5 Steps To Protect Your Money During the Holiday Shopping Boom
Written by
Cynthia Measom
Edited by
Jenna Klaverweiden
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Scammers ramp up their efforts to target people during the holidays, when sales are up and shoppers are more likely to be distracted. And no matter whether they attempt fraud through a transaction or a phone text, their goals are the same — to steal money or personal information.
“Unfortunately, criminal threats rise significantly, and volumes experienced by banking fraud professionals compound the complexity of the investigative process during the holidays,” said Kevin King, a financial fraud prevention expert and director of Atlantic Union Bank. “This often results in delayed response times to true victims. The more you do to protect yourself will help to decrease the possibility that you fall victim to a financial crime.”
Knowing what to watch for and how to respond is your best defense. Here are five steps to safeguard your money during the holiday hustle and bustle.
Be Aware of Potential Scams
“Experiencing fraud at one of the most joyous times of the year can be extremely frustrating,” King said. It helps to be aware of potential scams so you can be vigilant. Here are some scams to be on the lookout for, according to King.
“Be wary of unrecognizable charitable organizations,” he said. “If your wish is to give during the holidays, please do so, but ensure your gifts are distributed as you intended.”
Additionally, according to King, criminal organizations often pose as bank representatives during the holidays. “If you are concerned about a phone call or a contact from your bank, you have every right to disengage and contact the bank through trusted channels,” he said.
King also said that unsolicited texts or calls asking for additional payments or personal information in order to deliver goods or services can be scams.
Safeguard Your Devices, Credit Cards and Information
King recommended safeguarding your devices, credit cards and checks, as well as your personal information, including login IDs and passwords.
He also recommended taking advantage of two-factor authentication. He said that makes it much more difficult for cybercriminals to gain access to accounts. Even if they have your password, they would still need to get through the second layer of protection to gain access.
Set Up Transaction Alerts and Monitor Your Accounts
Another tip from King is to check your accounts regularly so you know whether fraud is occurring.
“By enabling text or email notifications for your account, you can see your charges in real-time and be on higher alert for suspicious activity,” he said.
Investigate Unrecognized Transactions
“If the transaction is unrecognized but is with an organization you frequently do business with, it may be best to contact that merchant first,” King said. “If you are unable to reconcile the situation, immediately engage with your bank and begin the process to resolve the transaction.”
King also said to ensure that your bank has your up-to-date contact information, so it can easily reach you if it suspects fraudulent activity.
Don’t Wait To Take Action If You Click on a Fraudulent Link
If you accidentally click on a fraudulent link, King said to contact your financial institution immediately using trusted contact numbers, such as the number on the back of your debit card or the number published on the bank’s website. Or you can try the chat function in your bank’s mobile app.
“Recovery and successful resolution are most effective in the first few hours, sometimes minutes, of an event,” he said. “Be thorough and honest about what you have experienced. The more reliable information the bank has to assess the situation, the greater the likelihood of a successful and expedited resolution to your event.”
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