Don’t Be a Victim of Credit Card Fraud This Holiday Season
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- By Dawna M. Roberts
- Published: Nov 19, 2020
- Last Updated: Mar 18, 2022
Despite the current economic climate and dealing with the pandemic, stores are bursting with eager customers trying to get their holiday shopping done early.
Next week is Thanksgiving, followed by Black Friday and then Cyber Monday. The holidays leave consumers ripe for credit card fraud and identity theft. Here is how to protect yourself this holiday season.
Use Only One Designated Credit Card
This holiday season, try designating only one credit card for all purchases either in store or online. That way, if something happens, you will only have to make one phone call to the credit card company to stop the fraud and have them replace your card. This tip is especially helpful for online purchases where you cannot be sure that your transaction is secure.
Watch out for Skimming Devices
As you rush from store to store to get all your holiday errands completed, if you stop for gas or hit the ATM, before plugging your debit card into the slot, check for anything suspicious (loose parts, an extra insert or any small hidden cameras). Scammers use credit card skimming devices to steal your information while you gas up or grab cash.
Pay with an Electronic Wallet (Apple Pay or Google Pay)
Something that has come in very handy during the pandemic is touchless payment options like Apple Pay and Google Pay, where you can pay for goods by just clicking a button on your phone or watch and turning your wrist. The great news is this is also a very secure way to pay during the holidays. You have less chance of your credit card data being swiped or you leaving a card lying on the counter in a rush.
When you purchase online, you can use other wallets like PayPal to complete purchases so that the merchant never sees your credit card number or personal details; they simply get paid.
Monitor Your Accounts
A good habit to get into any time, not just the holidays, is constantly monitoring all your accounts. Scour your credit card and bank statements to make sure every transaction was authorized and initiated by you. If you notice anything out of place, contact the bank immediately, and speak to their fraud department.
Most credit card companies also offer email or text alerts that you can turn on to let you know when a purchase has been made or someone logs into your account.
Always turn on 2-factor authentication with every account so no one can easily access it without your phone.
Keep an Eye on Your Credit Reports
Another good practice to keep your identity safe is regularly (at least once a year) reviewing your credit reports from the three big agencies (Equifax, TransUnion, Experian). By law, you are entitled to a free copy from each of the agencies in a 12-month period.
Even better, sign up for credit monitoring so you can access your reports any time you like and let the professionals watchdog your information.
If you were involved in a data breach, you could also freeze your credit to keep it safe from anyone opening new accounts in your name.
Secure Your Personal Information
When out shopping, keep a close eye on your purse or wallet. Never leave bags unattended or ask a stranger to watch them for you. Be sure your mobile device and computer have the latest operating system updates and install antivirus/anti-malware software to keep your personal data safe.
Never use public Wi-Fi to log onto your bank or credit card accounts while out shopping or in a local coffee shop. Hackers use man-in-the-middle attacks to steal your data for fraud.
Always turn on multi-factor authentication on your device so in the event you lose track of it, a thief cannot access your apps and accounts.
Don’t Click on Ads
You may see dozens of extra ads on social media, email, and popping up on websites. Try to avoid clicking, no matter how tempting the sale looks. Instead, head on over to your browser and visit the website from there. Chances are you will still be able to get the great deal without potentially clicking a malicious ad that infects your device or scams you with a fake website.
When visiting shopping websites this holiday season, always look for the HTTPS secure sign before entering payment data.
Be on the Lookout for Phishing Emails & Spam Calls
During the holidays, phishing emails and scam (donation) calls experience a big uptick. Be cautious and do not click links in an email. If someone calls you asking for money, research the cause first and get back to them later. Many of them will try to pressure or threaten you to provide payment right there; those are scammers.
The best advice to stay safe this holiday is to use common sense and stay away from anything that sounds too good to be true.
