Keep Payment Information Safe During the Holidays

Holiday spending is expected to reach a new record this year. According to the National Retail Federation, an average of $902 per person will be spent on gifts, food, decorations, and other seasonal items. Much of that spending will happen online, and fraudsters know it! How can you keep your payment information safe during this busy time?

Here are a few tips to help you shop safely and avoid increased seasonal fraud.

1. Verify Websites - Before entering personal information, check the address bar to ensure a secure connection by verifying the website starts with "https" instead of "http."
2. Too Good to Be True Prices - Fraudsters will mimic popular brands and provide better than expected deals to lure in shoppers. Protect yourself from fraudulent websites by double checking the website address, reading customer reviews, and checking contact information to ensure it includes a valid address and phone number. If a deal seems too good to be true, slow down and ensure you are purchasing from the intended company.
3. Go Paperless - Help protect your financial information by choosing electronic delivery of statements and bills when possible. This helps ensure your information is not compromised through the mail. Bonus, online banking is available 24/7 providing real time monitoring capabilities*. If possible, set up alerts to ensure you'll see any suspicious transactions right away and contact the institution immediately to report potential fraud.
4. Set Up Credit Reporting Monitoring - Many financial institutions, like Abound Credit Union, provide credit monitoring tools for free directly in online banking. These tools allow you to monitor for any unexpected changes to your credit score to ensure your information is not being used by a fraudster.
5. Create Strong, Unique Passwords - Avoid using easy to remember passwords. If you are using a complex password, ensure that it is unique on each site that you are accessing. This is especially important if sensitive information like your banking information is provided or stored on the website. Take advantage of the "create strong password" feature on your phone and update your passwords using a combination of numbers, letters, and special characters.
6. Identify Caller or Texter - Fraudsters often pretend to be from a financial institution, the IRS, or law enforcement. These organizations will never call you to verify fraud on your account by requesting your social security number, account number, card number, passwords, PIN, or asking you to recite a code sent to you while on the phone. It's OK to end the conversation or ignore emails and text messages. Reach out to the institution at their published phone number to verify.
7. Don't Take the Bait - Imposter scams are on the rise and technology has made it easier than ever for fraudsters to pose as family members in distress. According to the Consumer Financial Protection Bureau, so-called "Grandparent Scams" are calls from someone who sounds like a grandchild or relative asking you to wire or transfer money or send gift cards to help them out of trouble. Don't take an unknown caller's word for it, call your granchild or their parents directly before taking any action.

Remember, it's always okay to pause and get a trusted second opinion before acting, whether an interaction is online, over the phone or even in person. Don't let fraud get in the way of your happy holidays!