The holiday season is a time when fraudsters and cybercriminals are more active than ever. As we gear up for the festivities, it’s essential to prioritize fraud protection to ensure a safe and stress-free holiday experience. 

One of the most significant reasons why fraud protection is crucial during the holidays is the surge in shopping activity. The months of November and December see a substantial increase in online and in-store purchases. This heightened shopping frenzy provides an ideal opportunity for fraudsters to exploit unsuspecting consumers. Whether it’s credit card fraud, identity theft, or online scams, the risks are higher when you’re making frequent transactions.

When you’re shopping online or sharing personal information for travel bookings and gift deliveries, you’re potentially exposing sensitive data to cybercriminals. Hackers are constantly on the lookout for opportunities to steal personal information, such as credit card numbers, addresses, and social security numbers. This stolen data can be used for various fraudulent activities, including unauthorized purchases and identity theft.

4 Tips for spotting a scam

You are a winner!

One of the best parts of the holiday season is the generosity, but this also means that it is ripe for scams. Scammers will often insist you do something first before they can give you the money, gift card, reward, etc. If anyone insists that you provide them access to your bank account or sensitive personal information before you can receive your winning, be alert.

Pretends to be someone you know

Scammers will often pretend to be contacting you from the IRS, or social security administration, or a company that you are familiar with. They may even make up a name that sounds official or represent or tell you they are calling on behalf of a loved one.

Pressure to act immediately

Scammers want you to act before you have time to think. They may tell you a family member is in need or there is an emergency. Sometimes, they will even threaten legal action, arrest, or freeze your bank account.

Asks you to pay in a specific manner

Scammers will often insist you pay by sending money through a payment app, wire transfer, or by putting money on a gift card and then reading them the number on the back. Some scammers will even send you a fake check, ask you to deposit it, and then ask you to send them the money.

Quick Tip: Freezing your credit report with Equifax, Experian, and TransUnion is a proactive step in safeguarding your financial identity and protecting yourself from identity theft and fraud this holiday season. Learn more about freezing your credit reports in the MoneyWellth application.

The holiday season often brings out the best in people, making them more generous and willing to help those in need. Unfortunately, scammers exploit this goodwill. As you prepare to celebrate the holidays with your loved ones, it’s vital to remember the importance of fraud protection. The increased shopping activity, vulnerability of personal information, and the sophistication of scams make it essential to stay vigilant and proactive. By taking steps to protect your finances, safeguard your identity, and avoid emotional scams, you can enjoy a worry-free holiday season and focus on the joyous moments that truly matter. Stay safe, and may your holidays be filled with peace, love, and happiness!

Categories: Planning