How to Keep Your Finances Secure this Holiday Shopping Season

Whether you’re hunting for the perfect gift or indulging in some retail therapy this holiday season, it’s crucial to keep your guard up and finances secure.

Consumers lost more than $10 billion to fraud in 2023, according to the Federal Trade Commission (FTC), underscoring the importance of taking steps to protect your wallet.

Here are a few strategic moves to help you shop securely and protect your hard-earned money from fraud.

Safeguard Your Devices and Connections

Before you start filling your online shopping cart, ensure your devices are secure. Update your security software, always use strong passwords, opt for biometric login where possible, and enable multi-factor authentication to add an extra layer of protection. A secure device is your first line of defense against hackers.

Secure internet connections are equally important. Avoid making purchases on public Wi-Fi networks, which can be easily compromised. If you must connect to public Wi-Fi, use a virtual private network (VPN) to encrypt your data.

Social media can also be a treasure trove for scammers looking for information on their potential victims. Regularly review your privacy settings and connections and limit the amount of personal information you share on social media and other online platforms.

And don’t forget to regularly back up your data. By keeping your information backed up, you can ensure a smoother recovery process if a security breach occurs.

Shop Only on Trusted Sites

Cyber criminals often mimic reputable sites to trick unsuspecting shoppers. When browsing for deals, verify the security of each website. Look for “https://” in the URL, indicating enhanced security measures. Be cautious of sites with too-good-to-be-true deals, as they might be traps.

Before clicking on links, verify the sender’s identity and scrutinize messages for signs of phishing like poor grammar, urgent requests, and unfamiliar email addresses. If an email, call or text seems suspicious, contact the company directly using the information from their official website, not the details provided in the suspicious communication.

Before entering any personal information, review the site’s privacy policy to understand how your data will be used and stored. If you’re asked to save your payment details for future purchases, consider declining, as storing card information increases your exposure to data breaches.

Credit cards provide additional protection, as federal law caps your maximum liability for fraudulent purchases at $50. Some debit cards offer similar protection, so ensure you know the terms and conditions for your preferred payment method before checking out.

Monitor Your Accounts Regularly

Keeping a close eye on your bank and credit card statements can help you detect unauthorized transactions quickly. During busy shopping seasons, scammers take advantage of distracted consumers, making vigilance essential. Set aside time each day to quickly review your accounts for suspicious charges via online and mobile banking.

Setting up transaction alerts through your bank’s online and mobile banking can also help to quickly identify suspicious transactions.

If You’ve Been a Victim

If you’ve been the victim of fraud, here are steps to take immediately:

• Contact your bank to freeze your accounts, get new account numbers and debit/credit cards, and monitor your account statements for fraudulent charges.
• File a report with the police, Federal Trade Commission (reportfraud.ftc.gov) and Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3.gov).
• Place a fraud alert on your credit report with Equifax, Experian and TransUnion.
• Have any compromised devices professionally cleaned from viruses and malware and update all your online usernames and passwords.

The holiday season should be a time for joy, not worry. By taking proactive measures to secure your finances, you can focus on what truly matters—spending time with loved ones and sharing in the festive spirit. Stay safe, shop smart, and spread the cheer!

For more tips to protect yourself from the latest scams, visit our Security Center.