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The holiday season is a time of joy, giving, and celebration. It’s also, unfortunately, a peak season for fraud, as scammers capitalize on the increased shopping activity to target unsuspecting consumers. According to the FBI’s Internet Crime Complaint Center (IC3), during the 2022 holiday shopping season, nearly 12,000 victims reported losses exceeding $73 million. This underscores the importance of vigilance during this festive time. Western Bank is here to help with practical advice on protecting your finances and staying safe from fraud during this festive season.
1. Monitor Your Transactions Regularly
With the holiday season comes a rise in spending, which can make it challenging to track every transaction. Make it a habit to check your account statements regularly. If you notice any unauthorized charges, report them to your bank immediately. Staying aware of your account activity can help you catch and address suspicious transactions early.
2. Utilize Mobile and Digital Payment Options
Digital wallets like Apple Pay and Google Pay provide an additional layer of security when making purchases, thanks to their encryption technology. These payment options can be safer than swiping your card, as they reduce the exposure of your card information. Whether you’re shopping online or in-store, digital payments can protect your data, giving you peace of mind.
3. Be Cautious of Too-Good-to-Be-True Deals
The holiday season is full of enticing deals, but not all offers are genuine. Scammers often use too-good-to-be-true discounts to lure victims into providing personal and financial information. Stick to reputable retailers, avoid suspicious third-party ads, and verify the legitimacy of any unfamiliar site before making a purchase.
4. Verify Website Security
When shopping online, only enter payment information on secure websites. Look for “https://” at the beginning of the URL, indicating that the website has an SSL certificate, which encrypts your data. If a site’s URL starts with just “http://,” avoid entering sensitive information, as it may not be secure.
5. Set Up Account Alerts
Most financial institutions offer customizable transaction alerts, so you can receive notifications for any activity on your account. By setting up alerts for transactions over a certain amount, you’ll be immediately aware of any suspicious activity, giving you time to take swift action if needed.
6. Review Your Credit Card’s Fraud Protection Policies
Many credit cards come with built-in fraud protection features like “Zero Liability,” which means you won’t be held responsible for unauthorized transactions if you report them promptly. Familiarize yourself with your card’s fraud protection policies to ensure you’re covered in case of any issues.
7. Safeguard Your PIN
Be mindful of your surroundings when entering your PIN in public places. Shield the keypad, and avoid simple PIN combinations like “1234” or your birth year. Additionally, look out for ATM skimming devices, which are often used to steal card information. Learning how to recognize these devices can help protect your information.
8. Watch Out for Delivery Scams
With the rise of online shopping, delivery scams have become more common. Scammers may send fake tracking notifications or pretend to be delivery services to access your information. If you receive a suspicious message about a delivery, verify the information by checking the official website of the delivery service instead of clicking on links in unsolicited messages.
9. Be Cautious with Gift Cards
Gift cards make excellent presents, but they’re also a common tool for scams. Avoid any requests for gift card payments, as legitimate organizations will not ask for them. If you’re purchasing a gift card, inspect it to ensure it hasn’t been tampered with, and keep your receipt in case issues arise.
10. Beware of Impersonation Scams
Scammers may pose as representatives from financial institutions, asking for personal information under the guise of “protecting your account.” Legitimate institutions like Western Bank will never contact you to request sensitive information. If you receive a suspicious message, don’t respond—reach out to your bank directly to confirm.
Staying Safe with Western Bank
The holiday season is a time to focus on family, friends, and the joy of giving—not on worrying about fraud. At Western Bank, we are dedicated to helping you protect your finances year-round. Implement these safety tips, stay alert, and remember that we’re here to assist you if you ever need help.
Wishing you a safe and joyful holiday season from all of us at Western Bank!
