Fraud and data breaches are back in the news with the recent Marriott breach that hit the news this week. During the holidays, it is estimated that fraud attempts increase 30%. Fraud protection is a way of life and as the holidays approach, be especially vigilant with these tips.
1. Keep a close eye on your transaction history It’s always important to review your account information regularly, but it’s especially critical during the holiday season. In the event of unauthorized transactions or discrepancies in your account, monitor your account(s) carefully in case need to flag suspicious activity to your bank, credit union or credit card company.
2. Go mobile Consider using Apple Pay, Samsung Pay or other digital wallets as you cross things off your shopping list. Add your debit and credit cards to your digital wallets to take advantage of the latest forms of encryption protection so no matter if you’re shopping in-store or buying online, your personal information is secure.
3. Ask yourself: Is this legit? Be aware of scams when purchasing or donating to causes online. Does the deal look too good to be true? Is the site asking for irrelevant personal information? Ensure you are purchasing from legitimate and secure sites, and make sure you have the most updated anti-virus software just in case.
4. Verify site security Before handing over your credit card information to a retailer, always verify that checkout is secure by confirming the URL starts with https:// This means the site is using an SSL certificate to secure data as it passes from the website to the server and keeps it safe from hackers. When you notice a site is not secure, think twice before entering personal data.
5. Set account alerts Most financial institutions offer transaction alerts via email or text. Setting alerts can help you better manage your account (avoid overdraft!) while also giving you peace of mind that no one else is accessing your accounts. Want to be alerted about any transaction over $50? Easy. Want to get pinged for every transaction you make with a debit card? Done.
6. Understand your credit card’s fraud protection offerings Many credit cards offer something called “Zero Liability,” which applies to purchases made in the store, over the phone, online or via a mobile device. If your credit card offers Zero Liability, you won’t be held responsible for unauthorized transactions if you reasonably protected your card and promptly reported that your card was lost or stolen. Check your credit card agreement for more details.
7. Protect your PIN Pay attention to your surroundings when using your credit and debit cards in public. The best way to protect your PIN is to shield the keypad anytime you enter your PIN. Also, be on the lookout for ATM skimming devices. Learn how to spot skimmers PC Magazine Spot and Avoid Skimmers
8. Watch out for other scams Following recent breaches, scammers are taking advantage of holiday shoppers by claiming to be from financial institutions, asking for your personal information so they can “make sure your information isn’t compromised.” In reality, anyone who contacts you directly asking for your information over the phone, via email or via social media is likely not authorized to do so. Err on the side of caution, do not respond, and proactively reach out to your financial institution to confirm if the call or message you received was legitimate.
Ho Ho Ho, keep you/yours safe during the holidays!
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