Student Loans
Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
Holiday Shopping Tips to Help You Stay Safe This Holiday Season
Money SmartsSecurityDecember 13, 2024
The holidays may be a fun and festive time, but they can also bring additional safety concerns when you're shopping for gifts. Thieves see the season of giving as a golden opportunity to steal your money or personal information, especially with more people shopping online for gifts.
There are all sorts of sneaky schemes scammers use to steal your hard-earned cash. But with a little know-how, you can outwit those thieves and keep your festivities fraud-free.
To stay safe and prevent crooks from ruining your cheer this holiday season, check out these shopping tips.
Use Your Credit or Debit Card for Peace of Mind
Not only are credit and debit cards more convenient than carrying cash, but they also provide an extra layer of security while you're shopping. What’s more, using a debit card can prevent you from blowing your holiday budget.
With a debit card, you're limited to the amount of money you actually have in your checking account, so you're less likely to rack up debt or spend more than you can afford. Plus, some financial institutions offer special bonus rewards for using your debit card during the holiday season. That can help you stay on budget and keep you from overspending.
Most debit cards also come with built-in fraud protection. So if a scammer steals your card info and starts racking up charges, you likely won't be on the hook for paying them. Your card issuer will investigate any dubious charges and reimburse you for the fraudulent ones.
And while you're at it, set up account alerts so you get a text or email anytime there's a charge over a certain amount. That way you'll know right away if something shady is going on. While this might seem like extra work to keep tabs on your accounts, it's worth the peace of mind knowing your hard-earned money is protected.
Guard Your Personal Info and Consider Using a Digital Wallet
When you're checking off that holiday shopping list, it's easy to get caught up in the spirit of the season and let your guard down. One simple step to keep yourself safe is to be cautious about sharing details like your birthdate, Social Security number, or bank account info with stores, whether you're shopping online or in-person. If a retailer asks for more than the basics to complete your purchase, think twice before handing it over.
Consider using a digital wallet instead of your actual card. A digital wallet generates a unique code for each purchase. It's like putting a virtual lock on your financial data. It also lets you pay with your phone using features like Apple Pay or Google Pay.
All your sensitive payment info is encrypted and stored securely in your digital wallet, so even if your phone is stolen, the thief can't go on a shopping spree with your money. Plus, if your phone has biometric security features like a fingerprint scanner, you can add an extra layer of protection.
Cheats and Swindlers and Scams – Oh My!
From fake charity drives to bogus gift cards, be on the lookout for anything that seems suspicious. Watch out for fake "delivery notification" emails that claim there's a problem with your holiday package delivery. They might look legit, but clicking the links or downloading the attachments could install malware on your computer without you even realizing it.
Also be careful of any innocent looking "Happy Holidays!" e-cards or package tracking emails in your inbox. They could be phishing scams designed to steal your personal info. Stay alert and use common sense while online shopping this holiday season. If a deal looks suspicious or an email seems fishy, trust your gut and steer clear.
Social media scams are common around the holidays when everyone's looking for deals and doing their shopping online. If you’re scrolling through your feed and an ad suddenly pops up promising a huge discount on the hottest new gadget or designer jacket, don’t click on it.
It may take you to a sketchy website asking you to enter your personal information and credit or debit card details. Once they have your info, the seller disappears without ever sending you what you ordered.
These "deals" tend to ramp up during peak shopping periods like Black Friday, Cyber Monday, and the weeks leading up to the holidays. The posts usually have a limited time frame to pressure you into forking over your credit card details or clicking a shady link without giving it a second thought.
Take a minute to scope out the company behind the offer before you buy. Check for typos and grammatical errors, too, which could be sign that the site is fake.
Stay Safe Online by Shopping on Secure Websites
Stay one step ahead by only shopping on secure websites, never sending money to unverified individuals, and keeping a close eye on your credit card and bank statements for any suspicious activity.
Staying safe shopping online requires constant vigilance and a keen eye. As you navigate the digital marketplace, it's crucial to stay alert and attentively watch for any signs that indicate potential fraud or security risks, such as unfamiliar websites, unsecured connections, or requests for sensitive information. Then, take proactive steps to protect your personal and financial data.
First off, only buy from websites you know and trust. Look for the padlock icon and "https" in the URL at the top of the page to know it's a secure site. If a deal seems too good to be true, it probably is! Be wary of any individual seller asking you to send them money directly. No matter how convincing their story is, just say no.
Another smart idea is to regularly check your credit card and bank statements. If you spot any charges you don't recognize, report them to your financial institution. It could be a sign that a hacker got ahold of your information. The sooner you catch any fraud, the easier it is to clear up.
When you're out shopping for gifts this holiday season, it's important to keep your personal info safe and secure. Resist the urge to hop on that public Wi-Fi network at your local café to shop. Public networks are less secure than private ones.
Instead, stick to your mobile data plan or wait until you're back on a network you trust. You can also use a virtual private network (VPN) to protect yourself while using public Wi-Fi.
Stay Merry, Bright, and Safe This Holiday Season
When you're out there battling the crowds to get your holiday shopping done, the last thing you want to worry about is your personal and financial information getting compromised. Don't let scammers dampen your holiday spirit. Stay sharp and savvy and you can jingle all the way to a scam-free season!
Learn more about protecting yourself from fraud and how GLCU can help.
The information in this post is for educational and informational purposes only and does not constitute investment or financial advice. You should consult a licensed financial advisor before investing in any financial product or service.