Protect Yourself From Fraud This Holiday Season

Written by Credit Union of Texas
Published November 25, 2020
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Due to COVID-19, online holiday shopping is expected to be at an all-time high this year. According to Kount’s “The 2020 Hoiday eCommerce Guide”, 30 percent of Americans plan to avoid in-store shopping as much as possible. Understanding risks associated with hosting massive crowds of shoppers during a pandemic, major retailers, including Target, Best Buy, Walmart and Kohl’s, have all announced they will be closed on Thanksgiving this year. Some retailers have already started their Black Friday Sales online sales and unfortunately this gives fraudsters more opportunities and more time to take advantage of consumers.

CUinsight provided a list of ways fraudsters are taking advantage of consumers in 2020 and tips on how to stay safe.

Curbside Pickup and Pickup in Store

Retailers are increasingly offering curbside pickup. Criminals have identified this channel as a point of weakness, recognizing it as a new channel with loose in-person authentication protocols.

eGift Cards

eGift card fraud is nothing new — fraudsters have long targeted gift cards due to their anonymity and difficulty in being traced. Common methods include purchasing gift cards with stolen payment data or asking for return credit in form of a gift card instead of cash or exchange.

Staying Savvy and Safe

When shopping online, be sure to create strong passwords across the various online shopping sites you use and when available use multi-factor authentication.

Sign up for a password management system, which can protect all of your unique codes and allow these passwords to be used across various shopping websites securely and conveniently.

Be sure to protect yourself when online shopping -don’t let yourself be a victim of fraud.

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