Millions of Americans will go into the frenzy of this purchasing season — but in the wake of the Equifax breach today, and with package thieves lurking, many people may feel vulnerable. Below are some tips to safeguard yourselves this holiday season.
Below are a few ideas to safeguard yourselves this holiday season.
Use Credit, Not Debit
Even though this might seem funny for a fiscal advisor to urge given that so many people can get themselves into trouble there are safety benefits to using a credit card. If your card is stolen and used, your credit card fee maxes out.
Using a debit card, if you receive back, your money depends on when you report the fraud. Should you wait two weeks after your debit card has been stolen, you are liable for as much as $50, but if you wait that number jumps up to $500.
Even though you might finally get reimbursed for debit card transactions that are fraudulent, your funds will be tied up before the lender investigates the charges and issues. The solution is straightforward, to avoid getting into trouble with credit cards, and your holiday spending. Produce a budget of how much you’re likely to spend, and do not go over it. Additionally, pay it off before you get charged interest. Planning is the best protection against over spending.
Establish Mobile Alerts with Your Bank
If there’s a purchase greaten than $150 as an example, most banks can send a text or an email to you.
Be Careful With the Wi-Fi you Utilize
My recommendation is to just shop on wireless networks. Using a complementary network leaves your passwords, credit card numbers and personal information vulnerable.
Be Intentional About Protecting Your Packages
It’s good to understand your choices although happily, the significant package delivery companies are seeking to curb the problem of package theft. One thing you can do is ask a signature at delivery- that way you know someone will be home when it is delivered and not left for thieves in your front porch. Additionally, there are free delivery programs such as “My Choice Program” which is offered by UPS. This allows you to pick on on a delivery window so that you can make certain someone is home at a time that is convenient for you.
You could also opt to receive an email or text alert when the package has been delivered. You can divert your shipment to a UPS, FedEx or USPS place for pickup that is protected. While this may expect you to wait in line, thus decreasing the ease of shopping online, it is the easiest way.
Just like we encourage our customers by developing retirement income plans, to proactively plan for retirement, we encourage folks to plan within their private finance matters. It is essential to know what your options are and take steps to minimize your risk.