Though the holiday shopping season technically begins on November 1, most people will agree that it “officially” begins on the day after Thanksgiving.
Yes, the “holiday” known as Black Friday always draws big crowds – and big profits for retailers. In fact, it’s estimated that as much as 70 percent of the U.S. population participates in Black Friday shopping, whether it’s in person at a brick-and-mortar store or online. But with increased activity also comes increased risk – and the big threat that often rears its head during this time of the year is identity theft.
Here’s a closer look at how to stay safe when you shop no matter when you do it, but it’s an especially important refresher as you solidify your Black Friday plans:
- Considered alternative forms of payments: Credit and debit cards are convenient and easy to use. But the problem with them is that in the event of a data breach, your personal information could become compromised. In a best case scenario, you’ll have to cancel your current cards and get a new one. In a worst case scenario, you could be impersonated by a wrongdoer. If you’re concerned about identity theft, we’d suggest using a different payment method this holiday season. Cash is always safe, and pre-paid debit cards are another option. Then, there are token-based payment methods like Apple Pay, Samsung Pay and Android Pay, which keep payments anonymous.
- Always use a chip card: If you stick to the traditional credit or debit card for your payment, the least you can do is make sure that you’re using a chip card. Chip cards provide that extra little layer of security, even if using them takes a few more seconds than the conventional swipe of the old days. Make sure your cards are chip cards and be wary of any retailers that are asking you to swipe rather than insert.
- Watch your account balances: If your credit card information has been swiped, you’ll want to catch it fast so that you can file a fraud report with your bank. Unfortunately, a lot of consumers don’t look at their credit card activity until the statement is issued or until it’s time to pay the bill. And you can imagine what a surprise that can be. This is a good rule to follow year round, but it’s especially important after any sort of big shopping day.
- Update your computer software: Online shopping is expected to see double-digit growth from a year ago this holiday season. And while Cyber Monday technically falls a few days after Black Friday, there’s a fair amount of online shopping that’s done on the Friday after Thanksgiving as well. Noting that, now would be a good time to make sure that your anti-virus software is updated and ready to protect your computer. Anti-virus software is always keeping pace with the latest hacks that thieves use to infiltrate systems, so making sure that your computer is up to date will ensure that it’s working at its safest.
- Never buy on public Wi-Fi: This should go without saying, but it’s worth mentioning again anyway: Never do anything confidential over public Wi-Fi. Don’t log into your bank account, purchase any items online or check your credit card balance – save that for your secure home Wi-Fi. This is important because Wi-Fi spots that aren’t password protected essentially allow anyone to access them. Hackers can then “listen” to your keystrokes as you enter private data and swipe your information right from under your nose. So if you take your computer to the local coffee shop, stick browsing the stuff that doesn’t have the potential to bite you later.
The holiday season is upon us. And while Christmas and New Years are meant to be merry and joyous, they can quickly transform into anything but if you’re the victim of identity theft. Use the above tips to help ensure that your 2018 holiday shopping season is a happy, safe one.
Regards,
Ethan Warrick
Editor
Wealth Authority
