Protect Your Account: Don’t Let Scams Ruin Your Holidays

With the holiday season approaching, the excitement of shopping and gift-giving is in the air. Unfortunately, it’s also peak season for cybercriminals looking to take advantage of the increased online activity. From phishing scams to account takeovers, the holiday season brings a variety of risks. By taking a few proactive steps, you can protect your accounts, avoid scams, and enjoy a safe, stress-free holiday season.

The Rise of Holiday Scams

Every year, holiday shopping ramps up across online platforms, and cybercriminals see this as a prime opportunity. Scams often increase as people focus on deals and discounts, leaving them more susceptible to phishing emails, fake websites, and other schemes designed to steal account information or financial data. According to cybersecurity experts, there are specific scams that tend to spike each holiday season, including:

Phishing Emails

These often appear as emails from well-known retailers or shipping companies, urging recipients to click on links or enter login details to view a fake promotion or resolve a false issue.

Fake Retail Websites

Cybercriminals set up realistic-looking websites that mimic popular online stores. These sites trick shoppers into entering their payment details, only to end up with no purchase and stolen data.

Account Takeovers

Using compromised passwords or weak security settings, criminals may access accounts directly, especially those without multi-factor authentication.

Understanding these tactics can help you stay vigilant and avoid falling into common traps. Here’s how you can strengthen your security and protect your finances this holiday season.

Key Tips to Protect Your Account

Strengthen Your Account Security

Securing your accounts starts with good security hygiene. Consider these essentials:

Enable Multi-Factor Authentication (MFA)

MFA adds an extra layer of security by requiring a second form of verification, like a one-time code sent to your phone. This can significantly reduce the likelihood of unauthorized access.

Practice Password Hygiene

Strong, unique passwords are crucial. Avoid using the same password across multiple sites, especially for your banking and shopping accounts. Password managers can help generate and securely store unique passwords for each account.

Recognize and Avoid Phishing Scams

Phishing scams are among the most common holiday threats. Here’s how to identify and handle them:

Spot Suspicious Emails

Phishing emails often contain urgent language, unfamiliar senders, or links asking for personal information. If you receive an email that looks suspicious, don’t click any links or download attachments.

Verify Links and URLs

Hover over links to view the URL before clicking. Legitimate sites will have secure URLs (https) and a recognizable domain name. Avoid unsolicited links in emails or text messages, especially if they promise deals that seem too good to be true.

Be Wary of “Too Good to Be True” Offers

Scammers often lure people with incredible discounts on high-demand items. Stick to trusted retailers and avoid deals from unknown sellers on social media or third-party websites.

Use Secure Payment Methods

Protecting your payment information during online shopping is essential. Here are some recommended practices:

Credit Over Debit

Credit cards often offer greater fraud protection than debit cards. In the event of unauthorized transactions, credit card companies can typically resolve issues faster and with less impact on your immediate cash flow.

Digital Wallets and PayPal

Payment methods like PayPal, Apple Pay, or Google Wallet provide a secure alternative to entering credit card details directly on websites. These platforms offer added security and keep your credit card details hidden.

Avoid Public Wi-Fi for Transactions

Public Wi-Fi networks lack strong security measures, making them prime targets for cybercriminals. Whenever possible, avoid making financial transactions on public networks. If you must, consider using a virtual private network (VPN) to encrypt your connection.

Monitor Your Accounts Regularly

One of the most effective ways to protect your finances during the holiday season is to actively monitor your accounts. Keeping a close eye on your statements can help you spot unusual charges or suspicious activity early, allowing for swift action. Here’s how to make account monitoring quick, easy, and effective:

Use Mobile Banking Apps for Daily Checks

Most banks offer user-friendly apps that allow you to review transactions in seconds. Consider checking your recent activity each day to ensure every charge is familiar. It’s a simple habit that takes only a few minutes but can go a long way in catching unauthorized transactions early.

Set Up Real-Time Notifications

Many banks and credit cards offer transaction alerts that notify you instantly of purchases or withdrawals. These alerts are invaluable for spotting unexpected charges immediately, enabling you to take action quickly if something seems off.

Plan Weekly Full Account Reviews

In addition to daily checks, set aside a few minutes each week to review your statements more thoroughly. This weekly review allows you to categorize transactions, spot any patterns, and confirm each charge is legitimate. By routinely reviewing your accounts, you’ll increase your chances of detecting potential issues before they escalate.

What to Do if You Find Discrepancies

If you notice an unfamiliar charge or something suspicious, it’s essential to act fast. Here’s a step-by-step guide on how to handle any discrepancies you may find:

Identify Unfamiliar Charges

Small, unfamiliar charges can sometimes be a warning sign of a scam. Cybercriminals may test your account by making a small purchase before attempting larger withdrawals. Look for anything unusual, such as charges from unknown vendors or duplicate charges.

Contact Your Bank Promptly

If you notice any suspicious activity, reach out to your bank’s customer service or fraud department right away. Many banks offer 24/7 fraud support, especially during the holiday season, to assist customers with immediate needs.

File a Fraud Report if Necessary

Some banks allow customers to submit fraud reports directly through their website or mobile app. Filing a report initiates an investigation and can expedite the process of recovering lost funds.

Update Your Security Measures

If you detect unauthorized activity, take steps to secure your account. Start by updating your passwords, especially if the same password is used across multiple accounts. Consider setting up multi-factor authentication if you haven’t already.

By following these steps, you can minimize potential losses and strengthen your account’s security.

Stay Informed on Recent Scam Trends

Holiday scams continue to evolve, with cybercriminals finding new ways to target unsuspecting shoppers. Keeping informed on emerging scam trends can help you better protect yourself. Check trusted sources, such as Lexicon Bank’s resources, for the latest information on scams or security tips. Staying up to date allows you to adapt your approach and avoid new threats as they arise.

Holiday shopping doesn’t have to come with a risk to your finances. By taking proactive steps—like securing your accounts, recognizing phishing attempts, using secure payment methods, and monitoring your accounts regularly—you can enjoy a safe, stress-free holiday season. For personalized advice on protecting your financial security, consider scheduling your free consultation with a banking advisor who can help tailor these strategies to your needs. For additional tips, take a look at our 2023 article: 4Q Cybersecurity Report: Cyber Reminders for Holiday Shopping Season.

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