It's hard to believe but the holiday shopping season is already here. With a lot of sales coming up, it can be an exciting time for bargain hunters. But if you don't play your cards right, it can also quickly become a recipe for financial disaster.
Join us as we explore tips to help protect yourself during the holiday shopping season so that you can snag all sorts of deals without having your personal information compromised.
1. Beware When Shopping Online
Online shopping provides a lot of convenience. You don’t have to leave home, battle traffic and crowds, or deal with the disappointment of walking away from a store empty-handed. That said, you need to be on high alert when doing your holiday shopping online. A common tactic used by scammers is creating websites that look legitimate to try to trick shoppers into giving up their personal information.
Make sure you double check URLs and use websites that feature the lock symbol and https in the address bar before you enter any information like your credit card number. Try to shop online with known merchants and vendors that you trust.
2. Monitor Your Card Accounts
It’s easy to get caught up in the holiday season. It’s an exciting and sometimes overwhelming time. But it’s crucial to stay diligent about monitoring your accounts and staying on top of your charges.
One way to keep better track of purchases is to set up automated notifications for your credit cards. That way, if you see any suspicious transactions made with one of your cards, you can take immediate action and protect yourself from financial harm.
3. Limit the Number of Credit Cards You Use
Speaking of credit cards, try to limit your spending during the holidays to as few cards as possible. We know that can be challenging when you are trying to juggle everyday expenses with holiday shopping, but it’s worth the effort. It’ll make it easier for you to track your purchases and make payments. The last thing you want is for something to slip through the cracks (like a suspicious transaction).
On a related note, resist the temptation to open new credit cards, especially store-issued ones. Sure, you might get a special one-time discount, but those cards often carry high interest rates. So, unless you shop at that store often, you probably don’t need to open that new card.
4. Skip the Public Wi-Fi
Many stores offer free Wi-Fi for customers these days. However, it’s often on unsecured networks – which can make you an easy target for hackers. So, unless it’s on a secure network that requires a password, we recommend you not use public Wi-Fi. If possible, use your cellar data when out in public. It’s a more effective way to keep your online activity and personal information safer.
5. Regularly Review Financial Statements and Credit Reports
Hopefully, this is part of your normal routine. If not, definitely make it a point to review your financial statements and credit reports during the holidays. Again, with all the hustle and bustle of the season, it can be easy to overlook something. Suspicious or non-legitimate transactions can signal you are a victim of fraud or identity theft, and if so, you’ll want to take immediate action, so that you don’t sustain financial harm.
Final Thoughts
The holiday shopping season is a wonderful time of year, filled with joy and giving. However, it can also pose a great risk to personal privacy and financial security when done improperly. By taking the time to be diligent when shopping, you can greatly reduce risks and help ensure that your hard-earned money goes where it's supposed to.
Take advantage of secure encryption protocols while browsing online stores, limit in-person transactions to reputable vendors, be wary of seemingly too-good-to-be-true deals, and keep track of all statements associated with your credit cards. By following these simple precautions this holiday shopping season, you can enjoy the things that make the holidays special.