Stay Safe from Credit Card Fraud This Holiday Shopping Season

The holiday season is a time of joy, celebration, and—unfortunately—an uptick in credit card fraud.

According to a report from the Federal Trade Commission, consumers lose billions of dollars annually to various forms of fraud. Credit card fraud is particularly prevalent during the holiday season.

In fact, the National Retail Federation states that the number of reported fraud attempts increases by up to 30% during the holiday months. This is due in part to the surge in online shopping, as cybercriminals are more likely to target shoppers when transactions are frequent and vigilance is low.

With the upcoming holidays bringing about a surge in shopping both online and offline, it’s crucial to remain vigilant against the threat of fraudsters looking to take advantage of the busiest retail period of the year. You need strategies to protect yourself from potential credit card fraud and ensure that your festive spirit remains intact.

We recommend that you:

Monitor Your Accounts Regularly

One of the simplest yet most effective ways to catch fraud early is by regularly monitoring your credit card accounts. Check your statements frequently for any unfamiliar transactions and report them immediately to your bank. Most financial institutions offer the convenience of mobile alerts, sending notifications for every transaction made with your card. These alerts can serve as an early warning system, allowing you to take swift action against unauthorized charges.

Be Wary of Suspicious Emails

During the holiday rush, you might be tempted to click on emails advertising fantastic deals or exclusive offers. However, cybercriminals often use phishing emails to trick consumers into revealing personal information. Avoid opening attachments or clicking links in emails from unknown senders. If an email looks suspicious, it’s best to delete it right away—no deal is worth the risk of identity theft.

Shop Securely Online

When shopping online, ensure that the websites you frequent are secure. Look for “https” in the URL, as the “s” indicates that the site is secured with an SSL (Secure Sockets Layer) certificate. SSL is a standard security technology that establishes an encrypted link between a server and a client, such as a web server and a browser. This encryption ensures that all data passed between the server and client remains private and integral, protecting your data from being intercepted by malicious parties.

Use Credit Instead of Debit When Possible

Using a credit card instead of a debit card for online purchases can offer extra protection. Credit cards provide an additional layer of security because they are not directly linked to your bank account, reducing the risk of direct access to your funds in case of fraud. Furthermore, credit card companies often offer zero liability policies, meaning you won’t be held responsible for unauthorized transactions if reported promptly. Finally, disputing unauthorized charges can be easier than with a debit card, because federal law limits your fraud exposure more with a credit card.

Verify Before You Trust

Fraudsters might attempt to contact you posing as legitimate businesses, asking for personal information like your credit card number or social security details. Always verify the identity of anyone requesting such information. Legitimate companies will not ask for sensitive data over the phone or via email without proper verification procedures.

Avoid Unprotected Wi-Fi

Public Wi-Fi networks are convenient but notoriously insecure, making them a favorite target for cybercriminals. Avoid using public Wi-Fi when shopping online or accessing sensitive financial information. Instead, use a secure and private network or consider using a virtual private network (VPN) to encrypt your internet connection.

By taking these proactive steps, you can significantly reduce your risk of falling victim to credit card fraud this holiday season. Stay informed, remain cautious, and ensure that your holiday shopping spree leaves you with fond memories, not financial headaches.