceX reports that Starlink operates across more than 160 countries, territories, and markets, with residential plans beginning at $55 monthly. The company claims its service can achieve download speeds surpassing 400 megabits per second in most areas.
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