How to Protect Your Financial Information This Holiday Season

HONOLULU (HawaiiNewsNow) – It’s the season for online shopping and online shopping scams.

The Better Business Bureau just published its 12 Christmas Scams that frequently cost consumers.

Yet shopping online is not in itself a bad thing. The Internet allows consumers to shop, search for products and compare prices. The dangerous part of online shopping is the transactions. How people pay for things they find online at popular retailers, social media ads, and online classifieds like Craigslist and Facebook Marketplace is how bad guys get their money.

Some online payment options are more secure than others. The very first thing that anyone should worry about is using a debit card to shop online. Debit cards are a direct link to your bank account and offer no protection against fraud. If you give someone your debit card number and PIN, it may take more than you expected.

I would even go so far as to say that you shouldn’t use a debit card for anything online or in person. Even with current debit card chip protection, it is still possible for criminals to skim debit card information. Skimmers are often found on gas pumps, store checkouts, and even ATMs and it’s not easy to spot a skimmer, especially if you’re in a bit of a rush.

At an ATM, it’s a good idea to grab where you’re inserting your card and flip it. If it is loose, do not use this machine.

Money sharing apps like Venmo, Cash, and Zelle are used by scammers selling items on Craigslist and Facebook Marketplace. These apps are popular because they allow people to easily share checks at restaurants and pay each other for small purchases and stocks.

They also offer little or no protection against fraud. The Cash app and Venmo are linked to bank accounts, but can also be linked to a credit card account. The Zelle app is backed by hundreds of banks and doesn’t offer any fraud protection. Transactions are immediate and once the money transfer is complete, your money is withdrawn from your account. If you have authorized the purchase, you have no recourse and the bank will not be able to help you.

Zelle specifies on its website that it should only be used between two people who know each other personally. If you buy something from someone on Craigslist, insist that you meet in person in a public place.

This does not guarantee, however, that something can go wrong. Many police stations have dedicated Craigslist and social media transaction parking spaces. Beware of offers that are too good to be true on social media.

If you come across an ad anywhere online for one of this year’s popular toys for a great price, it is probably a scam. Nintendo Switch OLED gaming systems are almost impossible to find on the websites of reputable online retailers.

The heavily discounted prices on popular toys and play systems are most likely fakes or fakes. Before you buy from a business you see advertising on Facebook or other social platforms, search for the business name on Google to see if it is present on the web. Beware of ads that make you take action now on a limited offer.

You may even see an ad with a countdown timer that says the deal will only last a few more minutes. Some shady companies also place a ticker or countdown that only a few items are available in the hopes that you’ll be forced to hit the Buy Now button and hand over your credit card information.

You should also remember that scammers are targeting young people now that they have learned that young people in their 20s and 30s are more susceptible to online scams than people in their 50s and older.

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