The festive season is a time of joy, generosity, and celebration. However, it’s also a period when financial scams proliferate, preying on the goodwill and busy schedules of the unwary. As Christmas approaches, it’s crucial to be vigilant and informed to protect yourself and your loved ones from becoming victims of fraud.
Financial scams can take many forms, from the classic pyramid schemes to more sophisticated online phishing attacks. During the holiday season, scammers capitalise on the increase in shopping, travel, and charitable giving. They exploit the hectic nature of the season and the sense of urgency that comes with last-minute purchases and donations.
Below are some things to think about to help you spot these scams and avoid them.
The first thing to keep in mind is the possibility of tampering. This includes the use of skimming devices to read, and steal, bank card information. Be cautious when using ATMs or card readers and if a machine looks tampered with, avoid using it. Tampering can also take on other forms with, for example, gift cards being a frequent target. Scammers are able to steal the funds on these cards before the recipient can use them. Always inspect gift cards carefully before purchasing and consider opting for e-gift cards from reputable sources.
Taking sensible steps to actively protect your personal and financial information is, of course, also vitally important. With Christmas being peak online shopping season, its essential that you use strong, unique passwords for each account and enable two-factor authentication where possible. Also, avoid shopping on public Wi-Fi networks. These networks are not secure, making it easy for hackers to intercept your data so always use a secure, private connection when making online transactions.
The third and final thing to remember is that there is no rush to commit to a purchase or a donation. If a deal seems too good to be true, it probably is. Scammers use the lure of great deals to trick people into revealing their card details or sending money for products that don’t exist. Taking a step back and thinking through a transaction before you proceed is always good advice when it comes to charitable giving too. Scammers often create fake charities during the holidays, knowing that it’s the time of year when people tend to think about the less fortunate in society. Verify the legitimacy of a charity before donating and be cautious of unsolicited requests for contributions.
By staying informed and cautious, you can enjoy the festive season without the worry of financial scams. Remember, that it’s not that hard to keep an eye on your bank movements for any unauthorised transactions. The sooner you spot and report a discrepancy, the better. It might also be worth making friends and family aware of the risks scammers pose to help ensure all your loved ones enjoy the festive season with their finances secure.
