As the New Year approaches, many people are celebrating the end-of-year holidays, and that often involves shopping. Getting gifts to share with a loved one, preparing for big family gatherings or holiday parties can be exciting! Unfortunately, this joyful time of year is also a time when scammers are upping their game to take advantage of lowered defenses.
Watch out for Common Fraud Types
- Charitable Giving – The end of the year is a big time for charitable giving. That also means it’s a time where we see an increase in fake charities trying to get people to donate their money. When contributing to a charity, do your research to make sure you are sending your money where you want it to go, and to people that will be good stewards of those funds.
- Bank Impersonation – Just as during the rest of the year, fraudsters are impersonating banks to try to get your personal financial information. The holiday season can be particularly fraught, because people are spending larger amounts of money and need access to their funds for holiday shopping. Don’t let your finances get caught up in fraud. Remember, Atlantic Union Bank will never text, email or call to ask you for your password, account number, login ID for online or mobile banking or one-time access code.
- Phishing Scams – In a phishing scam, a bad actor pretends to be someone else in order to get you to click on a link that will steal your information. During the holidays, they might disguise their email as an invitation to an end of year party or a gift list. If you’re not sure who sent you something, it’s smart to not click on any links you receive unexpectedly. And, if you get something you weren’t expecting from someone you know, it’s a good idea to verify with them what they sent.
- Check Fraud – Be careful when using checks. Over the holidays, we see an uptick in the number of fraudulent checks that reach the bank. Those checks could be ones that were fully counterfeit or a check that was altered after it was signed. Check your account regularly to ensure the only checks being cashed from your account are ones you authorized. If you need to pay someone you don’t know, it’s safer to use cash or a credit card so that they don’t get your account information from your check.
To help you stay safe, read on for a list of additional tips for keeping your finances safe this holiday season.
Online Shopping Tips
- Beware of unfamiliar websites – When it comes to the holidays, it can be tempting to buy from a place you’re not used to, whether because you’re getting a gift for someone or you’re chasing a deal. However, when buying from somewhere new, it’s important to properly vet the website. Make sure that the URL begins with HTTPS and not just HTTP, because that means the information sent through the site is more secure. Be on the lookout for misspellings or obvious errors in the site – those often indicate a quickly thrown together scam website. When possible, stay with those you have used before and know are trustworthy.
- Don’t give out more information than you need to – If you do need to use a new website, make sure you use a unique password. Reusing an old password makes you more susceptible to issues if there is a data breach. It’s also smart to choose only one credit or debit card to use for online purchases – that way you only have to keep an eye on one account when looking for suspicious activity.
- Enable Multi-Factor Authentication (MFA) – Where possible, use Multi-Factor Authentication to protect your accounts. In general, MFA means that you have both a password to log in to your account and another method of verifying that you are the correct account holder. Generally, this means you will receive a text, email or phone call with a limited-time use code to enter.
- Carefully pick what card you use – Make sure you pick a card with good fraud protection when shopping online. It's also a good practice to use an account that does not regularly have a high balance – that way there is less risk if the card's information is stolen.
- Keep your devices and apps updated – Keeping all of your software updated is important. Developers often include important security fixes in those updates. If your device or apps are out-of-date, any information you put in could be vulnerable.
- Watch out for social media scams – A lot of online shopping now happens directly through social media platforms. This can be great, as it’s a quick way to buy something that catches your interest. However, it’s also easy for scammers to put up fake products or products that aren’t quite as advertised. Make sure to look closely before clicking ‘buy now’ so that you only buy what you intend to.
One more thing! It's also important to stay safe when doing your holiday shopping in person. Because this is a time of year when people are taking out more money from ATMs, we often notice an uptick in criminals following someone to take their cash from them after using an ATM. Make sure to only use ATMs in well-lit areas, and be aware of your surroundings when you leave to be sure you aren't followed.
Keeping these tips in mind can help you have a safe and happy holiday season.